时间：2026-04-04 09:44:21 来源：Ultra Rapid Portfolio

Tokenization has become one of crypto's favorite buzzwords,risk controlled crypto risk management trading platform platform but Grayscale head of research Zach Pandl said investors should think about it less as a single trade and more as a long roadmap with different winners at different stages.\n\nSpeaking at EthCC conference in Cannes, France, Pandl said that the trend is still in its infancy. Tokenized assets — the process of using blockchain rails to settle, transfer and record ownership of all kinds of financial assets such as bonds, funds and equities — is rapidly growing. However, currently at $27 billion , it still represents roughly 0.01%, a tiny fraction, of global capital markets. That's projected to swell to near $19 trillion by 2033, according to BCG and Ripple.\n\nBig banks and asset managers already understand the opportunity. "The two things that institutions are aware of are stablecoins and tokenization," Pandl said. But they are still trying to figure out where to allocate capital to actually benefit from these innovations.\n\nFrom here, Pandl expects tokenization to unfold in phases, with different types of networks and models capturing value at each stage.\n\nThe first winners, he said, may be projects that look more like traditional finance, not less.\n\n"In the early stages of the tokenization process, you will see things that have success that look more similar to how the financial system works today," he said.\n\nThat means institution-centric, permissioned systems that solve practical issues like privacy, identity and control.\n\nPandl pointed to the Canton Network (CC), backed by Wall Street giants like DRW, TradeWeb, Goldman Sachs and Nasdaq, as a potential winner in this early phase of tokenization.\n\nHe said it is "a perfectly reasonable investment" for investors who want nearer-term traction, even if Canton's approach represents only "a slightly different, slightly upgraded version" of today’s financial system.\n\nThe second phase of tokenization could be a hybrid model where we have both institution-owned blockchains and a global shared state, with those networks interconnected and speaking to each other. One example for that is Avalanche (AVAX), with hundreds of sovereign, corporate-owned chains (called subnets) live but connected to a primary, layer-1 network.\n\nEthereum's ether (ETH), in his view, is the bigger but slower bet. Pandl said he believes the market will eventually move toward "global decentralized finance," but added that "the tech is not fully ready" and that institutions are not ready either.\n\nThat makes ETH the more ambitious investment for those willing to wait for the longer-term shift away from financial intermediaries.\n\nThere are also picks-and-shovels plays. Pandl highlighted chain-agnostic service providers such as Chainlink as another way to get exposure, saying they may be "even more compelling" than some blockchains.\n\nRead more: How tokenized assets could become a $400 billion market in 2026

上一篇：Bitcoin ETFs post first monthly inflows since October as price stabilizes
下一篇：Crypto rebounds as oil dips on Trump comments, but derivatives signal weak conviction

• ·CoinDesk 20 performance update: Avalanche (AVAX) gains 4% as index moves higher
• ·Advanced insights into Algorithmic Trading 692
• ·How Execution Speed supports smarter execution 218
• ·Why Mobile Trading App matters in volatile markets 199
• ·Grayscale’s research head says tokenization will happen in waves and explains how to play it
• ·How Automated Crypto Trading improves daily trading workflows 561
• ·Advanced insights into Trade Automation 235
• ·Key benefits of Trade Automation for modern traders 95
• ·Brazil's B3 exchange to offer bitcoin-linked 'event contracts' for the ultra-rich
• ·Common mistakes to avoid with Mobile Trading App 419
• ·How Risk Management improves daily trading workflows 424
• ·Why Bot Performance matters in volatile markets 496
• ·Galaxy Digital's testnet suffers hack but no client funds or information were compromised
• ·What makes a strong solution for Paper Trading 489
• ·How Paper Trading supports smarter execution 229
• ·How Quantitative Trading supports smarter execution 103