It is time to speak candidly about the evolution of crypto. For a very long time, the prevailing narrative suggested that legitimate institutions would always refuse to engage with this asset class. Today, the landscape tells a completely different story. The DTCC is now actively participating, while Nasdaq is in the process of bringing tokenized securities into its operations. On top of this, BlackRock is currently managing a tokenized fund valued at $2.8B. Those initial doubters certainly did not vanish from the market. Instead, they have just become remarkably silent.