Two years post-ETF approval and the 'crypto curious' desk at every bulge bracket is fully staffed — spot crypto through E*TRADE plus ETF allocations across Morgan Stanley's ~$1.5T advised book is what 'daily business' looks like in practice. The harder plumbing is at custody and settlement: JPM's Kinexys handles tokenized repo and FX in size, BNY Mellon has custodied digital assets since 2022, and once those rails plug into wealth platforms, tokenized treasuries end up sitting next to BTC on the same statement as equities.

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