Every Financial Asset Tokenized by 2028, According to Former TD Ameritrade Chair – But Not Everywhere

Every Financial Asset Tokenized by 2028, According to Former TD Ameritrade Chair – But Not Everywhere

Summary:
Joe Moglia, the former chairman of TD Ameritrade, predicts that within the next five years, every financial asset will be tokenized. He emphasizes that traditional financial sectors must embrace this change. The current surge in asset tokenization signals significant potential for growth, particularly in the Ethereum network, although challenges in global adoption remain.

Key Takeaways

Joe Moglia forecasts all financial assets will be tokenized within five years.
The total market for real-world asset (RWA) tokenization has reached $33.91 billion, with Ethereum leading the charge.
Privacy features and innovative upgrades are crucial for attracting institutional investors to Ethereum.
Tokenized stocks have surged to $676.77 million, with Tesla being a key player.
There are concerns regarding the uneven spread of tokenization across different networks.

Former TD Ameritrade chairman Joe Moglia stated on Tuesday that every financial asset will be tokenized within the next five years, cautioning that traditional finance has not completely embraced this upcoming transformation. During an interview on CNBC, Moglia stated, “Five years from now, there’s not going to be a stock, not an option, nor a mutual fund, ETF, or anything that isn’t tokenized.”

This prediction aligns with the current booming market for real-world asset tokenization, which has surpassed $33.91 billion, marking an increase of 10.14% over the past 30 days. The number of asset holders has reached 483,892, according to data from RWA.xyz.

Tokenization Market Growth
Source: RWA.xyz

Private credit is leading this growth at $17.5 billion, followed by U.S. Treasury debt at $8.3 billion and commodities at $2.8 billion, significantly supported by tokenized gold exceeding $3 billion. Moglia now chairs FG Nexus, a company that manages an Ethereum treasury, paralleling the shift of BlackRock’s CEO Larry Fink from a crypto skeptic to a proponent.

“Fink used to be deeply rooted in traditional finance but is now engaged in DeFi,” Moglia remarked.

Currently, Ethereum maintains dominance in the tokenization space, accounting for $12.1 billion or 57.55% of total market share. In contrast, Solana, despite impressive monthly growth of 35.34%, holds only $686.3 million.

Ethereum's Privacy Features and Solana's Revenue Growth

Ethereum has initiated a “privacy cluster” team aimed at developing advanced privacy features at the protocol level, including private payments and zero-knowledge technology. In an interview with Cryptonews, Shawn Young, chief analyst at MEXC Research, noted that this upgrade reflects Ethereum’s commitment to maintaining its market leadership through continual innovation and infrastructure improvements.

Young emphasized that these privacy technologies are critical for attracting traditional financial institutions looking for blockchain solutions that offer both transparency and privacy.

Solana has also been performing well, leading in revenue across major networks for the fourth consecutive quarter. Ray Youssef, the CEO of NoOnes, shared with Cryptonews that Solana “achieved over 4% gains in September while Ether declined by 5%,” driven largely by treasury accumulation and imminent upgrades.

The total amount in Solana treasuries surpassed $4 billion, with $2 billion raised in September alone, representing a staggering 230% increase compared to Ethereum’s growth of 35%. This accumulation trend is attributed to major upgrades such as Alpenglow and Firedancer, set to launch in the fourth quarter.

Youseff suggested that if these upgrades and ETF decision timelines align, Solana could reach as high as $300 by Q1 2026, although macroeconomic factors may impede this momentum, potentially leading SOL to revisit the $200-$210 range.

Surge in Tokenized Stocks: Tesla Leading the Charge

Tokenized stocks have rapidly increased to $676.77 million, reflecting a 22.62% growth in just 30 days and a monthly transfer volume that surged 182.46% to $665.90 million. Additionally, the number of monthly active addresses climbed by 39.20% to 32,746.

Tesla has emerged as the most favored tokenized stock, attracting over $25 million from 14,000 unique holders on Solana, as reported by Solana.

“.@Tesla now has 14,000 new investors, holding $25 million collectively on Solana,” tweeted Solana.

Moglia also mentioned that FG Nexus is working on tokenizing its reinsurance company. “We are examining how to tokenize that risk at present,” he explained, highlighting a shift towards institutional tokenization.

Commodities have led the growth in RWAs, with their total value reaching $3.31 billion, marking a 31.14% monthly increase, driven by tokenized gold exceeding $3 billion.

Tokenization Growth
Source: RWA.xyz

Dustin Becker, Tech Lead at GoldDAO, explained that tokenization helps remove layers of trust in third parties, enhancing safety in transactions. “With tokenized gold, you can even leverage your gold in DeFi,” he noted.

According to RWA.xyz, monthly transfer volume reached $5.08 billion, which is a remarkable growth of 286.96%, as investors are transitioning from ETFs to on-chain options amid ongoing economic instability. Notably, Stablecoins now have surpassed a market cap of $300 billion, with 196.08 million holders.

Moglia also highlighted a projection from Secretary Bessent estimating a “$2 trillion market” within the next two years, with Ethereum expected to account for approximately 60% of the activity.

However, the current distribution in blockchain reveals significant concentration risks. Ethereum hosts 435 RWA assets totaling $12.1 billion, while ZKsync Era, in second place, holds only $2.36 billion, showcasing an 81% gap.

Blockchain Distribution
Source: RWA.xyz

Despite Solana’s impressive 60% share of the tokenized stock market, its position at seventh place suggests that infrastructure disparities might delay the universal tokenization process beyond Moglia’s five-year timeline.