Wall Street research firm Citrini has just published a 79-page in-depth report, pushing the industry’s discussion of RWA (real-world asset) tokenization a major step forward: people are no longer debating whether assets should go on-chain, but competing over who will actually capture the profits in the future. U.S. Treasuries, private credit, and stocks becoming on-chain collateral is now a clear trend. The disagreement is about where value will accrue. ETF firm Amplify is betting on exchanges and other front-end distribution channels, believing they’ll be the on-chain toll booths that collect the fees. Asset manager Arca, on the other hand, thinks simple tokenization will be commoditized to the point of becoming dirt cheap, and that the real outsize returns lie in post-tokenization trading and settlement. It’s bullish on underlying protocols like Securitize, a certain platform, and Aave; meanwhile, Grayscale still insists that public blockchains are the endgame, and that bets must be placed on Ethereum, Solana, and BNB. Even Arthur Hayes weighed in, arguing that simply moving assets on-chain is little more than changing the bookkeeping system, and that the real breakthrough will come from AI agents autonomously managing on-chain finance. It’s far more interesting to see institutions reveal the logic behind their actual positions than to hear them simply talk up the market.

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