Citrini Research says tokenization of stocks, bonds and loans may produce fee income beyond bitcoin and ether

Citrini Research, a research firm, published a 79-page report called Breaking the Wall on Thursday, arguing that moving stocks, bonds and other financial assets onto blockchains could create new businesses in trading, lending and payments. CoinDesk reported that the firm sees companies and protocols that collect fees from those activities as potential beneficiaries, naming Securitize, Coinbase, Robinhood, Circle, Figure, SoFi and Bullish among the stocks it highlighted. The firm was more bullish on certain crypto tokens, listing Aerodrome, Maple, Ondo, Pendle and Derive among the opportunities, while cautioning that rising blockchain activity does not always translate into higher token prices. No other outlet covered the report in this evidence set, so every claim here rests on a single CoinDesk report and none of it has been independently confirmed or denied. The report itself is not included in the evidence, so its figures and specific arguments have not been checked against the original document.