The shift begins
Finance is moving onchain.
Everything from government bonds and gold to equities, credit, and commodities is being rebuilt on open, programmable infrastructure.
What started with stablecoins has expanded into a much broader transformation. Tokenized treasuries, credit funds, and real estate are no longer experiments. They are becoming part of the financial system.
For decades, global markets have relied on layers of intermediaries and outdated infrastructure to move capital. Settlement takes days. Access is restricted. Liquidity is fragmented across borders.
Blockchains change that.
They provide a shared digital environment where assets can move instantly, trade globally, and interact with one another without friction.
This shift is what many now refer to as Internet Capital Markets: financial systems that run natively online, open to anyone, anywhere, at any time.
Why this matters
Capital markets exist to connect people who have capital with those who need it.
That function isn't changing. What's changing are the rails.
Instead of custodians, clearinghouses, and regional exchanges, capital markets are moving toward infrastructure that is global by default.
Smart contracts automate settlement. Tokenization removes geographic constraints. Liquidity pools connect assets that were once separated by time zones, jurisdictions, and market hours.
As more real-world value moves onchain, finance gains properties that were never possible before:
- Transparency — data is verifiable in real time
- Speed — transactions settle in seconds, not days
- Composability — assets can be combined and reused across platforms
- Access — anyone with a wallet can participate directly
The result looks less like the stock exchanges of the 20th century and more like the internet itself: open, efficient, and always on.
The current landscape
The first phase of this transition began with stablecoins.
Digital dollars proved that traditional assets could live onchain and serve global demand at scale. From there, tokenized treasuries followed. Institutions now hold billions of dollars in onchain government debt, with volumes continuing to grow.
Private credit, real estate, and commodities are following the same path.
This is not the rise of isolated products. It's the formation of a unified capital layer, where traditional and digital assets coexist and move with the same efficiency.
The opportunities and the challenges
Bringing assets onchain doesn't automatically make them better.
It introduces new questions around regulation, custody, and interoperability. But the direction is clear. The efficiency and global liquidity of onchain markets are too powerful to ignore.
As tokenization scales, we'll see:
- Secondary markets that never close
- Automated reporting and compliance
- New ways to structure risk and reward
For issuers, this means faster access to capital and lower costs. For investors, it means more transparent and liquid markets. For users, it means direct participation in systems that were once institution-only.
Where this is heading
Over time, Internet Capital Markets will connect everything: traditional assets, digital assets, and synthetic financial instruments.
Value will move as easily as information moves today.
The distinction between TradFi and DeFi will fade. What remains will be open networks secured by transparent, verifiable data, where anyone can build and participate.
This isn't a single product or innovation. It's a structural shift.
From financial infrastructure to internet infrastructure
Every major technological leap changes how value moves.
The printing press changed information. The internet changed communication. Blockchains are changing capital.
Internet Capital Markets represent the first truly global financial infrastructure: continuous, borderless, and native to the internet.
It's still early. But the direction is clear. Finance is finally catching up to the internet.
