In 2025, Joe Moglia, former head of TD Ameritrade, predicted that every standard financial instrument will exist as a blockchain token by 2030. He argues that Ethereum will power the market’s new plumbing, forcing investors, fund firms and intermediaries to rethink how they hold and move money. He also projects stablecoins will surge from about $280 billion to $2 trillion within two years, a jump he says signals the speed at which token finance will spread, a view echoed by Don Wilson, Mike Novogratz and Larry Fink.
Moglia says old markets waste time and money, while shared ledgers fix the pain. He picks Ethereum as the chosen network because it already handles heavy institutional deals, suggesting it can underpin the next phase of market infrastructure.
He bets the stablecoin pool will swell from roughly $280 billion to $2 trillion in two years, framing that growth as a clear signal that token-based finance is set to accelerate quickly.
Industry voices align with this five-year outlook. Don Wilson says “everything will sit on chain,” Mike Novogratz expects token finance to take off, and Larry Fink sees real estate and other hard-to-sell assets turned into tradable tokens, reinforcing the breadth of the thesis.
Tokenization thesis and market momentum
Tokenization turns a claim on a real thing into a digital coin on a blockchain. The pitch is to split costly assets into small, affordable pieces, track ownership on an unchangeable ledger and move slices between buyers in minutes, compressing settlement times and broadening access.
If Ethereum keeps scaling and also meets regulatory requirements, big funds will jump in fast. Illiquid assets such as buildings, art and private credit could trade more like public stock once split into tokens and listed on secondary venues, unlocking liquidity and new market structures.
Legal patchworks across countries and clunky links between blockchains are major hurdles. These gaps could stall rollouts, even if the technology matures, by complicating compliance and cross-chain asset movement.
Custodians and clearing houses that guard and shuffle paper may lose work as code performs those jobs, shifting value toward on-chain settlement and programmable asset servicing.
