HSBC, 8th largest bank in the world, says it expects 5-10% of all global assets (~19.5T USD) to be tokenized on blockchains by 2030

HSBC has been slow to adopt blockchain and even outright negative on blockchains and cryptocurrency until 2022. In January 2023 they released a report with a partner, Northern Trust, estimating that 5-10% of all assets worldwide would be tokenized by 2030 - representing an enormous sum of about 19.5 trillion USD. source HSBC sees the role of banks in relation to blockchain as serving as trusted custodians, involved with custody of digital assets for their clients. While this certainly will need further definition, it’s fascinating that the world’s largest financial players are starting to see the power and inevitability of blockchain technology in finance - even in a bear market, even after SBF/FTX and countless crypto hacks and scams, even after Bitcoin has been declared dead again. The future of blockchain technology is global and it will become enmeshed with traditional finance, resulting in exponential growth of market caps. It’s hard to say exactly how we get there and what chains will be central to it all, but it’s clear that the big finance players are engaging with blockchain and won’t want to be left behind.