Tokenization will change US transaction flows; less likely to remove intermediaries

2026

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AI-generated summary

1) Tokenization is poised to alter US transaction flows by increasing demand for on-chain settlement, but it is unlikely to fully disintermediate existing financial institutions.
2) - Analyzes three scenarios for tokenization adoption: steady growth, low growth, and rapid growth.
- Identifies key beneficiaries (Fintechs, asset managers) and exposed parties (small-to-mid-sized banks, legacy infrastructure).
- Discusses the role of stablecoins, tokenized deposits, and tokenized MMFs as settlement assets.
3) Tokenization, US transactions, financial institutions, stablecoins, digital assets

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