Wall Street is finally embracing crypto—but the real payoff will come when it embraces DeFi
Meanwhile, DeFi (Decentralized Finance), despite being the most transformational innovation to hit financial services in decades, remains a mere rounding error in that picture. Depending on how you measure it, via Total Value Locked (TVL), DeFi token market cap, protocol revenue, or institutional activity, DeFi's footprint barely scratches $150 billion on a good day. That's less than half a percent of TradFi's scope.
This is not a failure. It is a testament to just how early we are. Seen more optimistically, it is an opening that holds the blueprint for the future of finance.
Already, we've seen DeFi recreate core banking functions entirely on-chain, including borrowing, lending, insurance, trading, asset management, and structured products. And it's working. Millions of users, thousands of developers, and hundreds of projects are coalescing around this future.
DeFi's growth, however, has been largely inward-looking, driven by crypto-native users rather than institutional money. And despite DeFi's rapid-fire innovation, leading TradFi figures have mostly elected to watch from the sidelines, or worse, confine themselves to dismissive skepticism.
This underscores the need for a bridge between the old and the new. TradFi must integrate with DeFi, not just observe it. Not to co-opt it, but to scale it. Fortunately, there is a precedent for such integration.
Consider BlackRock's game-changing embrace of Bitcoin ETFs in 2023–2024 (and later ETH). It didn't just lend legitimacy, it unlocked institutional access at scale. 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. These banks are particularly well-positioned to onboard emerging-market clients and sovereign wealth with DeFi-wrapped TradFi products.
Not every TradFi sector, though, is equally ripe for a shift to DeFi. The two verticals where adoption is most likely to break through are the Asset Management and Treasury Markets, as well as the Securities Lending and Repo Markets.
Tokenized treasuries, like BlackRock's BUIDL, are just the beginning. Expect asset managers to create programmable yield products, combining DeFi vault strategies with real-world assets (RWAs). This is attractive for institutions sitting on large cash balances, because DeFi-native strategies offer higher yields and transparent collateralization.
On the Lending and Repo side, DeFi can enable instant, auditable, and programmable collateral exchanges with reduced counterparty risk. JPMorgan's experiments in tokenized repo trading are just the start. A permissioned version of Aave or Morpho could gain traction here.
Just as crypto exchanges wrapped peer-to-peer transactions in slick UX, TradFi needs to wrap DeFi in user-friendly and compliant interfaces.
That's the blueprint for TradFi and DeFi collaboration. TradFi doesn't need to reinvent the wheel. But it can add polish, regulatory clarity, and scale to existing DeFi primitives. Custodians can integrate liquid staking. Banks can offer tokenized money market funds on-chain. Asset managers can issue yield-bearing DeFi vaults with KYC wrappers.
All of the ingredients are in place. For now, TradFi has the balance sheets and DeFi has the blueprints. The future belongs to those who build the bridge.
