The Institutional Adoption Curve for Tokenized Assets
BlackRock, Goldman, Franklin Templeton, and dozens of others are not experimenting anymore. They are building. Here is where each major institution stands.
From Pilot to Production
2023 and 2024 were the years of institutional pilots. 2025 was the year of production launches. 2026 is the year of scale.
The shift is not subtle. The institutions that spent two years exploring blockchain infrastructure for tokenized assets are now deploying capital, launching products, and competing for market share. The proof-of-concept phase is over.
Where Each Major Institution Stands
BlackRock BUIDL — the BlackRock USD Institutional Digital Liquidity Fund — crossed $500 million in tokenized assets on Ethereum in 2025. BlackRock has since expanded BUIDL to additional chains and is exploring tokenized equity products. For the largest asset manager in the world to commit to on-chain infrastructure at this scale is not an experiment. It is a strategic decision.
Franklin Templeton Franklin Templeton was earlier than most. BENJI launched on Stellar and Polygon before most competitors had filed the paperwork. The firm has since expanded to additional chains and has been one of the most vocal institutional advocates for public blockchain infrastructure in traditional finance.
Goldman Sachs Goldman launched the Digital Asset Platform (GS DAP) for tokenized bond issuance. The platform has processed multiple institutional bond transactions. Goldman has also made significant investments in blockchain infrastructure companies and is developing additional tokenized product offerings.
JP Morgan JP Morgan Onyx has focused on wholesale settlement — using blockchain to settle interbank transactions. The Onyx network has processed trillions of dollars in tokenized repo transactions. JP Morgan has been more cautious about public blockchain adoption but has signaled increasing openness to Ethereum-compatible infrastructure.
Fidelity Fidelity filed for a tokenized money market fund and has been developing blockchain infrastructure across multiple business lines. The firm manages approximately $4.5 trillion in assets, making its on-chain moves consequential for the broader market.
What This Means for On-Chain Capital Markets
When institutions of this scale commit to on-chain infrastructure, three things happen simultaneously:
Liquidity increases as institutional capital enters the market. Regulatory clarity improves as these firms engage with regulators and establish precedents. Retail access follows as the infrastructure built for institutional use becomes available to all wallets.
This is the pattern Terminal One was built to serve at the access layer.
