Crypto’s Next Bull Run Could Be Fueled by Tokenization, Arthur Hayes Says

Arthur Hayes argues that the next crypto bull run may be driven by the convergence of tokenized real-world assets and AI agents acting as autonomous financial participants. He posits that AI agents will require 24/7 on-chain financial rails for portfolio rebalancing and payment routing, creating sustained demand for established DeFi infrastructure. While tokenization increases the volume of assets like stocks and Treasuries on-chain, Hayes warns that this does not automatically translate into value for token holders. He emphasizes that investors should look for protocols with proven revenue, liquidity, and clear token-holder economics, such as Hyperliquid and Pendle, rather than speculative new launches. Data from RWA.xyz highlights that while tokenized assets on the XRP Ledger reached $5.05 billion, only 9.8% were distributed, illustrating the gap between total asset value and active market liquidity. Ultimately, Hayes suggests that the protocols capable of capturing fees from this increased activity will be the primary beneficiaries of the tokenization trend. This perspective shifts the focus from mere asset issuance to the underlying utility and economic capture of the protocols facilitating these transactions.