Banking titans such as JPMorgan and Citi want to supercharge Wall Street by borrowing a tool from crypto — tokenizing assets on a blockchain.

"Once you have these assets that are tokenized, there are so many different use cases for them," said Elliot Han, head of digital assets at Cantor Fitzgerald.

Bernstein said in an analyst note from June that tokenization could unlock faster settlement times and lower costs. The firm projects $5 trillion in assets could be tokenized on blockchains over the next five years.