Bitwise CIO Matt Hougan had the busiest day of his eight-year tenure at the firm on Monday, meeting with eight advisory teams and speaking with over 40 financial advisors. His takeaway? They're far more interested in stablecoins and tokenization than Bitcoin. Hougan laid out his findings in a memo published on June 10, describing how conversations kept circling back to payments, capital markets, and tokenized assets — not the world's largest cryptocurrency.
A marathon day of advisor talks
Hougan said engaging advisors on Bitcoin proved difficult even with prices hovering near $60,000. Instead, the conversations naturally drifted toward stablecoins and the infrastructure for tokenizing real-world assets. The day marked his busiest single day since joining Bitwise, and he described it as a clear signal that advisors are looking beyond pure crypto speculation.
Stablecoins take the spotlight
Regulatory moves are making that shift easier. On February 19, SEC staff said broker-dealers can apply a 2% capital haircut to payment stablecoins, treating them as near-cash. That guidance builds on the GENIUS Act, a 2025 law that created a federal category for payment stablecoins. Data from analytics firm Artemis shows stablecoin mentions in SEC filings and investor presentations hit roughly 1,000 in the first quarter of 2026 — a record. A Fireblocks report based on a March 2025 survey of 295 finance executives found that 49% of institutions already use stablecoins for payments.
Two forces driving the pivot
Hougan tied the advisor shift to two forces. First, the fiat debasement trade is fading — gold trades about 20% below its all-time high. Second, top voices are talking up stablecoins: SEC Chair Paul Atkins and BlackRock CEO Larry Fink have both increased their public mentions. That combination is making advisors rethink where to put client money.
Where the money flows next
Hougan expects advisor interest to eventually favor tokenization rails such as Ethereum and Solana, plus stablecoin-linked equities like Circle and Coinbase. Financial advisors collectively manage more than $175 trillion, according to the Investment Adviser Association. Hougan's earlier crypto winter call proved prescient, which adds weight to his current analysis. With stablecoin rules taking shape and institutions already adopting, his memo suggests advisors are poised to allocate capital toward tokenized assets — a shift that could reshape how the industry grows.
