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Tokenizing traditional assets could expand onchain trading, lending and payment markets, according to Citrini Research. The firm favors Coinbase, Robinhood, Circle and Securitize, along with crypto projects including ONDO, AAVE, UNI, ETHFI and PENDLE.
Why it matters
The report shifts the tokenization investment case away from broad crypto exposure and toward platforms that may capture revenue as onchain markets grow. It also highlights Hyperliquid, Lighter and Variational as part of the sector’s emerging infrastructure.
Citrini’s central distinction is between network activity and investor value. Higher onchain volume does not necessarily lift token prices. Revenue models, fee allocation and how much value reaches token holders are more important measures of a project’s investability.
Market impact
The thesis supports a closer look at DeFi and tokenization platforms, but it does not treat every high-volume protocol as a winner. Investors will need to track whether activity produces sustainable fees and whether token holders participate in that value.
That framework puts ONDO, AAVE, UNI, ETHFI and PENDLE in a broader competition for tokenized finance activity. The key market signal is not volume alone, but which projects convert growing onchain use into durable economics.
Source: [Why Citrini favors stocks and crypto tokens over bitcoin (BTC) or ether (ETH) to bet on tokenization — CoinDesk](https://www.coindesk.com/markets/2026/10/08/wall-street-s-tokenization-boom-could-have-bigger-winners-than-bitcoin-and-ether-citrini-says)
Frequently asked questions
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Which crypto projects does Citrini Research favor for tokenization?
Citrini favors ONDO, AAVE, UNI, ETHFI and PENDLE. It also highlights Hyperliquid, Lighter and Variational.
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Why does Citrini believe tokenization could expand crypto markets?
The firm says tokenizing traditional assets could expand onchain trading, lending and payment markets.
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Does higher onchain volume guarantee higher token prices?
No. Citrini says higher onchain volume does not necessarily lift token prices.
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What factors matter more than onchain volume for token investors?
The report points to revenue models, fee allocation and token-holder participation as more important measures of investability.
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Which companies does Citrini favor alongside crypto projects?
Citrini favors Coinbase, Robinhood, Circle and Securitize alongside the crypto projects it identified.
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