Recently, I noticed a significant change in how major institutions approach crypto. They are no longer just looking for profit from price increases—they are now focused on how to generate yield from the digital assets they already hold.

Brett Tejpaul, who leads the institutional division at one of the major exchanges, explained in a structured interview that this is a new phase of institutional capital flowing into the digital asset sector. He calls it the “second wave”—different from the first wave driven by hedge funds and investors seeking arbitrage.

How does this shift show up in practice? Yield-bearing products are starting to appear. There is a newly launched Bitcoin Yield Fund with tokenization on the blockchain, aimed at generating returns through strategies such as selling call options or lending. Meanwhile, BlackRock has also launched a staked-ether ETF, bringing the concept of yield from crypto to traditional investors. Bitcoin’s current price is $71.48K, and interest in these yield-generating instruments continues to rise.

But this isn’t only about yield. There is a bigger trend behind it: tokenization and stablecoins. Institutions are beginning to realize that blockchain can speed up payments, reduce cross-border transaction costs, and provide settlement that is almost instant. When you talk to big players in fintech or banking today, nearly half of their discussions touch on stablecoins and tokenization.

Regulation is also opening the door. With laws like GENIUS and CLARITY in the US starting to provide a clear framework, major institutions have more confidence to build blockchain-based products. JPMorgan has already tried tokenized deposits, BlackRock has launched tokenized treasury funds, and Franklin Templeton is bringing money market funds on-chain.

What’s interesting is this shift in mindset. Back then, the question was “how to buy crypto.” Now it’s “what can crypto do for our portfolio and operations?” That’s a fundamental difference.

Of course, adoption is still uneven—institutional capital remains concentrated in the major tokens, and large companies do move slowly. But the direction is becoming clearer. With more clearly defined regulation and a growing infrastructure, we’re very likely to see more institutional funds entering this sector soon. This is no longer about speculation—it’s about optimization and efficiency.