BlackRock and JPMorgan are widening access to tokenized investment funds, while Visa said annualized stablecoin settlement volume had exceeded $25 billion, up tenfold from a year earlier. The developments support Grayscale head of research Zach Pandl’s view that crypto is increasingly institutional and embedded in mainstream finance. Pandl cited BlackRock, JPMorgan, Visa, Franklin Templeton, Mastercard, Fiserv and Stripe as examples of institutional adoption. On Aug. 4, eligible European investors gained access to blockchain-based versions of BlackRock’s existing cash-management strategies through tokenized fund share classes issued and managed on Ethereum using Kinexys, JPMorgan’s blockchain business. Official ownership records remain maintained through the funds’ transfer agent infrastructure. BlackRock also added two tokenized money market products in August. JPMorgan’s asset-management business expanded its tokenized money market funds to Solana on Oct. 22, including products intended to serve qualified investors and stablecoin issuers’ reserve needs. Visa said its network now supports 10 blockchains, up from nine in an April 29 update, while its annualized settlement run rate rose from $7 billion to more than $25 billion. Visa Direct’s stablecoin prefunding entered commercial production through Inyo Global on Oct. 15, and a seven-day Lloyds Banking Group trial used USDC to settle $750,000 in payment obligations with Visa in under an hour, including over the weekend. Grayscale estimates that 80%-85% of global crypto activity occurs overseas. Pandl said international demand, foreign regulatory development and bipartisan U.S. support, including passage of the GENIUS Act, could sustain crypto adoption regardless of the U.S. midterm election outcome, while continued growth in federal government debt could drive interest in alternative stores of value such as cryptocurrencies.