PANews reported on May 14th, citing Cointelegraph, that Moody's, after discussions with major US banks and financial market intermediaries, released a report stating that most institutions believe the digital financial transformation will follow a "slow at first, fast later" pattern, with tokenization gradually expanding and benefiting more market participants, assets, and application scenarios. Moody's noted that current tokenization activity is mainly concentrated in cryptocurrency trading, cross-border retail payments, and some institutional use cases, but almost all major banks have established digital asset teams or innovation departments, actively participating in industry pilots.

Moody's also outlined three possible scenarios for the financial system: In the baseline scenario, tokenization expands into specific assets such as stablecoins and tokenized deposits, but existing asset managers, banks, and infrastructure providers remain central; in the low-growth scenario, regulatory frictions, unresolved legal issues, and insufficient end-user demand inhibit adoption, limiting asset tokenization and digital currencies to narrow use cases; in the most disruptive scenario, stablecoins are widely adopted as an on-chain settlement option, traditional infrastructure such as payment processors and correspondent banks face revenue loss pressures, and deposits at small and medium-sized banks may decline.