Advisors Shift Demand to Stablecoins and Tokenization

Bitwise Chief Investment Officer Matt Hougan wrote in a June 10 memo that conversations with more than 40 financial advisors indicated a shift away from Bitcoin and to stablecoins and tokenized assets. Hougan met eight advisory teams on one Monday, his busiest day since joining Bitwise eight years ago, and reported advisors focused on payments, capital markets and tokenized assets rather than buying Bitcoin even with prices near $60,000.

Hougan attributed the change to two factors in the memo: the fading of the fiat-debasement trade, noting gold trades about 20% below its all-time high, and a rise in public discussion of stablecoins by senior industry figures.

Hougan wrote: “If you think financial advisors are the marginal net buyer of crypto in the next cycle, the first place money would flow might be into stablecoin- and tokenization-linked investments.” He added that any incoming capital could favor tokenization rails such as Ethereum and Solana and stablecoin-linked equities including Circle and Coinbase.

Analytics firm Artemis found stablecoin mentions in SEC filings and investor presentations peaked at about 1,000 in the first quarter of 2026, the highest recorded level. The timing follows regulatory changes: the 2025 GENIUS Act created a federal category for payment stablecoins, and SEC staff guidance on Feb. 19 allowed broker-dealers to apply a 2% capital haircut to payment stablecoins, treating them as near-cash.

A March 2025 Fireblocks survey of 295 finance executives reported that 49% of institutions use stablecoins for payments. Hougan noted financial advisors collectively manage more than $175 trillion, according to the Investment Adviser Association, and said advisor demand could affect where new capital flows.

Artemis cautioned that the spike in mentions could reflect peak attention in corporate communications rather than implementation, and that second-quarter filings and recorded capital flows will determine whether advisor interest becomes sustained investment. Market watchers will use upcoming filings and actual flows to track whether mentions convert into capital.