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I notice something interesting that is really accelerating right now. Major institutions are no longer playing it safe with blockchain. BNP Paribas has just taken action by deploying a tokenized share class for a French money market fund directly on Ethereum, and it's a strong signal.
What stands out is the scale of this movement. A multinational bank with 3 trillion dollars operating in 64 countries isn't launching this by chance. With AssetFoundry at the helm, the integration has enabled trading and settlement on a public network operating 24/7. No more time restrictions, no more geographic constraints. This is exactly what institutions have been seeking from the start.
And BNP Paribas isn't alone. WisdomTree followed with its own move, launching continuous trading against USDC for its Treasury money market fund. For the first time under U.S. regulation, a fund allowed 24/7 trading via blockchain. Sure, with conditions: a fixed price of 1 dollar intra-day, initial institutional access via WisdomTree Connect. But the framework was clear and compliant with SEC-FINRA.
What these two initiatives reveal is that the narrative "Ethereum is too risky, too complicated" is dead. The two largest financial markets in the world, Europe and the United States, are simultaneously validating blockchain for regulated products.
Looking at DeFi data, Ethereum maintains its dominance. Over the past four years, the chain has oscillated between 55% and 60% of total DeFi TVL. Currently, it's about 123 billion dollars. The other chains are fighting for the remaining crumbs.
What is changing now is the composition. Bitcoin and Solana are gaining market share. TRON and BNB Smart Chain are losing it. The pattern suggests that the tokenization of institutional assets relies on chains with the largest user bases and the best stablecoin infrastructure. USDC plays a key role in this.
The movement by BNP Paribas and WisdomTree isn't isolated. JP Morgan, SWIFT, BlackRock, and others had already started. But seeing a French bank and an American asset manager act within the same timeframe is the signal that the fusion of TradFi and DeFi is no longer just a theory. It is materializing. Institutions are not pausing; they are accelerating. And Ethereum emerges as the natural leader of this transition.