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Advisers to some of the largest financial institutions are taking more of an interest in stablecoins and tokenization than in Bitcoin, which could help pull crypto out of its current slump, said Bitwise investment chief Matt Hougan.<\/p>\n
Hougan said in a note<\/a> on Wednesday that he recently spoke with more than 40 advisers who were \u201cstill interested in crypto\u201d but are \u201cmore interested today in stablecoins and tokenization than they are in Bitcoin.\u201d<\/p>\n \u201cIt was pretty hard to engage with advisors on Bitcoin this week,\u201d he said. \u201cIn call after call, they expressed much more curiosity over the real-world applications of crypto that are quickly reshaping everything from capital markets to global payments.\u201d<\/p>\n Stablecoins and tokenization have recently captured the interest of Wall Street, as Bitcoin (BTC) has struggled to maintain momentum, trading down almost 30% so far this year to $62,500.<\/p>\n Stablecoin issuer Circle saw a buzzy initial public offering in June 2025, with its stock quickly rallying to a peak of $240 from its debut price of $31. It has since struggled amid a wider rout in crypto stocks, closing at just under $79 on Wednesday.<\/p>\n Tokenization is also set for a boost as the US Securities and Exchange Commission is reportedly planning to allow<\/a> tokenized stock trading, which could give traditional investors confidence and spur investment.<\/p>\n \u201cIt\u2019s hard to turn on CNBC and not hear someone like SEC Chair Paul Atkins or Goldman Sachs CEO David Solomon or BlackRock CEO Larry Fink talking about stablecoins and tokenization,\u201d Hougan said. \u201cInvestors want to be a part of that.\u201d<\/p>\n Matt Hougan, pictured appearing on a podcast in January, says advisers are becoming less interested in Bitcoin. Source: <\/em>YouTube<\/em><\/a><\/p>\n He said interest in the technologies could be what pulls crypto into a bull market, which has historically been triggered by \u201cnew product breakthroughs and new types of investors.\u201d<\/p>\n Related: <\/strong><\/em>Bitcoin may act as a \u2018canary in the coal mine\u2019 as risk-off pressure spreads<\/strong><\/em><\/a><\/p>\n The \u201cbest hope,\u201d according to Hougan, is that financial advisors and institutional investors make up the new crypto investment class, and their money is likely to flow into stablecoin and tokenization investments.<\/p>\n He said Ethereum, Solana, Canton, Chainlink and Avalanche were mentioned during his conversations, along with trading platform Hyperliquid and crypto companies Figure, Circle and Coinbase.<\/p>\n Coinbase and other crypto exchanges have been expanding into business lines beyond crypto trading in a bid to capitalize on investor interest in blockchain-linked services.<\/p>\n Many exchanges have begun to offer tokenized stocks, albeit outside of the US, which have grown in popularity as investors seek to gain exposure to popular stocks and intensely-hyped public offerings<\/a>, such as SpaceX\u2019s planned debut on Friday.<\/p>\n