Tokenization Seen as Key Driver for Global Financial System Overhaul
Stablecoins and broader tokenization emerged as dominant discussion points at recent blockchain conference “Permissionless,” reflecting heightened industry focus on digitizing traditional assets.
Industry Consensus: Gradual Evolution to Rebuild Financial Infrastructure
Panelists debating the conference’s theme largely concurred that the transformation is more accurately characterized as “rebuilding” rather than “rebooting” the global financial system, suggesting a more gradual adaptation process than initially implied.
Expert Analysis: Tokenization as the “New ETF”
CoinFund President Christopher Perkins posited that the upcoming “stablecoin summer” will unlock a “DeFi fall,” driven by institutional adoption seeking yield on-chain. He described tokenization as offering “superpowers”—instant settlement and 24/7 capital access. Perkins views tokenized public equities particularly promising, enabling global, internet-accessible ownership.
Jason Yanowitz, Blockworks
New Platforms Jump into Tokenized Securities
Inversion’s Santiago Santos argued Tuesday that tokenization addresses capital access limitations preventing global capital efficiency. Permits migration of funds previously devoting to “layer-1s or memecoins” toward actual productive assets.
Dinari secured FINRA broker-dealer approval for Dinari Securities, potentially becoming the first outfit tokenizing U.S. public shares (outside domestic U.S. customers). Managing Director Anna Wroblewska anticipates Q3 U.S. market debut, subject to ongoing SEC framework discussions.
Ondo Finance aims to launch month’s-end a platform trading tokenized U.S. stocks, bonds, and ETFs, while Apollo Global Management highlighted ongoing private market tokenization experiments.
Structured Growth Trajectory for Tokenization
An S&P Global analysis forecasts tokenization adoption occurring in three distinct phases:
- Phase 1 (2025-2028): Focus on cross-border payments and collateral operations, offering institutional benefits like streamlined repo transactions and liquidity management.
- Phase 2 (2027-2033): Credit expansion connecting borrowers to lenders; corporations utilizing tokenization may seek on-chain financing.
- Phase 3 (2031-2035): Increased integration with emerging technologies like AI agent-controlled transactions.
Should adoption grow as projected, tokenization will amplify other megatrends—private credit, AI—and significantly disrupt global capital markets over the subsequent decade.
– S&P Global
The article suggests tokenization’s impact will follow a “gradually, then suddenly” trajectory, fundamentally reshaping financial infrastructure.
