From adolescence to adulthood, 2025 marked the year blockchain crossed from fringe to core financial infrastructure. Seventeen years after Bitcoin's release, the industry has found product-market fit and come of age: stablecoins and tokenization are rewiring legacy finance with institutions bridging liquidity to onchain capital markets. As institutions continue to “tokenize everything” the distinction between onchain and off-chain asset classes are dissolving. The total value of tokenized rea...
