Villain of 2008 Crisis Gets New Life in Europe's Push for Growth
Since then, the market of packaging different loans into products to sell to investors has weakened, made so costly by post-crisis rules that outstanding debt has almost halved from the 2009 peak of €2.3 trillion ($2.7 trillion).
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Today, BlackRock has become the single largest TradFi driver of crypto adoption. It manages over $87 billion in spot Bitcoin ETF assets and $10 billion in ETH ETFs. BlackRock is also leading in DeFi-adjacent areas. Its BUIDL fund, a tokenized U.S. Treasury fund issued mostly on Ethereum via Securitize, holds over $2.4 billion, almost 10% of the $25 billion tokenized asset market on-chain. It's a direct example of TradFi using DeFi infrastructure without compromising regulatory standards. Meanwhile, JP Morgan's Kinexys division is working to bring financial assets on-chain. It has tested on-chain FX, repo, and tokenized bonds using permissioned DeFi liquidity pools. It is building infrastructure that mimics DeFi mechanics while staying within institutional compliance rails. This isn't a crypto experiment; it's the beginning of institutional DeFi. Then there is Fidelity, long known for its crypto-forward stance, which is quietly expanding its digital assets platform and exploring staking, custody, and tokenized financial products. It has the trust of pension funds and family offices—the very cohort most likely to embrace DeFi once it's wrapped in a familiar product interface. Fidelity could lead by building regulated DeFi index products or permissioned vaults for clients. Goldman Sachs and BNY Mellon are also making moves with pilot projects to tokenize money market funds, with fast settlement and interoperability across digital networks. Goldman's private blockchain and BNY's LiquidityDirect are testing tokenized fund redemptions, a gateway to replicating DeFi yield mechanics inside TradFi. UBS, Citi, HSBC, and Standard Chartered have participated in tokenized bond issuances, on-chain settlement pilots, and custody infrastructure projects. 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