Franklin Templeton Research Compares Digital Assets to Early Internet Era

**Policy leaders from major institutions gathered at DC Fintech Week** to discuss the future of tokenized markets, with Ondo's regulatory chief joining panels alongside Chainlink, Coinbase, and European Commission representatives. **Key infrastructure needs identified:** - Data integrity and cross-chain interoperability - Privacy solutions and compliance frameworks - Identity verification systems as the "next unlock" **Regulatory landscape shifting rapidly:** - Trump administration working to bring crypto activity back to U.S. - Competition heating up between U.S. and EU approaches - While MiCA gave Europe early advantage, U.S. companies now refocusing domestically **The consensus emerged clear:** *permissionless blockchains will prevail* due to their inclusion capabilities, and the infrastructure for tokenized markets is being built now. Industry leaders agreed that **identity solutions represent the critical next step** for institutional adoption of tokenized assets.

**Wall Street transformation accelerating** as former TD Ameritrade CEO Joe Moglia predicts complete tokenization of traditional finance within five years. Speaking on CNBC, Moglia stated that **every stock, option, mutual fund, and ETF** will be tokenized, with Ethereum serving as the foundation for "Wall Street 2.0." Key developments: - Traditional finance leaders embracing blockchain technology - Ethereum positioned as primary infrastructure for financial tokenization - Industry shift from experimental to inevitable The **Ondo Summit 2026** will feature discussions on tokenization's future, bringing together key voices shaping this transformation. This represents a significant endorsement from traditional finance leadership, suggesting institutional adoption is moving beyond pilot programs toward full-scale implementation.

**STBL has chosen Ondo's USDY as the primary collateral** for its USST stablecoin, unlocking $50M in minting capacity. **Key Details:** - USDY is a yield-bearing token backed by tokenized U.S. Treasuries and bank deposits - Currently holds **$690M in total value locked** across 12+ blockchains - Supported by 100+ partners in the ecosystem This integration brings institutional-grade Treasury exposure directly into STBL's stablecoin reserves, combining yield generation with stability. The partnership expands USDY's utility beyond its existing presence on Solana and other chains, where users in 173 countries can already access tokenized Treasuries through various payment methods. [Read full details](<https://cointelegraph.com/press-releases/stbl-picks-ondo-s-usdy-as-primary-collateral-unlocking-50m-in-usst-minting-capacity>)

The CFTC outlined its **technology-neutral approach** to digital assets at the Digital Asset Leadership Summit. **Three immediate priorities:** - **Spot crypto market structure**: Developing clear trade workflows for spot crypto on listed markets with public feedback - **Digital asset pilot program**: Time-bound testing of market structures with defined eligibility and risk parameters - **Tokenized collateral initiative**: Exploring stablecoins and tokenized assets with industry engagement on operational details Acting Chairman Caroline Pham emphasized a **principles-based framework** that balances innovation with responsible oversight. The initiative builds on the agency's earlier Crypto Sprint program and represents concrete steps toward regulatory clarity in U.S. crypto markets.