Whatever they do about tokenisation, incumbents are doomed. The inaugural Future of Finance Digital Asset Tokenisation Guide (DATG) is published at a time when confidence in a fully tokenised future is not high. As the cover story depicts, using data drawn from the Future of Finance database, the number of fund and security token issues is limited, almost all are asset-backed rather than native, and there is a marked reluctance to address the all-important equity market.