Crypto YouTuber Nick a.k.a NCash argues that tokenization isn’t a distant narrative anymore — it’s quietly accelerating toward what he calls a “supercycle,” with 2026 as the inflection point and 2024 as the year major institutions start going live.
Nick, known for his focus on XRP and real‑world asset (RWA) plays, builds his case around data from Securitize (backed by BlackRock and Morgan Stanley), Bitwise, and emerging on‑chain metrics from networks like the XRP Ledger and Stellar (XLM).
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The market observer dismisses the idea that Bitcoin will be central to this shift, pointing instead to Ethereum, XRP, and other utility-focused chains.
From $1B to $20B RWAs & The Forecast Of $490B
The most concrete data point in the video is the RWA growth curve. Citing Bitwise, Nick notes that:
- Tokenized RWAs were “virtually nonexistent” in 2020
- Reached roughly $1 billion by 2022
- Hit about $2 billion in 2024
- Then jumped to around $20 billion by January this year
The YouTuber highlights a new forecast from Presto Research (via RWA Watchlist) that projects tokenized assets hitting roughly $490 billion by the end of 2024 — implying an additional ~$470 billion in less than a year, largely driven by tokenized U.S. Treasuries and credit instruments.
On Nick’s back‑of‑the‑envelope path, if that pace holds, total tokenized value could cross $5 trillion by 2027. He’s explicit that these are projections, but sees them as plausible once large market infrastructures, such as the DTCC, start scaling tokenization.
XRP Ledger, Stellar & Canton: Early Winners in On‑Chain Assets
Nick spends substantial time on XRP Ledger metrics, arguing that real activity is already visible:
- Over $700 million in tokenized value on XRPL
- More than $1 billion in total on‑chain assets when including stablecoins
- Represented asset value on XRPL up ~113%
- Stablecoin transfer volume over the last 30 days at roughly $815 million, up about 45%
He distinguishes between “distributed asset value” (fully native on ledger) & “represented asset value” (XRPL acting as a bookkeeper for off‑chain assets), and says market watchers should pay closer attention to the former.
Canton (ticker CC, which he says he holds) is described as another key RWA infrastructure, with an associated “represented value” figure of around $376 billion cited in the broader tokenization landscape. Stellar is also flagged as an emerging RWA chain, with Nick noting Stellar just crossed $1 billion in tokenized assets.
SWIFT, Standard Chartered & DTCC End Pilots, Scaling Begins
The institutional narrative is where Nick sees the “supercycle” thesis being validated.
He points to SWIFT’s January post featuring Standard Chartered’s Global Head of Transaction Banking, who states that tokenization and digital assets are “about to move from pilot into mainstream.” Nick connects this to earlier commentary from the same executive about using ISO 20022 and assets like XRP and USDC to bridge traditional and decentralized finance.
The analyst also cites remarks from the DTCC’s head of digital assets, mentioning a target of tokenizing around $100 trillion in value over roughly a year, and notes DTCC’s existing role clearing “quadrillions of dollars per year.” This is the kind of balance‑sheet scale that makes a $490 billion RWA market this year “small” in relative terms.
Brian Armstrong’s recent comments on tokenized stocks are used to show how this extends beyond bonds and cash equivalents. Armstrong expects on‑chain equities to enable global access to U.S. stocks, 24/7 trading, fractional ownership, and programmable governance features (e.g., voting rights tied to holding duration).
Custody, Breaches, and Infrastructure Risk
Mid‑video, Nick briefly shifts to risk: recurring data breaches at Ledger. He frames it as a structural problem for retail security and plugs institutional‑grade custody via iTrustCapital (a sponsor of his channel) as his preferred alternative, while also mentioning hardware wallets like D’Cent for self‑custody.
The point, beyond the promotion, is that as tokenized assets scale, secure custody infrastructure will be as critical as the underlying chains.
Why This Matters
Nick’s overall argument: if tokenization really is moving from pilot to production in 2024, traders focusing only on memecoins and price charts may miss the structural shift. Networks that can efficiently host RWAs — XRP Ledger, Ethereum, Stellar, Canton, and others — could capture multi‑trillion‑dollar flows over the next few years.
The time horizon he’s implicitly targeting is 2024–2028: regulatory clarity maturing, institutional rails going live, and RWAs moving from tens of billions to the low‑trillions. Whether the $490 billion forecast by year‑end proves accurate is uncertain, but the directional signal from SWIFT, DTCC, BlackRock‑backed Securitize, and large banks is getting harder to ignore.
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People Also Ask
SWIFT ran XRP blockchain trials for tokenized/cross-border payments, but selected Linea (Ethereum L2) for its main shared ledger pilot. No formal “ending” date for XRP-specific tests, but ISO 20022 migration hits high adoption early 2026—paving way for optional interoperability where XRPL could play a role in settlements/RWAs.
No. He explicitly argues tokenization is “outside the scope” of Bitcoin due to its lack of scalability, transaction costs, and settlement times, and focuses instead on Ethereum, XRP, and other utility chains.
Except for testing, no direct partnership or adoption announced —SWIFT focuses on neutral, multi-rail setups. Former SWIFT CEO said XRP could integrate once regulations stabilize, but it’s optional at best, not replacement.
