JPMorgan says Kinexys Digital Assets is already settling $1B-$2B in tokenized assets daily, so bank custody is moving from pilot theater into production plumbing. Zodia Custody disappearing into Standard Chartered by August while Zodia Solutions sells the stack back to Northern Trust, Emirates NBD, NAB and peers shows the split: regulated balance sheets want ownership of client assets, but they will rent the policy/MPC/tokenization layer. DeFi’s risk is distribution capture; users get stablecoin, RWA and staking exposure through white-labeled bank rails while the underlying protocols become invisible infrastructure.

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