Recently, Coinbase CEO Brian Armstrong released an important perspective:
> The entire financial system is moving towards on-chain.
This statement is not an exaggeration, but a conclusion drawn from the current capital market environment and the speed of constructing crypto finance.
In the past, Crypto redefined payment methods, and now, the ways of raising funds for financial products, forms of equity, and methods of capital flow are also being redefined.
And Coinbase is betting on the elements with the most long-term value:
Tokenization — all assets will eventually be moved on-chain.
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The structural problems of traditional finance are paving the way for "on-chaining."
Brian mentioned several core backgrounds:
• Private companies have longer waiting times for IPO.
• Funding needs continue to rise.
• Corporate fundraising models need more transparent systems.
• Tokenization can improve efficiency, reduce trust costs, and shorten process times.
What is the essence?
> The issuance methods of traditional securities and financial instruments are too tied to intermediary roles, while tokenization is removing this layer of high-cost structure.
Companies can raise funds faster, assets circulate more easily, prices are more transparent, and transactions can be completed at lower costs.
When equity, funds, and private capital all go on-chain,
"On-chain clearing" will not be an option, but will become inevitable.
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Coinbase has positioned itself at the practical level: ETFs, compliance, underlying infrastructure.
Brian mentioned:
> Coinbase has already provided underlying access and custody services for over 80% of crypto ETFs globally.
In other words, as crypto ETFs become more popular,
Coinbase is already in the most important intersection.
ETFs are just the first phase.
What truly needs to carry a large amount of on-chain asset transfers, clearing, and cross-border settlements, is the underlying network.
When tokenization occurs at:
Stocks
Bonds
Real estate
Private equity funds
Tech venture capital
Financial vouchers
International trade bills
These require massive TPS, low-cost clearing, high developer participation, and strong security architecture.
That's why Armstrong specifically mentioned:
> ETH, SOL, Base
Is seen as the public chain with the best chance to carry tokenization.
The reason is not the story, but three very real conditions:
① Speed (Throughput)
On-chain asset settlement must not be less efficient than traditional finance.
② Liquidity
The more tokenized assets join, the more powerful depth is needed.
③ Developer Base
The more people build the ecosystem, the more capable they are to create the "on-chain financial market."
These three conditions essentially answer one question:
> Who can truly become the operational base of the new financial system.
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This is not a crypto narrative, but a roadmap for financial evolution.
Brian's meaning is very clear:
Tokenization is no longer a concept, it's a matter of time.
Private markets, institutional funds, and settlement tools will all lean towards on-chain.
Coinbase has already positioned itself at the core entry point.
Who can carry tokenization will have the opportunity to define the next generation of financial landscape.
More importantly:
> This competition is not a narrative between chains, but a comparison of efficiency between chains and traditional finance.
As long as the chain can do it faster, safer, more transparently, and at a lower cost—
Traditional settlement systems will be eliminated.
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The true meaning that the market ignores:
It's not about "which chain is rising," but about "who can catch the next $10 trillion asset."
Now everyone is watching:
✔️ Meme
✔️ Heat
✔️ TVL
✔️ DeFi protocol rotation
✔️ NFT cycle
✔️ On-chain ecosystem market value
But real financial capital does not care about these.
Wall Street sees:
Can this chain issue securities?
Whether it can reduce costs for the financial market.
Whether it can be accepted by regulators.
Whether it can become a cross-border settlement tool.
Whether it can bear the scale of Tokenized Market.
What Brian is saying is actually a main axis:
> The next financial market will no longer exist in Wall Street trading buildings, but on public chains.
But who can turn public chains into the "underlying operating system" of the financial market,
Who can seize the dominance of the next decade.
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Industry signals have already begun to accumulate.
This year, we have seen a series of trends:
ETFs expanding from single Bitcoin to multi-chain assets.
TradeFi companies collaborating with public chains.
Cross-border payments begin testing on-chain clearing.
DID and on-chain KYC are gradually becoming compliant.
Bonds and funds are gradually circulating in on-chain form.
International settlements are gradually piloting on-chain.
The financial system will not flip in the short term, but the structure has quietly changed.
When central-level companies like Coinbase first shout out:
> "The entire financial system is going on-chain"
This indicates that large institutions have formed a trend consensus.
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Final perspective
What this content truly deserves market attention is not:
"Which chain will benefit?"
"Who is the winner Brian refers to?"
But rather:
> Tokenization has become the core strategy of traditional finance, rather than an option issue for Web3.
When private equity funds, venture capital, equity markets, and fixed income products gradually go on-chain.
The chain itself is no longer a speculative target.
But rather the pipeline of the financial system.
The winning point of this competition can be summarized in one sentence:
> Who can carry a global-level Tokenized Market will be the next generation of financial infrastructure.
The backbone of transactions, clearing, cross-border funds, capital raising, financial vouchers, and even ETFs will be rewritten by tokenization.
This is not crypto hype, but the next main trunk line of the entire financial industry.
What the market should really consider is no longer:
"Who is more popular right now?"
But rather:
Who has the conditions to turn the chain into an institutional-level financial infrastructure.
Because when the entire financial system is truly moved on-chain,
Public chains are not just technology; they will become the new core sovereignty of the financial world.
