Bernstein analysts have identified the tokenization of real-world assets (RWAs) as a transformative trend that could significantly reshape global finance. The report suggests that blockchain-based tokenized markets, currently in their infancy, are poised to evolve into a multi-trillion dollar industry as infrastructure and regulatory frameworks mature. Tokenization is seen as the next generation of market infrastructure, offering benefits such as improved settlement processes, reduced counterparty risks, and enhanced access to traditionally illiquid assets. The report highlights early evidence of this shift through pilot programs by traditional financial institutions exploring blockchain infrastructure. It also points to stablecoins and tokenized treasury bills as early product-market fits, providing on-chain liquidity and efficiency. The potential of RWA tokenization lies in addressing market infrastructure challenges, attracting interest from sovereign wealth funds, banks, and asset managers.