“Institutional adoption” is making a full 180° turn.

For years, everyone waited for pensions and sovereign wealth funds to show up as the bid.
Now, Franklin Templeton is building the products to sell to them.
Franklin just:
→ Closed its 250 Digital acquisition
→ Launched Franklin Crypto (a dedicated crypto division)
→ Grew its tokenized asset suite from ~$768M to $2.5B in a year
→ Filed two ETFs that turn stock dividends into BTC exposure
Over that same stretch, the broader onchain RWA market grew from ~$11.8B to ~$32.3B. For context, Franklin manages $1.78T.
The sad part: institutions probably won’t enter crypto the way CT wanted it. They’re not opening exchange accounts and buying spot tokens like the rest of us.
They’ll basically enter through wrappers, managed strategies, tokenized funds, collateral products, and ETFs.
A lesson there.