TD Cowen: Onchain Capital Could Surpass $100 Trillion in Five Years via Tokenization

• TD Cowen projects onchain capital could exceed $100 trillion within five years.
• Current on-chain capital has grown to approximately $4.6 trillion since 2020.
• Major financial institutions are converging on common blockchain asset protocols.

TD Cowen analysts have projected that onchain capital could surpass $100 trillion within five years as tokenization gains traction across financial institutions. The forecast comes as political and regulatory developments have exceeded expectations, according to the bank’s recent note.

Onchain capital has grown to roughly $4.6 trillion since 2020. The analysts stated that major financial institutions are now converging on shared protocols for moving assets via blockchain technology.

Practical Benefits Drive Institutional Adoption

Tokenization involves creating blockchain-based representations of traditional assets, includin…

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