Research from Citrini argues that the Wall Street tokenization wave is more likely to benefit blockchain infrastructure and middleware tokens than Bitcoin or Ether directly, as the value of tokenization accrues to the networks and protocols facilitating settlement and custody rather than to base-layer store-of-value assets. The thesis reflects growing institutional engagement with tokenized real-world assets across multiple blockchain environments.
For Armada's crypto repo desk, this matters at the collateral eligibility level. If institutional volumes migrate toward infrastructure tokens with meaningful liquidity, Armada may eventually need to evaluate those assets for collateral eligibility. Currently the desk accepts BTC, ETH, SOL, and HYPE, but the tokenization narrative could expand the universe of assets clients wish to post. Any new collateral type would require a full LTV, liquidity, and custody review before acceptance.