Citrini Research Backs ONDO, AAVE, UNI, ETHFI, And PENDLE As SEC Exemption Fuels Tokenized Stock Trading
In Brief
Citrini Research backs ONDO, AAVE, UNI, ETHFI, and PENDLE, arguing AI agents and tokenized assets mark an inflection point for programmable, always-on onchain finance.
Citrini Research has published a report declaring that a new paradigm of fundamental crypto investing has arrived, arguing that agentic finance — AI agents conducting financial transactions autonomously — will be built on top of blockchains. The independent research firm, which has roughly 260,000 Substack subscribers, identifies beneficiaries including public companies Robinhood, Coinbase, Bullish, and Securitize, alongside crypto projects ONDO, AAVE, UNI, ETHFI, and PENDLE, tokens Ether and Solana, and stablecoin issuers Circle and Ethena. The firm also highlights exchanges Hyperliquid, Lighter, and Variational.
The core thesis is that the financial system, designed to be slow and gated by intermediaries, is ill-suited for a world in which software agents operate continuously across applications. After fifteen years of development, the report argues, blockchain now offers always-on, programmable financial infrastructure where assets, ownership, and settlement co-exist — a foundation that becomes genuinely useful in an agentic world. This relevance is reinforced by the tokenization of real-world assets such as treasuries, equities, and credit, alongside a friendlier US regulatory environment. A few days after landmark crypto legislation failed in Congress last month, the SEC granted a five-year exemption allowing qualifying venues to trade tokenized US stocks onchain. Wall Street giants including BlackRock have also announced tokenization efforts.
Evidence of momentum is accumulating. A pivotal moment, according to Citrini, came during the Iran conflict, when Hyperliquid became one of the few venues offering around-the-clock derivatives trading tied to crude oil prices over a weekend. Since then, the report notes, RWA adoption has shifted into higher gear, marking what appears to be an inflection point.
Token Value Depends on Economics, Not Volume
Crucially, the report cautions that rising onchain activity does not automatically translate into higher token prices. Investors should evaluate revenue models, fee allocation, and token-holder participation rather than raw transaction volume. The key question has shifted from whether tokenization will be permitted to who captures the economics once these products enter regulated US market structure.
The report carries notable weight given Citrini’s track record. Founder James van Geelen made a name for himself earlier this year with a note titled “The 2028 Global Intelligence Crisis,” which imagined AI wiping out white-collar jobs faster than the economy could absorb the shock — a thesis that sent shockwaves through equity markets. In September van Geelen had sold the New York-based firm to semiconductor and AI researcher SemiAnalysis.
Market reaction was immediate. Following the report’s release, several mentioned cryptocurrencies spiked; DRV, the native token of onchain options and futures exchange Derive, rose more than 20% before falling back, according to CoinGecko.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
