Stablecoins, Tokenization Rank Higher Than Bitcoin Among Advisors: Bitwise

According to Bitwise CIO Matt Hougan, financial advisors at major institutions are showing greater interest in stablecoins and tokenization than Bitcoin (BTC). This change could increase investment in these areas, potentially lifting the cryptocurrency market out of its current slump.

Hougan shared his observations this week after speaking with more than 40 financial advisors. “It has been quite difficult to work with advisors on Bitcoin,” he admitted in a note published Wednesday. Instead, the focus was on the ‘real-world applications’ of blockchain technology, such as stablecoins and tokenization, which are reshaping capital markets and global payments.

Bitcoin, widely known as a decentralized store of value, has suffered through 2026, falling nearly 30% and sitting at $62,770 as of June 11. In contrast, stablecoins and tokenization are gaining traction among both institutional players and regulators. The stablecoin market capitalization reached an all-time high of $321 billion in April 2026, with USDT maintaining a dominant share of 59%. Meanwhile, the U.S. Securities and Exchange Commission (SEC) is reportedly preparing to allow tokenized stock trading. This is a move that could legitimize the concept for traditional investors.

This growing interest is not limited to niche players. Circle, a stablecoin issuer that went public in June 2025, saw its stock price surge from $31 at its IPO to a high of $240 before trading below $79 amid heightened cryptocurrency market volatility. Additionally, exchanges like Coinbase are expanding into tokenized stocks and blockchain-connected services to meet this demand. Outside the United States, tokenized stock offerings have become popular as interest in SpaceX’s upcoming IPO grows.

“It’s hard to turn on CNBC without hearing talk about stablecoins or tokenization,” Hougan said, citing prominent voices such as SEC Chairman Paul Atkins and BlackRock CEO Larry Fink. He believes these technologies could usher in the next wave of institutional investment that has historically sparked bull markets in cryptocurrency markets.

Stablecoins, especially fiat-based models such as USDT and USDC, have become essential liquidity tools in the digital asset ecosystem, accounting for approximately 40-75% of trading volume. However, regulatory clarity remains a key factor in adoption. New York regulators recently announced plans to align state stablecoin regulations with the federal GENIUS Act, heralding a unified approach to oversight.

For tokenization, the applications extend beyond stock trading. By using blockchain to partition asset ownership, tokenization can democratize markets and increase efficiency. According to Hougan, newer platforms such as Ethereum, Solana, and Canton are emerging as infrastructure leaders for these developments.

The change in advisor focus could be a turning point for cryptocurrencies. Bitcoin still remains the leader in its field, but there is more and more talk about real-world use cases. Hougan summarized: “New product innovations and new types of investors are driving the cryptocurrency bull market. Stablecoins and tokenization could be the next catalyst.”

Image source: Shutterstock