For years, tokenization has been framed as crypto’s bridge to Wall Street. Put Treasuries onchain. Issue tokenized money market funds. Represent equities digitally. The assumption was simple: if assets move onchain, institutions will follow.But tokenization alone was never the endgame. As we recently argued in our institutional outlook, the real institutional unlock isn’t digitizing assets – it’s financializing yield.Following the regulatory clarity that emerged in 2025, institutional interest i