텔레그램 10분 핵심 원문 · 2026.10.09 01:30

As we pointed out in Agentic Reality , consumer software is in some ways more immediately exposed to agentic disruption. Agents can already navigate websites, applications and, if we let them, our phones and devices. Software that used to require a human to search, compare, click and transact can now be operated by agentic software . The archaic world of finance is different – understandably so . Yet, we are beginning to see the signs of a crack. We are rapidly moving toward a world where information and resources become increasingly machine-readable, programmable and transferable. That logic doesn’t stop at consumer data but applies to money, bandwidth, compute and, eventually, financial assets themselves.

AI agents move programmatically, 24/7, across applications, and it’s only logical that money and financial assets eventually will, too. Broadly speaking, there are really only two ways that can happen. Either our existing consumer-facing financial institutions rebuild themselves around more open, programmable standards, or they are eventually disrupted by a new system that does. This brings us back to an industry that, for most of the last decade, has looked like a solution in search of a problem: Crypto . The blockchain industry has spent fifteen years building something that looks surprisingly useful in an agentic world: always-on, programmable financial infrastructure where assets, ownership and settlement can co-exist.

This left me wondering…if we’re right, the relevant question for any investor isn’t simply whether more assets become tokenized. It’s where the economics accrue. Rather than speculate, I felt the urge that strikes any thematic investor on the cusp of a big idea: to investigate . So I downloaded Coinbase Wallet, loaded up $1,000 and went where very few investors return from with a positive ROI: the onchain trenches. Expecting to get rug-pulled, I was surprised by my findings. I found that while most investors (including us at Citrini Research) were busy arguing over GPUs and memory bottlenecks, an ecosystem of financial applications has slowly been built that in many ways resembles existing TradFi .

A world that goes far beyond the typical get-rich-quick schemes: from tokenized treasuries, equities and options, to programmable debt, lending, payments, yield protocols, and entire financial applications that simply didn’t exist a few years ago. Here’s what I found, how it changed our view on crypto, and perhaps more importantly, the trade. The Moment Crypto Was Waiting For For the past decade, it would have been easy to dismiss crypto as a technology that never fully lived up to its promise. If you were more direct, you could even point to failures such as FTX and argue that it has been destructive for a lot of people. The problem was always that Decentralized Finance (DeFi) and Wall Street lived in their own separate universes, with their own sets of assets, primitives and infrastructure.

Since then, RWA adoption has really shifted into higher gear. We’ve seen massive moves starting to happen across crypto in the past month, marking what appears to be an inflection point. So what’s going on? First , tokenized equities have become composable and exist outside of the issuer venue . This means that unlike on Hyperliquid, assets can move between apps and rails that previously only worked for stablecoins and native crypto assets. Robinhood Chain (HOOD US) was the first to open the floodgates with “Stock Tokens”. This has snowballed to more chains, leading to a massive uptick in activity. To grasp the scale… In September, Solana temporarily processed more trades than the NYSE…and while most of this activity is surely bots, meme pairs and other nonsense, that still says quite a lot about the traction this is getting.

Second , regulators are moving tokenized assets from an offshore experiment toward regulated US market structure . Two days after the CLARITY Act fell short in the Senate, the SEC issued an innovation exemption for tokenized stock trading. Meanwhile, US stock perps are next, with Coinbase’s proposed product now listed by the CFTC as “approval pending”. Source: Reuters With TradFi’s bastion, the Bloomberg Terminal , listing Hyperliquid perps and tokens at WSL HYPE <GO> , there’s little question about the direction of travel. Source: Bloomberg For the first time, we have an environment where both institutions and individuals can, and are willing to, engage with a plethora of RWAs.

It’s clear to us that legislation is being pieced together with or without a huge bill, and the question for investors should shift from “will tokenization be legal?” toward “who captures the economics when these products eventually enter the US?” But before we jump to that, let’s take a quick step back and answer… Why do assets coming onchain matter in the first place? This post is for paid subscribers Subscribe Already a paid subscriber? Sign in ===== 통합 원문 6 / 8 ===== [채널] 점프 [게시일시] 2026.10.09 01:25:42 [텔레그램 게시물] https://t.me/jump0000/88768 [원문 수집 기준] 외부 링크가 있으면 링크를 따라 확보한 실제 본문·첨부 파일이 주 분석 원문이다. 텔레그램 게시물은 발견 경로와 보조 설명으로 보존하며 외부 원문과 구분해 반영한다.

A world that goes far beyond the typical get-rich-quick schemes: from tokenized treasuries, equities and options, to programmable debt, lending, payments, yield protocols, and entire financial applications that simply didn’t exist a few years ago. Here’s what I found, how it changed our view on crypto, and perhaps more importantly, the trade. The Moment Crypto Was Waiting For For the past decade, it would have been easy to dismiss crypto as a technology that never fully lived up to its promise. If you were more direct, you could even point to failures such as FTX and argue that it has been destructive for a lot of people. The problem was always that Decentralized Finance (DeFi) and Wall Street lived in their own separate universes, with their own sets of assets, primitives and infrastructure.

The DeFi tech was interesting, but if it’s only used for gambling on memecoins and moving dollars, then what’s the point? Tokenized Real World Assets (RWAs) are the product of taking any asset, be it gold, NVIDIA stock, US treasuries or debt, and making it globally available, 24/7, on the blockchain . The promise is that any asset can be tokenized and price discovery can happen outside of the traditional financial system. It may not have caught front-page headlines, but there has been a slow drip of advances and a quiet shift toward regulatory acceptance that has been going on for years. But the first “oh sh*t” realization for many happened when the Iran conflict escalated over a weekend in March, and Hyperliquid became one of the only liquid venues where traders could price crude oil.

Since then, RWA adoption has really shifted into higher gear. We’ve seen massive moves starting to happen across crypto in the past month, marking what appears to be an inflection point. So what’s going on? First , tokenized equities have become composable and exist outside of the issuer venue . This means that unlike on Hyperliquid, assets can move between apps and rails that previously only worked for stablecoins and native crypto assets. Robinhood Chain (HOOD US) was the first to open the floodgates with “Stock Tokens”. This has snowballed to more chains, leading to a massive uptick in activity. To grasp the scale… In September, Solana temporarily processed more trades than the NYSE…and while most of this activity is surely bots, meme pairs and other nonsense, that still says quite a lot about the traction this is getting.

Second , regulators are moving tokenized assets from an offshore experiment toward regulated US market structure . Two days after the CLARITY Act fell short in the Senate, the SEC issued an innovation exemption for tokenized stock trading. Meanwhile, US stock perps are next, with Coinbase’s proposed product now listed by the CFTC as “approval pending”. Source: Reuters With TradFi’s bastion, the Bloomberg Terminal , listing Hyperliquid perps and tokens at WSL HYPE <GO> , there’s little question about the direction of travel. Source: Bloomberg For the first time, we have an environment where both institutions and individuals can, and are willing to, engage with a plethora of RWAs.