👀 DeFi is still only ~$150 B (~0.5%) of TradFi’s $30 T market but Wall Street is starting to bridge the gap:

• BlackRock: $87 B in spot BTC ETFs, $10 B in ETH ETFs

• BUIDL tokenized U.S. Treasury fund: $2.4 B on Ethereum

• JPM Kinexys: on-chain FX & repo pilots

• Goldman & BNY Mellon: tokenized money-market fund tests

• UBS, Citi & HSBC: tokenized bond issuances