Wall Street's tokenization boom could have bigger winners than bitcoin and ether, Citrini says
Citrini Research released a 79-page report titled Breaking the Wall, which analyzes the potential for Wall Street's blockchain integration to outperform traditional crypto assets like Bitcoin and Ether. The report argues that tokenizing stocks, bonds, and commodities will create significant fee-generating opportunities for infrastructure providers, lenders, and decentralized trading platforms. By moving financial assets onchain, firms like Securitize, Coinbase, and Circle are positioned to capture value from increased trading and settlement activity. The research identifies two investment baskets, one comprising publicly traded stocks and another focused on crypto-native protocols such as Aerodrome, Maple, and Ondo Finance. These protocols are highlighted for their ability to facilitate onchain lending, yield-bearing asset trading, and perpetual futures. However, the report cautions that increased network activity does not guarantee token price appreciation, emphasizing the need for sustainable fee-capture models. It also identifies critical risks, including liquidity fragmentation across blockchains, security vulnerabilities, and the legal limitations of synthetic tokenized assets. Ultimately, the analysis suggests that the shift toward onchain finance represents a structural evolution that may redefine investment winners in the digital asset space.