Bernstein analysts have identified the tokenization of real-world assets (RWAs) as a transformative trend that could reshape global finance, outlining how blockchain-based tokenized markets, though still early in development, are on track to become a multi-trillion dollar industry as infrastructure and regulatory clarity improve.

The report describes tokenization as “the next generation of market infrastructure,” citing its potential to improve settlement processes, reduce counterparty risks, and broaden access to traditionally illiquid assets such as private credit and real estate.

Bernstein sees early evidence of this shift in pilot programs, where traditional financial institutions are…

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