This story was originally featured on Fortune.com
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Because, um, now David and I have been saying this for, for years. There's no part of the economy that's designed for success quite like the stock market. And I haven't had the chance to read. There's an article out there right now where economists are saying, to everything that Trump is doing and all these tariffs and this this chaos has been caused, why is the stock market up? Nobody knows. And I think it's because there are so many rich and powerful people who need the stock market to continue to increase that the sooner you can catch that train, the better it is for your long term financial security. So please wait on for one moment, we'll be right back after this quick back to Living Not So Fabulously. We're back taking your listener and viewer questions. Again, if you're watching on YouTube or Yahoo drop a question in the comments and maybe we'll use that for a future episode, or you can always email us at YF podcast@ So we're gonna take our second listener question and our second listener question is one that has been kind of an amalgamation of not only people asking this question, but maybe some of the trolling that we get, um, especially on trolling on, on the YouTube comments. Uh, we're going to talk about how money is different for LGBT people than everyone else. And, uh, the reality is what we're going to talk about here is not just that it's different for LGBT people. Money is different for every single person. Every single one of us looks at money differently. One of the comments that we get is that money is money. Credit cards are credit cards. Investing is investing. It's all the same for the way that we look at it is it breaks down very similar to the Pareto principle. 80% of personal finance is the financial side, the transactional side, where you're right, swiping a credit card for you and me is exactly the same. Investing in Google is exactly the same for you and me. That transactional stuff, that is the same. The 20% is the personal finance. And I'm gonna quote Morgan Hall here from his book The Psychology of Money. He says, your personal experiences with money make up about 100 millionth of what's really happened in the world, but maybe 80% of how you think the world works. So what he's really saying here is that our personal experience with money is so tiny, it'sSuch a tiny fraction of what really happens in the world when it comes to money. But our perception is what we then blast out as 80% of reality. You don't see the world how it is, you see the world how you are, and we're each individual with different life experiences, different races, creed, backgrounds, socioeconomic status, histories, um, and that's why even twins, right, twins can in completely different perspectives and success with their finances, right? Yeah, exactly. That's why you have one twin that may be very successful, and one that may be not so successful. It's because they interact with their surroundings and their money. They've had different experience because of the experiences they've had in So here we're gonna share some experiences that show how money shapes the way LGBT people maybe work with or deal with money or have the perspective or money story, that's what this show is about, money stories, how our money stories may be different. So for example, LGBTQ youth make up 40% of the homeless youth there is a larger number or percentage of homeless youth that identify as LGBT. Why is that? Well, because many of them have either left home or have been kicked out of home because they're not accepted or welcomed there, right? So how does that shape your perspective of how you work with or deal with money? Well, if you're leaving home when you're an adolescent, you are not getting the kind ofEducation, you're not having that kind of discussions with mom and dad. You're not seeing your parents interact with money. And you also may be put into the world in a very desperate or scarcity mindset because you don't have anything. And so the way that you look at money is always that there's never enough of it, right? You develop this money story of, I'm alwaysSearching and trying to find money. And so it's difficult. And so you develop this idea in your head, money is difficult. And that really frames how many young LGBT people think about money moving forward in their lives. And Ialso think too that if you're homeless and living on the street and you're seeing other people going about their daily lives and they they look like they're flourishing.I can see how you would have maybe a negative perspective um on people who are financially secure, right? Those people are they're they're not giving me a handout, they're not helping me out. Um, I, I'm not being treated well by society, so you have this sort of negative perspective of people who are wealthy. So not only do you feel like that getting money is hard, and then if you think that getting money is hard, it's, uh, you know, as Ford said, it's gonna be hard. IfYou see people who have money, then you sort of see them as as as um evil in in a way, then you don't definitely don't want to be those people. But regardless of whether or not you've had a good experience with money or not, we're all gonna be at some 0.65 or 75 years old, but we can all for the most part expect to live to be older age, and if we haven't had the healthy perspective of money, we're not likely to have a healthy uh retirement account or a healthy relationship with how we use let's talk about something that is apples to apples, the same for everybody. That's getting a mortgage, right? Getting a mortgage is something that everyone should be able to do and do it equally, right?We actually have laws to to protect us so that we all have equal opportunity when it comes to getting a mortgage. Well, a 20 year study that was done found that same-sex couples were 73% more likely to be denied a mortgage, even though their credit scores and incomes and debt to income ratios were the same as opposite sex couples. And we know we have historical data and