The New Financial OS: How Stablecoins and Tokenization Are Re-Engineering Global Money Rails

Recently, in a column published by The Economist, BlackRock CEO Larry Fink and COO Rob Goldstein described tokenization as the "next major evolution in market infrastructure." Namely, regarding how tokenization will enable assets to move faster, more securely, and with greater transparency than with legacy remittance systems.

Interestingly, that same vision took center stage during a panel discussion at Binance Blockchain Week, held earlier this month in Dubai. During the panel, titled "Digital Money at Scale," leaders from a variety of leading stablecoin issuers and cryptocurrency-focused financial services firms discussed stablecoins, tokenization, and their potential to revolutionize the global movement of money.

One remark in particular, from World Liberty Financial co-founder Zach Witkoff, summed it up quite well. As Witkoff put it, "Stablecoins will be a multi-trillion-dollar market," with the target marketing being "everyone who uses dollars today—institutions and retail alike."

Tokenization and Stablecoins Move from Theory to Infrastructure

Tokenization enables stocks, bonds, real estate, funds, and collateral to exist as programmable digital records on shared ledgers. This alternative process allows for near-instant settlement without the need for traditional intermediaries.

Fink first signaled this direction back in 2022, when he predicted tokenization for the next generation of securities. This time, in the article above, however, he framed tokenization less as innovation and more as inevitability. At Binance Blockchain Week, the stablecoin sector more or less made the same argument.

Pointing to factors like transaction volume data and adoption trends, the panelists laid out their view about how stablecoins, which Tether co-founder Reeve Collins referred to as "simply a better way to move money—globally, instantly, and for free," will soon experience mass institutional adoption.

Stablecoins are emerging as a major market catalyst, with annual transaction volumes already estimated at $18.4 trillion and projections pointing toward $100 trillion. A recent survey shows that 86% of firms report their infrastructure is ready for stablecoin integration, as institutions such as JPMorgan and Visa begin using them for cross-border payments and liquidity management.

Regulatory Clarity Is the Gateway to Mass Adoption, but Other Concerns Remain

Since 2024, regulatory clarity has flourished throughout the U.S. and other major Western economies. Stateside, the advancement of the GENIUS Act is paving the way for digital dollars, the tokenization of real-world assets (RWAs), and the integration of blockchain technology within traditional payment networks.

In Europe, with the implementation of the European Union's MiCA framework, a similar situation is unfolding. As this paves the way for mass adoption, stablecoin-focused financial service firms are ramping up their efforts to tokenize RWA. Still, while major institutions now have the green light, some concerns remain.

In their Economist piece, Fink and Goldstein noted there are still some areas of potential market fragility. These could result in issues like market shocks and "flash crashes." More importantly, while Fink and Goldstein's view of the inevitable rise of stablecoin is more cautious than optimistic, the key takeaway here is that, whether one talks about the "traditional" financial services space, or the nascent blockchain and/or stablecoin space, both types of market participants are in agreement: the economic system is in the midst of significant changes.

Rebuilding the Financial System in Real Time

As Fink, Goldstein, and the "Digital Money at Scale" panelists speak, the global payment system is undergoing significant changes. Namely, custody, collateral, payments, and settlement are transitioning from traditional batch-based systems to new, programmable, and globally accessible networks.

Concerns notwithstanding, this is creating a significant opportunity not just in terms of faster markets and cheaper capital, but also in broader access and real-time transparency. The prospect of greater transparency through regulatory adherence mitigates these risks by overseeing the gradual integration of blockchain-based finance into traditional finance.

Institutional adoption is already taking shape in quieter, less-publicized ways. These systems are quietly being stress-tested in live market conditions. Little by little, new global money rails are replacing their forebears within the architecture. Moving forward, expect to see greater progress, more open conversations, and increased attention to this trend.