The Davos consensus is divided: the direction of tokenization is clear, but the boundaries of sovereignty and the foundation of trust in the financial system remain controversial.

PANews reported on January 25th, citing Caixin, that as AI virtually dominated the World Economic Forum Annual Meeting 2026, cryptocurrencies, which were once a hot topic in Davos, have returned to the spotlight. Representatives from traditional banks and regulatory agencies, along with cryptocurrency leaders, engaged in a heated and in-depth debate on whether tokenization is on the verge of explosive growth, how digital currencies can reshape sovereign boundaries, and the foundation of trust in the financial system.

1. Coinbase CEO Brian Armstrong pointed out that tokenization solves the efficiency problem of the financial system, enabling real-time settlement and reducing fees, but its core strength lies in "democratizing investment access".

2. Euroclear CEO Valérie Urbain views tokenization as "an evolution of financial markets and securities" that could allow issuers to shorten issuance cycles and reduce issuance costs, and could also help markets "reach a wider range of investors," playing a role in "financial inclusion."

3. French central bank governor François Villeroy de Galhau believes that increasing investment opportunities must be accompanied by an increase in financial literacy, otherwise tokenization could turn into a disaster.

4. Bill Winters, CEO of Standard Chartered Bank Group, stated that while achieving the tokenization of the vast majority of transactions by 2028 may be slightly optimistic, the trend of "the vast majority of assets eventually being settled in digital form" is irreversible.

5. Ripple CEO Brad Garlinghouse quoted former Federal Reserve Chairman Ben Bernanke as saying that governments will not relinquish control over the money supply. Ripple's current strategy leans more towards building a bridge between traditional finance and decentralized finance than challenging sovereignty itself.