[DigitalToday reporter Jinju Hong] Michael Saylor, founder and chairman of Strategy, argued that tokenising financial assets could fundamentally change how the traditional financial system forms credit and determines yields. He said it could go beyond improving trading efficiency and shake the core roles of banks and securities firms.

On May 21 local time, CNBC reported that Saylor said in an interview that the essence of tokenisation is a "free market for credit formation and yields" and that a blockchain-based asset market could replace the existing financial intermediation structure.

“The real power of tokenisation lies in creating a free market for credit formation and yields for asset owners,” he said. “If securities can be broadly tokenised, investors will be able to compare and choose the best credit terms and the highest yields directly,” he added.

Saylor's remarks go beyond a simple expansion of on-chain trading. In the blockchain industry, moves are growing to trade real-world assets (RWA) such as stocks, bonds, funds and private credit on blockchain networks. While the focus has been on faster settlement and the possibility of 24-hour trading, Saylor stressed that credit allocation and capital flows themselves could change.

He also cited differences from the existing financial system. “In 20th century traditional finance, if a bank decides not to provide credit, there is little an individual can do,” Saylor said. “Tokenisation can create a free market for capital, increasing the speed of asset turnover and market volatility,” he added.

The industry is also paying attention to the timing of the remarks. In the U.S. Congress, discussions are under way on the CLARITY bill to regulate cryptocurrency market structure. The market sees that if the bill passes, it could lay the institutional foundation needed to move real financial assets on-chain.

Changes in the regulatory environment are also a variable. The U.S. Securities and Exchange Commission, in its position this year on tokenised securities, signalled that tokenised stocks and financial products could be incorporated into mainstream financial markets, while making clear they are subject to existing securities laws. The industry also cites the possibility that a structure could emerge in which tokenised assets trade alongside traditional securities markets.

Some services have already started on a limited basis. Platforms such as Coinbase, Robinhood and Gemini are running pilot services for tokenised stock trading for certain customers. Still, an assessment says whether it spreads across the broader market will depend on legislative progress and the SEC's detailed regulatory direction.

The market is evaluating Saylor's remarks as highlighting tokenisation again not as a simple blockchain technology innovation, but as a change that could reshape the credit allocation and yield-determination structure long handled by banks and securities firms.