Citrini Releases 79-Page Report Bullish on RWA Tokenization, Debate Shifts to "Who Will Profit"

PANews reported on October 17, citing CoinDesk, that Citrini Research, a research firm closely watched by Wall Street, stated in a 79-page report titled "Breaking the Wall" that as assets such as U.S. Treasuries, credit, and equities move on-chain, "blockchain has finally found its purpose," and argued that tokenization can allow financial assets to flow between applications like software and serve as collateral. The focus has shifted to who captures the profits: Christian Magoon of Amplify ETFs believes infrastructure providers will become "on-chain toll booths," and that distribution channels (Coinbase, Robinhood) are equally critical; Jeff Dorman of Arca expects the tokenization process to become commoditized, with value lying in the trading, lending, and collateralization that occur after assets are on-chain, and is bullish on Securitize, Hyperliquid, Aave, and others; Grayscale's Zach Pandl argues for betting on the underlying networks, with Ethereum, BNB Chain, and Solana currently leading. Arthur Hayes questions whether it is merely "better bookkeeping," but is bullish on the prospect of AI agents running financial services.