Tokenization 'supercycle' set to drive crypto’s next leg higher in 2026: Bernstein

Wall Street broker Bernstein believes that crypto markets have likely bottomed following a choppy end to 2025 and anticipates the start of a tokenization “supercycle” in 2026 that will reshape finance. The firm maintained its 2026 bitcoin forecast at $150,000, with a peak target of $200,000 in 2027, despite bitcoin finishing 2025 down about 6% while crypto equities saw strong returns. Bernstein identifies Robinhood, Coinbase, Figure, and Circle as the "best tokenization proxies." The next growth phase is expected to be fueled by tokenization across multiple fronts, including stablecoins, whose total supply is projected to rise 56% year-over-year to $420 billion by 2026, driven by mainstream banking and payments. Furthermore, the analysts estimate that onchain value locked in tokenized real-world assets could more than double from $37 billion in 2025 to about $80 billion in 2026.

(Source：CoinDesk)