In 2025, major financial institutions like HSBC and BNP Paribas are transforming the crypto landscape, moving away from the previous focus on retail speculation and towards practical blockchain applications. These banks have joined the Canton Foundation, aligning with other significant players like Goldman Sachs to promote tokenization in finance. Concurrently, the crypto market is witnessing a surge in billion-dollar shelf registrations and initial public offerings (IPOs), reflecting a growing institutional interest in digital assets. Notably, Mega Matrix has filed for a $2 billion shelf registration to obtain Ethena's governance token, which has seen rapid growth in its stablecoin ecosystem. Moreover, Gemini is preparing for an IPO, aiming for a valuation of $3 billion, indicating increased demand for crypto-focused listings. Additionally, SmartGold is launching a platform that allows U.S. retirement savers to invest in tokenized gold, offering a novel approach to asset management that can generate yield. The article highlights a significant shift towards institutional adoption of blockchain technology and the diversification of crypto assets into traditional financial frameworks.

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