Grayscale highlighted recent moves by major financial firms that signal deeper integration of digital assets into mainstream finance. The firm’s research head cited BlackRock, JPMorgan, Visa and other institutions as evidence of growing institutional adoption.
Tokenized fund offerings from BlackRock and JPMorgan
European investors gained access to blockchain‑based versions of cash‑management strategies through BlackRock’s tokenized fund share classes launched on August 4. The shares are issued and managed on the Ethereum network using JPMorgan’s Kinexys blockchain platform, while ownership records remain with the funds’ transfer agents.
BlackRock also introduced two tokenized money‑market products in August, adding a digital share class to an existing fund and creating a product aimed at digitally native institutional investors. These offerings could be used to manage reserves that back stablecoin payments.
JPMorgan expanded its tokenized money‑market fund lineup on Solana on October 22. The private MONY fund targets qualified investors, and the JLTXX fund is a registered government money‑market vehicle designed to support stablecoin issuers’ reserve needs. Both products are accessible through the Morgan Money platform.
Visa reports rapid growth in stablecoin settlements
Visa disclosed that its annualized stablecoin settlement volume has surpassed $25 billion, a tenfold increase year over year, and now supports ten blockchains. This follows a pilot announced in April that reached a $7 billion annualized run rate across nine blockchains.
Commercial applications include Visa Direct’s stablecoin prefunding service, which entered production on October 15, allowing eligible businesses to fund payouts with USDC in near real time. A recent trial with Lloyds Banking Group settled $750,000 in USDC payments with Visa in under an hour, even over a weekend.
Global demand and regulatory backdrop
Grayscale estimates that 80‑85 % of global crypto activity occurs outside the United States, suggesting that international demand will continue regardless of U.S. election outcomes. The firm also noted bipartisan legislative activity, such as the GENIUS Act, which establishes a framework for payment stablecoins in the United States.
According to Grayscale, ongoing fiscal pressures may drive investors toward alternative stores of value, including cryptocurrencies, irrespective of political changes.
