GENIUS Act’s Yield Ban Could Trigger Trillion-Dollar Shift to Tokenized Assets

Tokenization as the Next Frontier

Beeson’s firm, Uniform Labs, is developing Multiliquid, an institutional liquidity platform that enables real-time, programmable conversions between tokenized assets and stablecoins. The open-architecture system is designed for compliant integration by issuers without the need for commercial agreements.

Although Beeson declined to name partners, he confirmed collaborations with “leading institutions, fintechs, and stablecoin issuers” ahead of Multiliquid’s planned launch later this year.

The tokenization trend has been gaining momentum, with 2025 seeing substantial growth in tokenized Treasury and money market funds. Data from RWA.xyz puts the total tokenization market at nearly $26 billion, with most activity so far concentrated in private credit and government bonds.

According to Beeson, that’s just the beginning. He expects the market to expand to corporate bonds, credit funds, commodities, equities, real estate, and private equity.

Leveling the Investment Playing Field

Sandra Waliczek, a blockchain and digital assets specialist at the World Economic Forum, argues that tokenization could democratize access to traditionally exclusive markets. “Tokenization changes this by enabling asset fractionalization, breaking assets into smaller, more affordable units,” she wrote, highlighting opportunities for investors previously locked out of high-value asset classes like real estate and private equity.

Aptos Labs’ Solomon Tesfaye echoed the sentiment, predicting that the GENIUS Act will drive growth for both stablecoins and tokenization.

As regulatory clarity strengthens stablecoins’ legitimacy, the prohibition on yield-bearing models may create a powerful incentive for institutions to channel liquidity into tokenized assets, potentially unleashing trillions of dollars into the sector.