TD Cowen "On-chain capital expected to exceed $100 trillion within 5 years… Tokenization is the key driver"

Global investment bank TD Cowen said the size of on-chain capital worldwide is expected to exceed $100 trillion within 5 years.

On the 15th (local time), The Block reported that TD Cowen said in a report, "Since 2020, on-chain capital has grown to about $4.6 trillion. Asset tokenization will spread explosively over the next 5 years." The bank said, "The pace of political and regulatory momentum is faster than expected, and major financial institutions such as JPMorgan and Bank of America are converging on common protocol standardization," adding, "On-chain revenue models such as Ethereum staking are emerging as core drivers of capital formation." Changes are also appearing on the demand side. According to a State Street survey, more than half of institutional investors expect to tokenize 10~24% of their total portfolios by 2030. The report said, "If institutions agree on common standards, tokenization will move beyond pilot stages into large-scale commercialization."