Former TD Ameritrade chairman Joe Moglia declared on Tuesday that every financial asset will be tokenized within five years, warning that traditional finance has yet to fully accept this inevitable shift.
Speaking on CNBC, Moglia stated, “Five years from now, there’s not going to be a stock, there’s not going to be an option, not going to be a mutual fund, ETF, anything that’s not in effect tokenized.“
The prediction comes as real-world asset tokenization has surged past $33.91 billion, up 10.14% in 30 days, with the number of asset holders reaching 483,892, according to RWA.xyz.
Private credit leads at $17.5 billion, followed by U.S. Treasury debt at $8.3 billion and commodities at $2.8 billion, driven by tokenized gold breaking $3 billion.
Moglia now chairs FG Nexus, an Ethereum treasury company, whose journey resembles that of BlackRock CEO Larry Fink’s transformation from a crypto skeptic to an advocate.
“That’s because he used to be a real traditional finance guy. Now he’s a DeFi guy,” Moglia said of Fink.
However, Ethereum dominates with $12.1 billion in tokenized assets, a 57.55% market share.
In comparison, Solana holds just $686.3 million, despite achieving a 35.34% monthly growth rate, which raises questions about the uniformity of global adoption within the next five years.
Ethereum Privacy Push and Solana Revenue Leadership Drive Institutional Flows
Ethereum launched its “privacy cluster” team to develop protocol-level privacy features, including private payments and zero-knowledge infrastructures.
Speaking with Cryptonews, Shawn Young, chief analyst at MEXC Research, stated the upgrade “demonstrates how Ethereum seeks to continue its market leadership in both innovation and infrastructure.”
Young emphasized that privacy technologies “will play a key role in attracting traditional financial institutions seeking a blockchain that balances transparency with discretion.”
Solana led all major networks in Q3 revenue for the fourth consecutive quarter.
Ray Youssef, CEO of NoOnes, told Cryptonews that Solana “recorded over 4% gains in September as Ether fell 5%,” driven by treasury accumulation and upcoming upgrades.
Solana treasuries crossed $4 billion with $2 billion allocated in September, which is a 230% increase compared to Ethereum’s 35% growth.
Forward Industries and Helius drove accumulation ahead of Alpenglow and Firedancer upgrades, which launched in Q4.
Youseff projected that Solana could “soar as high as $300 by Q1 2026” if upgrades and ETF decisions align, though “macro headwinds could halt momentum, causing SOL to retest the $200-$210 range.“
Tokenized Stocks Hit $677M as Gold and Tesla Drive Adoption
Tokenized stocks exploded to $676.77 million, up 22.62% in 30 days, with monthly transfer volume surging 182.46% to $665.90 million. Monthly active addresses jumped 39.20% to 32,746.
Tesla became the most popular tokenized stock with over $25 million held by 14,000 unique holders on Solana, according to Solana itself.
Moglia revealed that FG Nexus is tokenizing its reinsurance company.
“We are looking at tokenizing that risk. We’re in the process of taking a look at that now,” explaining that the firm is now moving towards institutional tokenization.
Commodities led RWA growth, reaching $3.31 billion, a 31.14% monthly increase, as tokenized gold surpassed $3 billion in value.
While speaking with Cryptonews, Dustin Becker, Tech Lead at GoldDAO, explained that tokenization “strips out all those layers of trust in third parties that could break. With tokenized gold, you can even leverage your gold in DeFi.“
According to RWA.xyz, the monthly transfer volume reached $5.08 billion, a 286.96% increase, as investors shifted from ETFs to on-chain alternatives amid macroeconomic uncertainty.
Earlier this month, Stablecoins surpassed a market capitalization of $300 billion, and currently have 196.08 million holders.
Moglia noted that Secretary Bessent projected a “$2 trillion market” within two years, with Ethereum capturing approximately 60% of activity.
However, blockchain distribution reveals concentration risks. Ethereum hosts 435 RWA assets totaling $12.1 billion, while second-place ZKsync Era holds $2.36 billion, an 81% gap.
Solana’s seventh-place ranking, despite a 60% tokenized stock market share, suggests that infrastructure fragmentation could delay universal tokenization beyond Moglia’s timeline.
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