Jefferies' report sets the tone for the industry: a trillion-dollar market cap in the next five years is not a dream, but the premise is that tokenized assets can truly operate within the compliance framework of traditional finance—stablecoins and RWA are the real challenges.

Wall Street investment bank Jefferies released a report stating that as institutions adopt digital asset infrastructure, a new wave of IPOs related to cryptocurrencies and blockchain is expected to emerge in the next two years, and it is believed that this sector could develop into a $1 trillion public market within five years. Jefferies stated that institutional focus is shifting from Bitcoin price speculation to the application of blockchain in traditional finance, including tokenized money market funds, private credit, stablecoins, tokenized payments, and blockchain settlement systems. (CoinDesk)