Citrini Research, known for tech, AI and market analysis rather than crypto, argues in a 79-page report titled “Breaking the Wall” that tokenization could move stocks, bonds, credit and commodities onto blockchains and give crypto a clear purpose. Stablecoins, wallets, DeFi protocols, retail platforms such as Robinhood (HOOD) and Coinbase (COIN), and a clearer regulatory path for tokenized securities are all converging to support this shift. The article's main question, however, is who earns the revenue. Arthur Hayes said simply recording an existing security on a blockchain may not create much value, calling it “better bookkeeping,” while Christian Magoon of Amplify ETFs sees infrastructure providers and distributors as potential winners. Jeff Dorman of Arca expects issuance to become commoditized, with stickier economics coming from trading, lending and collateral use, and names Securitize (SECZ), Hyperliquid, Aave and Aerodrome (AERO) as possible beneficiaries.
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