Grayscale has published a research report arguing that the integration of digital assets by major financial institutions is becoming a structural feature of the global economy. According to the digital asset manager, the expansion of tokenized funds by BlackRock and JPMorgan, alongside Visa’s growing stablecoin settlement network, demonstrates that crypto is moving beyond speculative trading into core financial infrastructure. This shift suggests that industry progress will remain resilient regardless of the upcoming U.S. midterm election results.

Tokenized Funds Expand Across Blockchains

Zach Pandl, head of research at Grayscale, highlighted specific examples of institutional adoption to support this thesis. BlackRock enabled eligible European investors to access blockchain-based cash-management strategies in August. These offerings utilize JPMorgan’s Kinexys platform to issue and manage digital fund shares on Ethereum, while traditional transfer agents maintain official ownership records. Additionally, BlackRock introduced two tokenized money market products aimed at managing reserves for payment stablecoins and serving digitally native institutions.

JPMorgan Chase also expanded its reach by launching tokenized money market funds on Solana in late October. The bank’s MONY private fund and JLTXX registered government money market fund are accessible through Morgan Money. JLTXX is specifically designed to support the reserve requirements of stablecoin issuers, illustrating how traditional banking products are adapting to digital asset needs.

Visa’s Stablecoin Settlement Milestone

Payment networks are also embedding blockchain technology into their operations. During its October 27 earnings call, Visa CEO Ryan McInerney stated that the company’s annualized stablecoin settlement volume has surpassed $25 billion. This figure represents a tenfold increase compared to the previous year. The network now supports 10 blockchains, up from nine blockchains supported during a pilot phase that reached a $7 billion annualized run rate in April.

Visa has moved these services into commercial production, including a stablecoin prefunding service launched via Inyo Global. This allows businesses to fund payouts with USDC in near real-time. A separate trial with Lloyds Banking Group demonstrated cross-border settlement capabilities, where $750,000 in payment obligations were settled using USDC within an hour, including during weekend hours.

Global Demand and Regulatory Context

Grayscale notes that international demand is a primary driver of crypto adoption, with estimates suggesting 80% to 85% of global activity occurs overseas. Pandl argued that foreign regulators will continue to implement rules supporting digital asset innovation, independent of U.S. political shifts. Domestically, the bipartisan passage of the GENIUS Act, which establishes a framework for payment stablecoins, has provided regulatory clarity. Pandl also pointed to the potential impact of growing federal government debt, which may drive investors toward alternative stores of value such as cryptocurrencies.