Anchorage Digital — America's Only Federally Chartered Crypto Bank
Anchorage Digital Bank received the only federal OCC national bank charter for a crypto institution in January 2021, holding $50B+ in custody for institutional clients including banks, hedge funds, and sovereign wealth funds.
Avalanche (for Institutional Tokenization)
Avalanche's subnet architecture enables financial institutions to create custom, compliant blockchain environments for tokenized assets — with KKR's fund tokenization on Avalanche Evergreen and JPMorgan's Project Spruce testing tokenized securities on a custom subnet.
BitGo — The Qualified Custodian for Digital Assets
BitGo is the oldest dedicated crypto custodian, holding $64B+ in assets for 1,500+ institutional clients, and processes over 20% of global Bitcoin transaction volume through client wallets.
BlackRock — BUIDL and the Institutionalization of Tokenized Finance
The world's largest asset manager at $11.5T AUM launched BUIDL in March 2024, crossing $2.5B in tokenized Treasury assets by February 2026.
BNY Mellon Digital Assets — The World's Largest Custodian Goes On-Chain
BNY Mellon, custodian of $46.7T in assets, became the first US bank approved by both the SEC and NY DFS to hold Bitcoin and Ethereum for institutional clients in October 2022.
Canton Network
Canton Network is a privacy-enabled blockchain network for institutional financial markets using DAML smart contracts, with Goldman Sachs, BNP Paribas, Cboe, and 30+ institutions participating in coordinated interoperability of digital assets.
Coinbase Prime — Institutional Access to the Coinbase Infrastructure
Coinbase Prime provides institutional custody, trading, and staking through a NYDFS-chartered trust company, serving as custodian for BlackRock's iShares Bitcoin ETF and holding $400B+ in total platform assets.
Copper — Institutional Custody with ClearLoop Settlement
Copper provides MPC-based institutional custody for $30B+ in assets and operates ClearLoop, a settlement network enabling institutional traders to settle exchange trades without moving assets off custody — directly addressing the counterparty risk exposed by the FTX collapse.
Ethereum (for Tokenization)
Ethereum is the dominant blockchain for institutional tokenized assets, hosting BlackRock's BUIDL, Ondo Finance's OUSG, and most major ERC-3643 security tokens — with $25B+ in RWA locked on-chain, Ethereum's smart contract platform provides the deepest DeFi liquidity for tokenized assets.
Fireblocks — The Institutional Digital Asset Network
Fireblocks serves 1,800+ institutional clients including BNY Mellon and Revolut as the digital asset transfer network and MPC infrastructure layer, valued at $8B+ after its 2022 Series E.
Institutional Adoption Tracker: Who's Live, Piloting, and Exploring
Tracking 50+ major institutions — from BlackRock to Fidelity — on their tokenization journey: production, pilot, announced, or exploring.
Interoperability Protocols
Blockchain interoperability protocols enable tokenized assets to move across different chains — a critical infrastructure need as institutional tokenization spans Ethereum, Polygon, Stellar, Solana, and private networks simultaneously.
Polygon (for Institutional Tokenization)
Polygon is an Ethereum Layer 2 scaling solution hosting Franklin Templeton's FOBXX money market fund and multiple institutional tokenization pilots — offering Ethereum compatibility with lower fees and higher throughput.
Provenance Blockchain
Provenance Blockchain is a purpose-built Layer 1 blockchain for financial services co-founded by Figure Technologies, hosting $15B+ in tokenized home equity loans — the single largest tokenized asset pool in the world.
Solana (for Tokenization)
Solana's 50,000 TPS throughput and sub-cent fees make it the leading blockchain for high-frequency tokenized applications — chosen by Maple Finance for institutional credit markets and Franklin Templeton for FOBXX expansion.
State Street Digital — Custody, Funds, and the Institutional Build-Out
State Street Digital, launched in 2021 with $43.7T in assets under custody, is building institutional blockchain infrastructure across custody, fund administration, and digital transfer agency for 70+ clients.
Tokenized Infrastructure
Tokenized infrastructure assets — toll roads, airports, renewable energy projects, pipelines — represent a $60T+ global asset class beginning to explore blockchain-based fractional ownership and more efficient capital formation.