Citrini Research Points Out That the 'Wall' Between Traditional Finance and Cryptocurrency Is Beginning to Crumble

Key Points of This Article

• The potential for AI agents to disrupt bank funding through deposit movement
• Examples of the SEC's five-year special rule and transaction volume of Solana
• Companies that could benefit include Robinhood and Coinbase

The 'Wall' Between Traditional Finance and Cryptocurrency Is Beginning to Crumble

On the 8th (U.S. time), U.S. investment research firm Citrini Research published a report titled "Breaking The Wall," stating that the wall separating traditional finance and cryptocurrency is beginning to crumble. They argue that the proliferation of AI agents and the tokenization of real-world assets (RWA) are creating practical roles for blockchain.

Tokenization of RWA refers to the effort to issue traditional assets such as stocks, government bonds, and gold as tokens on the blockchain. This allows for 24-hour trading and can be combined with decentralized finance (DeFi) services.

The report begins by envisioning a scenario where personal AI autonomously manages idle funds and refinances mortgages. If agents move deposits in search of higher interest rates, banks could lose their foundation for cheap funding. Citrini refers to this situation as an "agent-driven bank run" and questions whether it could occur.

Existing Finance Designed for Humans

Regarding the existing financial system, Citrini describes it as "something created by humans, for humans." The processes are slow, and the system is fragmented. Intermediaries, legal entities, and Know Your Customer (KYC) procedures create multiple barriers. They view it as a design unsuitable for an environment where machines operate continuously.

The company positions cryptocurrency as a technology that has long had limited applications, now gaining a clear role as a vehicle for automated trading by agents and RWA. They suggest that if stocks, government bonds, gold, and bonds move on-chain, price discovery could occur outside existing exchanges.

Examples Highlighting a Turning Point

In March, when tensions in Iran escalated over the weekend, Hyperliquid (HYPE) became one of the few liquid trading venues capable of forming oil prices. They evaluated that Robinhood's "stock tokens" opened the path to tokenized stocks that can be combined with other services.

According to Citrini, in September, the transaction volume of Solana (SOL) temporarily surpassed that of the New York Stock Exchange (NYSE). However, they noted that most of this was likely due to transactions involving bots and meme coins.

On the regulatory front, the U.S. Senate's procedural vote on the Clarity Act was limited to 49 votes on September 15, falling short of the 60 votes needed for passage. Two days later, on the 17th, the U.S. Securities and Exchange Commission (SEC) announced a five-year "innovation exemption" allowing on-chain trading of tokenized stocks. Coinbase's plan for indefinite futures on U.S. stocks is listed as "pending approval" by the U.S. Commodity Futures Trading Commission (CFTC). Bloomberg terminals are also listing futures and tokens from Hyperliquid.

The Question Investors Should Ask: 'Where Do the Profits Belong?'

To verify the on-chain market, Citrini deposited $1,000 into a Coinbase wallet. They noted that tokenized government bonds and stocks, along with protocols providing options, lending, payments, and yields, were all available in one environment.

According to Bloomberg, Citrini claims that agent-driven finance will be built on blockchain, asserting that a new paradigm of "cryptocurrency investment based on fundamentals" has arrived.

They mentioned publicly traded companies that could benefit, including Robinhood, Coinbase, Brish, and Securitize, as well as Ethereum (ETH), Solana (SOL), and stablecoin issuers Circle and Ethena.

Citrini argues that the question for investors is not whether the number of tokenized assets will increase, but rather where the economic benefits generated will belong.

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