TL;DR
- Matt Hougan says tokenization is entering a longer phase of financial adoption, comparing its early trajectory with NVIDIA’s AI rise.
- His view comes as the SEC opens a regulated route for tokenized stocks and S&P Global agrees to acquire OpenZeppelin.
- Together, the developments show how blockchain infrastructure is moving deeper into traditional markets while DeFi and onchain assets gain institutional attention.
Tokenization has moved closer to the center of U.S. financial-market development, giving Bitwise CIO Matt Hougan a fresh reason to compare the sector with the early stages of the artificial-intelligence boom. On September 17, Hougan argued that the world is moving onchain and described tokenization as a multi-year transformation rather than a short-lived market theme.
His comparison focuses on timing. ChatGPT launched in November 2022 while NVIDIA traded around $16. About a year later, NVIDIA had reached $46, a 176% increase, making the scale of the AI opportunity more visible. Hougan noted that NVIDIA now trades around $219 and used that progression to argue that recognizing a major shift does not mean the opportunity has already passed.
Tokenization is a mega trend. Just today, the SEC created a pathway for tokenized stocks to trade in the US, S&P acquired @OpenZeppelin, and DeFi assets are ripping. If you had doubts before, today should put them to rest. The world is moving onchain.
The thing about…
— Matt Hougan (@Matt_Hougan) September 17, 2026
For tokenization, he pointed to recent developments as evidence that adoption is moving beyond experimentation. The SEC’s latest action provides a regulated path for certain venues to trade tokenized U.S. stocks on blockchain-based infrastructure. The framework covers tokenized NMS stocks that preserve shareholder rights such as dividends and voting, while synthetic products that only track stock prices remain outside the exemption. Issuers also receive a 30-day period to object to third-party tokenization.
Tokenization Gains A U.S. Regulatory Path
The SEC’s temporary exemption lasts up to five years and applies under specific conditions, including limits around participating venues, securities and trading activity. The agency said the framework is intended to facilitate innovation while it considers broader policy. This creates a clearer lane for companies developing blockchain-based equity infrastructure.
The regulatory move arrived alongside S&P Global’s agreement to acquire OpenZeppelin, adding another institutional signal. OpenZeppelin’s smart-contract technology supports major stablecoins, tokenized funds and DeFi applications. The company says its contracts have facilitated more than $37 trillion in transferred value and that it has completed more than 900 security engagements.
NVIDIA Parallel Highlights Tokenization’s Early Stage
Hougan’s analogy rests on the idea that technology megatrends can continue expanding after investors first recognize them. He argues that tokenization has already attracted attention, but its broader financial impact may still be developing as regulated trading, security standards and institutional infrastructure converge.
The comparison does not establish that tokenization will follow NVIDIA’s price path. Instead, it highlights Hougan’s view that blockchain-based financial rails can become a long-duration market transition. As traditional financial firms add tokenized products and established infrastructure providers enter the sector, the onchain model is gaining more connections to conventional capital markets.
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