Citrini Research 79-page report turns bullish on RWA tokenization

The significance here is less the bullish call than the source: a Wall Street-focused research house framing tokenization as a structural shift in how assets move and collateralize, not a crypto-native curiosity. That framing puts the capture question—which venues, issuers and intermediaries own the flow—ahead of the technology debate, and it is the part of the 79-page argument most likely to be contested by incumbents. Whether the report's thesis gains traction among traditional finance readers, rather than just crypto ones, is the open question worth watching.