Author: Climber, CryptoPulse Labs

In the past few years, the cryptocurrency industry has experienced multiple waves of trends such as DeFi, NFT, and Meme; however, what truly led Wall Street to begin massive entry was not the highly volatile crypto assets, but RWA. Currently, the global RWA market has surpassed 30 billion dollars.

In recent days, traditional financial giants like BlackRock, Franklin Templeton, and JPMorgan Chase have taken action in succession, from tokenized funds and on-chain money market products to tokenized stocks and on-chain yield tools, Wall Street is gradually bringing traditional financial markets onto the blockchain.

The true significance behind this is not merely issuing a few on-chain products; it is more like an underlying structural upgrade of the global financial system.

1. BlackRock's Continuous Expansion: On-Chain Funds Begin to Integrate with Traditional Financial Systems

In this wave of tokenization, BlackRock remains the most watched player.

On May 12, BlackRock once again submitted a new application for tokenized fund structures to the U.S. SEC, continuing to choose the digital asset platform Securitize to provide on-chain infrastructure support.

The biggest focus this time is not just about funds going on-chain but rather the formal integration of on-chain assets with the traditional financial regulatory system.

According to the latest structure, the ownership records of on-chain fund shares will be integrated with regulated transfer agent systems and investor access systems.

This means that in the future, the fund shares that users hold on-chain will no longer just be data in the blockchain but will be able to directly enter the U.S. regulated fund registration system.

In the past, many traditional institutions were interested in blockchain but were always concerned about how on-chain assets could meet regulatory requirements. Now, BlackRock is attempting to directly include on-chain assets within the traditional financial framework, which means the institutional barrier between on-chain finance and traditional finance is slowly being dismantled.

In fact, BlackRock has already started laying out the tokenization market.

As early as 2024, the BUIDL fund launched by BlackRock in collaboration with Securitize has become one of the most successful tokenized product cases in the entire industry. Currently, its asset scale has grown to approximately 2.3 billion dollars, becoming an important symbol for institutions entering on-chain finance.

Many people in the past thought tokenization was just changing packaging, but in reality, what Wall Street truly values is the financial efficiency brought by blockchain.

The traditional financial market has a large number of intermediary institutions, from banks and securities firms to clearing institutions, each layer entails time costs and transaction fees. The greatest advantage of blockchain is its ability to achieve real-time settlement, transparent bookkeeping, and 24-hour circulation on a global scale.

For large asset management institutions, if in the future funds, bonds, and money market products can all be tokenized, then the operational efficiency of the entire financial market may be rewritten.

2. Franklin Partners with Kraken: Accelerating the Landing of Tokenized Stocks and On-Chain Yield Products

Besides BlackRock, Franklin Templeton's recent actions are also worth noting.

Recently, Franklin Templeton announced a partnership with Payward, the parent company of the cryptocurrency trading platform Kraken, to explore on-chain tokenization opportunities for traditional financial products.

This collaboration covers a wide range, including tokenized stocks, compliant custody, actively managed yield products, and institutional-grade cryptocurrency liquidity services among several directions.

The most critical point is that both parties are researching the launch of on-chain versions of Franklin financial products. In other words, in the future, some traditional funds, yield products, and even securities may circulate directly in the form of on-chain tokens.

This represents a very obvious change in the industry, that in the past, the crypto industry actively approached traditional finance, while now, traditional finance is beginning to actively approach the crypto market.

Especially Kraken's recent tokenized stock service xStocks has validated market demand. Data shows that since its launch last year, the cumulative trading volume of this business has exceeded 30 billion dollars.

This indicates that the global market's demand for on-chain securities trading is not merely conceptual but genuinely exists.

Because the traditional securities market has many issues, such as fixed trading times, complicated cross-border investments, and long settlement cycles. The biggest advantage of tokenized stocks is their ability to allow securities to circulate in real-time and conduct global trades just like stablecoins on-chain.

At the same time, Franklin Templeton is also one of the most actively embracing traditional asset management institutions in the crypto industry. It has launched multiple crypto ETF products, issued a tokenized money market fund called BENJI, and collaborated with Ondo Finance to develop on-chain financial products.

From these actions, it is not difficult to see that an increasing number of traditional financial institutions are no longer viewing blockchain as a fringe market but are starting to see it as an important part of the future financial system.

3. JPMorgan Chase Advances On-Chain Money Funds: An On-Chain Dollar System is Taking Shape

Compared to BlackRock and Franklin Templeton, JPMorgan Chase's approach leans more towards building an on-chain dollar liquidity system.

On May 12, JPMorgan Chase submitted the filing documents for the JPMorgan OnChain Liquidity-Token Money Market Fund (code JLTXX), planning to launch a second tokenized money market fund.

This fund will issue digital tokens on the Ethereum blockchain, and the underlying assets will mainly consist of U.S. Treasury bonds and repurchase agreements.

This type of product is very noteworthy because money market funds are essentially approaching institutional-grade stablecoins.

It corresponds to highly liquid, low-risk assets such as cash and U.S. Treasuries, while also providing certain yields. Now, more and more institutions are trying to move these types of assets onto the blockchain.

The reason is quite simple.

Stablecoins solve payment issues, but on-chain money funds solve yield issues.

In the past, a large amount of dollar funds on-chain could only remain in stablecoin accounts, making it difficult to obtain stable yields. But if in the future users can directly invest on-chain dollars into tokenized money market funds, then a complete closed loop of the entire on-chain dollar financial system will be formed.

This is also why an increasing number of traditional banks are beginning to pay attention to on-chain finance. Because they realize that blockchain is not merely a type of cryptographic technology; it could become a new type of clearing network for the future global financial system.

Over the past year, tokenized U.S. Treasury bonds have become one of the fastest-growing segments of the entire RWA market. JPMorgan Chase’s continued advancement of on-chain money funds also signifies that large banks have begun to formally participate in the construction of the on-chain dollar system.

Conclusion

If we look back at the changes in the cryptocurrency industry over the past few years, it is evident that the entire market is undergoing significant transformations.

Earlier discussions in the industry were more about public chain performance, DeFi mining, NFT crazes, and meme coin speculation, but now, an increasing amount of capital and institutions are beginning to focus on on-chain U.S. Treasury bonds, tokenized funds, on-chain securities, and institutional-level financial infrastructure.

This indicates that the cryptocurrency industry is transitioning from a high-risk speculative market to gradually constructing a new financial system. RWA is becoming one of the most important main lines in this stage.

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