Citrini says tokenisation gives blockchains a role, but profit winners stay unclear
Citrini Research argues in a 79-page report that tokenised real-world assets finally give blockchains a clear financial purpose, though investors still face the question of which companies and networks capture the revenue.
Why it matters: Tokenization is being pitched by a research firm followed outside crypto as the thesis that finally gives blockchains a financial role, shifting investor attention to where the revenue actually lands.
Key points
- Citrini Research published a 79-page report titled Breaking the Wall on tokenisation last week
- Arthur Hayes questioned where tokenisation actually generates money, calling it better bookkeeping
- Grayscale's Zach Pandl names Ethereum, BNB Chain and Solana as the leading networks hosting RWAs
CoinDesk reports that the firm, better known for technology and AI research than for crypto advocacy, published the report last week. The argument is that stocks, bonds, credit and commodities are beginning to move onto infrastructure crypto spent more than a decade building.
The report's more interesting claim is that tokenisation lets financial assets behave like software, moving between applications, serving as collateral and being borrowed against without each platform rebuilding custody and settlement. Stablecoins, wallets, exchanges and DeFi protocols have matured, and regulators in the US and elsewhere are giving tokenised securities a clearer path to market.
The harder question is who profits. Arthur Hayes, BitMEX co-founder and chief investment officer of Maelstrom, told The Rollup that recording a security somewhere else is little more than better bookkeeping. Jeff Dorman of Arca told CoinDesk that the tokenisation process itself will become commoditised, with stickier economics emerging once assets trade, are lent or serve as collateral. Grayscale's Zach Pandl said owning the networks hosting RWAs, led by Ethereum, BNB Chain and Solana, is the most direct bet.
Amplify ETFs chief executive Christian Magoon said infrastructure providers could become toll booths, while distribution through Coinbase, Robinhood and banks may be just as valuable. He stressed the market remains extremely early, so future winners may differ from today's leaders.
Live updates on NewsFeeds:MacroEthereumDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
How this was produced: an AI model wrote this summary of CoinDesk’s report, which we credit and link above. Read our Editorial and AI policy. Spotted a mistake? See Corrections.
Not investment advice. Read the risk disclaimer.