Tokenization is increasingly being evaluated on its own merits by traditional finance, decoupling from Bitcoin's price cycles, according to Thomas Cowan, Galaxy's head of tokenization. Speaking at The Bridge conference in New York City, Cowan highlighted that institutional interest in blockchain technology is becoming more durable and independent of cryptocurrency volatility. Despite Bitcoin's price fluctuations in 2025, institutional momentum behind tokenization has accelerated. Major firms are expanding initiatives in areas such as money market funds, U.S. Treasurys, and cross-border settlement products. Notably, Franklin Templeton has expanded its Benji platform onto the Canton Network, underscoring the growing importance of stablecoins and tokenized money market funds in the financial sector.