A great crypto shakeout is under way as the industry matures

• Key insight: Crypto is entering its "institutional era" as tokenized assets and stablecoins gain wider adoptions. The trade-off is that only companies that offer real utility to established institutions in the market are likely to survive.
• Supporting data: The value of tokenized assets, including U.S. Treasuries, commodities and stocks, has grown 54% since the start of the year to sit at just over $39 billion.
• Forward look: As blockchain technology becomes part of everyday life, the industry needs the confidence to let most of what was built during the speculative era disappear.

Baseball legend Yogi Berra once quipped: "Nobody goes there anymore, it's too crowded," a statement that befits the current paradoxical moment in crypto. As the markets sag and speculators go elsewhere, the industry has never been busier, nor more ripe for success. Seemingly overnight, crypto has transformed from short-term speculative gamble to smart long-term investment, with the world of traditional finance leading the way.

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The value of tokenized assets, including U.S. Treasuries, commodities and stocks, has grown 54% since the start of the year to sit at just over $39 billion. Perpetual futures, once the hallmark of crypto's wild side, are becoming a feature of equity markets. Stablecoins and tokenized deposits are making an impact in payments. And as these pieces come together, 24/7 financial markets are being sketched out as the logical next step.