Traditional finance is confronting one thing: tokenization—not just a concept, but the next-generation infrastructure.

Ciarán Fitzpatrick, Global Head of ETF Product, JPMorgan Chase Securities Services, said that tokenization will drive structural change across the entire fund industry, rather than being limited to ETFs.
Its core logic is already very clear:

The subscription and redemption process will be greatly simplified

Settlement efficiency will be close to “real-time,” and the traditional T+N model will face reconstruction

Trading hours will move from “limited time periods” to nonstop 7×24 trading

In other words, tokenization is not optimization—it is rewriting the rules.
However, he also made it clear:
We are still in the experimental stage, and real, large-scale application scenarios may still take several years to refine.
Behind this is a key turning point:
When top-tier traditional institutions begin systematic research and pushing for tokenization, it means this path has moved from a “crypto narrative” into the main line of “upgrading financial infrastructure.”
In the short term, it’s experimentation;
In the long term, it’s replacement.
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