Advisers prefer stablecoins, tokenization over Bitcoin, says Matt Hougan

Matt Hougan, Bitwise’s chief investment officer, reported that after speaking with more than 40 financial advisers he found stronger interest in stablecoins and tokenization than in Bitcoin.

“It was pretty hard to engage with advisors on Bitcoin this week,” Hougan wrote, adding that advisers repeatedly raised questions about stablecoins and the use of tokenization for real-world assets.

During the calls, advisers mentioned networks and projects including Ethereum, Solana, Canton, Chainlink and Avalanche, and trading platforms and firms such as Hyperliquid, Figure, Circle and Coinbase.

Bitcoin has fallen about 30% so far this year and traded near $62,500. Stablecoin issuer Circle completed an initial public offering in June 2025 that debuted at $31, rallied to roughly $240 and later retreated to just under $79.

I’ve been thinking a lot about what will drag us out of the 2026 bear market. The uptake of new products is an obvious potential catalyst, with stablecoins, tokenization, perpetual futures, and other real-world applications of crypto starting to take off. 

Hougan wrote.

U.S. regulators are reported to be preparing rules that would allow trading in tokenized stocks, while Tokenized RWAs lumped 589% to June 2026. Crypto exchanges and custody providers have expanded services to offer tokenized assets, often outside the United States, creating ways for investors to gain exposure to private companies and high-demand public offerings.

Stablecoins are digital tokens designed to maintain a steady value by linking to fiat currency. Tokenization converts ownership of physical or financial assets into digital tokens that can be traded and settled on blockchains. Supporters say these tools can speed settlement, reduce costs and open liquidity for assets such as bonds, real estate and equities.

Hougan wrote that new products and new investor groups have driven past crypto bull markets. He added that if financial advisers and institutional investors become major buyers, demand could shift toward stablecoins and tokenized securities. Whether that demand becomes significant will depend on regulatory clarity, product availability and firms’ ability to hold and trade the instruments.