Last week, JPMorgan, one of Wall Street’s longtime crypto skeptics, filed to launch a money market fund on Ethereum. Days later, BlackRock did the same. Within weeks, Goldman Sachs and BNY Mellon announced plans to tokenize money market funds, SoFi issued a stablecoin, and Deutsche Börse poured $200 million into Kraken.
After a decade of dismissing digital markets as a fringe experiment, the world’s most powerful financial institutions suddenly began racing toward the same blockchain rails. What sparked this sudden shift?
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