reference points that show what has happened to individuals who have been how they were not able to participate in the growth of what was going on in their communities financially, right? There were certain areas of town where they said, we're not going to invest in that neighborhood, we're only going to put these kinds of people in that neighborhood, and we're not gonna go in there, we're going to stay away from that, so it areas depressed. Well, the same thing is happening to folks in in the LGBT community. Historically, 33% of LGBTQ individuals own their home versus 66% of the general population, and much of that has to do with the fact that many of us were denied mortgages or maybe giveGiven unfavorable information about getting a mortgage so that we didn't get one, right? So we talked about earlier how the stock market is one of the great wealth builders in America. Well, obviously we all know, the other great wealth builder in America is real estate, and for a lot of people, a lot of Americans today, most of their financial security is tied up in their the the home in which they if, would you say, what percentage of the LGBT population own their own home? Roughly 33%. That's that's from a prudential study that was done, I think in 2018. So many people in our community are being left out of that great wealth order. Yeah, other data that we have, John and I did a uh an LGBTQ plus money study with the Motley Fool back in 2022 and 2023. That showed some very interesting information when it came to how queer people use money. Yeah, in the 2023 survey, 55% of respondents said that they've been discriminated against by somebody in the financial services, banking, insurance that that's could be real or perceived, of course, and 49% of those those people said that that had an adverse effect on their long-term financial security. So overall, by and large, for a lot of LGBTQ plus folks to put this into perspective that maybe many of us can relate, going into a bank and asking to open up an account or to get a loan is a lot like going into the gym class locker room. Yeah, it brings back a lot of negative effects. As a matter of fact, we have a friend of ours whoStarted a business, wanted to get financing from a local bank for that business, walked in and literally was told, we do not lend to people who look like you. And that'sWithin the last 5 years. This is not something that happened 25, 35 years ago. So these, these kinds of things prevent individuals in the community from having a positive outlook on not only the money economy, but also individuals within the money economy and they want to separate themselves from it. Sowe all know that small business, starting a business, entrepreneurship is the other great wealth builder in America that many people are being excluded from because we're just not all playing on the same playing field, they're different playing fields and some are slightly inclined, some are steeply inclined, and some are for those who benefit are completely fat. But, but I think a great example is the, uh, wedding analogy that we oftentime use, right? The average cost of a wedding these days is, is, I think it's actually over, but it's about $25,000. Well, now it's, it's $35,000. When I originally did this data, we were talking about $25,000 being the uh the cost of a wedding. So let's just say that there's two different, different couples who are going to get married. You have a same-sex couple and you have an opposite sex couple, and both of them plan on spending about $25,000 on their wedding. The opposite sex couple gets help from mom and dad. The same-sex couple, like John and I get zero help from our family, but we decide to fund that wedding ourselves. Well, the opposite sex couple, let's just say that they take that $25,000 that they didn't have to spend and they put that into their and the same-sex couple doesn't have that opportunity. What's the difference 30 years later when they're both able to retire? Well, depending on the rate of return, that $25,000 will grow to anywhere between 350 and $665,000. That's the retirement question that we were being asked of earlier. I'm 55 to 60 years old. I don't have enough money to retire. That's why we get that question a lot in our community. And that's just one example. I mean, obviously know that um Speaker of the House Johnson, uh I mean Supreme Court Justices Alito and Thomas are now threatening to, to, to remove a marriage equality, and there are like 1000 plus tax laws, benefits that come with marriage, that if marriage equality is overturned, then same-sex couples are going to be left out of that as well, which makes it just that much harder, um, and for opposite sex ability or the right to marry isn't up for debate every 4 or so years, yeah, what are the takeaway? Well, my takeaway from this particular episode is we may not have convinced you, and that's fine. Everything isn't for everybody. We're serving a particular and underserved niche, money stories and conversations relevant to our community, or relevant to them. All are welcome, but attendance is not required. Yeah, and with that in mind, Yahoo Finance is serving up a multitude of flavors of personal finance for folks of all demographics. If you're looking for personal finance from a black or personal, a person of color perspective, catchan freestyle with our friend Ross Mack. If you want to have deeper conversations around retirement, check out Decoding Retirement with the great Bob Powell. If you love small would like that to have a woman's twist on it from time to time. Watch or listen to the wonderful Elizabeth Gore show, The Big Idea. What's the easiest way to do all of that? Scan the QR code to follow Yahoo Finance podcast for more videos and expert insight, because when you do, you'll find the money conversations customized to help you build financial security. And until next time, stay fabulous. This content was not intended to be financial advice and should not be used as a substitute for professional financial services. Related Videos AI Startup ElevenLabs Launches Music Service Sign in to access your portfolio
