Finance 2.0 Arrives as Bitwise Sees Tokenization and Stablecoins Reshaping Markets

TLDR

• Bitwise says blockchain is 10 times superior to the current financial infrastructure.
• Tether adviser Gabor Gurbacs says tokenization can rebuild capital markets.
• Global crypto ETF assets approached $180 billion by mid-2025.
• More than 2,000 US advisory firms now allocate to crypto ETPs.
• 10x Research says the crypto market cap stands at $2.3 trillion.

Bitwise says a new financial architecture is beginning to take shape as tokenization, stablecoins, and crypto exchange-traded products move deeper into global markets. The firm argues that blockchain-based systems are no longer treated only as speculative tools but as infrastructure that could change how savings, settlement, and capital flows operate.

Bitwise president Teddy Fusaro said blockchain is “10 times superior” to much of today’s financial infrastructure, even though adoption remains at an early stage. His comments add to a broader industry view that public blockchains can support faster settlement, simpler asset ownership, and wider access to financial markets.

Tether adviser Gabor Gurbacs has made a similar case. Speaking about tokenized capital markets, he said his team is working with large governments and financial institutions on infrastructure that could let countries “turn on finance 2.0” using tokenized assets and stablecoins. Gurbacs, who is also the CEO of Hadron by Tether, said blockchain-based finance could connect global savings and capital markets more efficiently.

Bitwise and Tether Frame Tokenization as Market Infrastructure

The long-term opportunity is being described in large numbers. Gurbacs has pointed to more than $700 trillion in global financial assets and over $10 trillion in securities that could eventually be tokenized. In that framework, tokenized money, bonds, and funds are part of a single financial stack rather than separate experiments.

He has also said that most of the world still lacks access to mature capital markets. According to Gurbacs, tokenization and stablecoins can lower the barrier to entry for savers in countries with weaker banking systems or unstable currencies. He has cited examples such as Argentina, Lebanon, and Turkey, where individuals often seek ways to preserve value outside local financial systems.

That idea extends beyond payments. Gurbacs has described a system in which users could hold cash, stocks, and bonds in a single wallet on a phone, with settlement occurring far faster than the current T+2 or T+3 model. The focus is on reducing friction in ownership, transfer, and market access.

Crypto ETFs and Stablecoins Expand the Finance 2.0 Thesis

The growth of crypto investment products has added another layer to that argument. Bitwise said more than 2,000 U.S. advisory firms now allocate to crypto exchange-traded products, up from fewer than 200 before 2024. The same material said custodians for these products now secure an estimated 5% to 7% of all bitcoin in circulation.

Global crypto ETF assets under management were estimated at $180 billion by mid-2025, with more than $120 billion tied to U.S.-listed products. That growth has made bitcoin demand more connected to U.S. monetary policy and broader risk-asset cycles. As a result, crypto is becoming more integrated with mainstream portfolio decisions.

At the same time, tokenized Treasuries and on-chain money markets are gaining more attention. Bitwise’s broader view is that these products are no longer side projects. Instead, they are starting to look like core parts of a digital financial system that runs alongside traditional markets and may eventually replace part of the older structure.

Low Trading Volumes Show Short-Term Caution

Even with that longer-term thesis, current market activity remains soft. Data shared by 10x Research showed total crypto market capitalization at $2.3 trillion, down 1.7% from the previous week. Average weekly trading volume stood at nearly $90 billion, 7% below the average.

Source: Bitwise

Bitcoin’s weekly volume was reported at $38.2 billion, while Ethereum’s was $18.3 billion. Ethereum network fees also stayed low, with usage indicators showing muted activity. Futures open interest rose slightly, but 10x Research said conviction remained weak as some traders bought the dip without strong momentum behind the move.

That contrast captures the current state of the market. In the near term, volumes and participation remain subdued. Over a longer horizon, firms such as Bitwise and Tether continue to argue that tokenization, stablecoins, and crypto ETFs are building a new financial layer that could reshape how capital moves around the world.

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