First Mover Americas: Tokenization Might Be a $5T Opportunity: Bernstein
The latest price moves in crypto markets in context for June 20, 2023.
This article originally appeared in , CoinDesk’s daily newsletter putting the latest moves in crypto markets in context..

The benefits of tokenization are simple, the process brings operational efficiencies and improved liquidity and accessibility, in a research report on Tuesday. is the process by which real-world assets are converted into blockchain-based tokens. Bernstein estimates that the size of the tokenization opportunity could be as much as $5 trillion over the next five years, led by and (CBDC), private market funds, securities and real estate. Currency tokenization, via stablecoins and central bank digital currencies, will see application in on-chain deposits and payments, the report said, with about 2% of global money supply to be tokenized over the next five years, which is about $3 trillion, the report added.
Japan's cryptocurrency exchanges areregulators to relax margin trading restrictions on popular cryptocurrencies such as bitcoin (BTC). Exchanges in the country once offered leverage of up to 25 times principal capital, and trading volumes reached as high as $500 billion annually in 2020 and 2021, according to Bloomberg. In early 2022, however, Japanese regulators limited crypto exchanges to offering leverage of only twice the principal, which led to trading volumes dropping drastically last year. The Japan Virtual and Crypto Assets Exchange Association, a self-regulated body of local exchanges, is now arguing that these restrictions hinder market growth and discourage new participants.
Bitcoin (BTC) traded little changed on Tuesday as China's first cut in benchmark lending rates in 10 months failed to lift the mood in traditional markets. The People's Bank of China the one-year and five-year loan prime rates by 10 basis points to 3.55% and 4.3%, respectively. The one-year rate is a medium-term lending facility for corporate and household loans and the five-year figure is the reference rate for mortgages. Last week, the country’s biggest state banks cut rates on demand deposits by 5 bps and 15 bps on three- and 5-year time deposits. A basis point is a hundredth of a percentage point. The looser conditions contrast with continued monetary tightening in western economies and follow recent economic reports that indicate the world's second-largest economy is losing steam and is on the .

Edited by Sheldon Reback.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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In 2025, the stablecoin market shows strong signs of growth. Research indicates that the market cap of USD-pegged stablecoins has surged 46% year-over-year, with total trading volume reaching $27.6 trillion, surpassing the combined volume of Visa and Mastercard transactions in 2024. The average circulating supply is also up 28% from the previous year, reflecting sustained market demand. Once used primarily for crypto trading and DeFi collateral, stablecoins are now expanding into cross-border payments and real-world asset management, reinforcing their growing importance in the global financial system. More banks and enterprises are starting to issue their own stablecoins. Standard Chartered launched an HKD-backed stablecoin, and PayPal issued PYUSD. The CEO of Bank of America has expressed interest in launching a stablecoin once regulations permit (via CNBC). Fidelity is developing its own USD stablecoin, while JPMorgan Chase and Bank of America plan to follow suit when market conditions stabilize. Meanwhile, World Liberty Financial (backed by the Trump family) has introduced USD1, backed by assets such as government bonds and cash.

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