[Franklin Executive Calls Stablecoins the Crypto 'Killer App,' 2025 Could Be the Turning Point for Institutional Adoption] Christopher Jensen, Head of Digital Asset Research at Franklin Templeton, stated that institutional entry is accelerating, and 2025 will be a critical juncture for the integration of traditional finance and blockchain. He believes stablecoins are the first large-scale 'killer app' in the crypto space, driving innovation in payment systems and serving as the foundational currency pair for tokenized assets. With regulatory advancements (such as the GENIUS Act) progressing, institutional confidence is rapidly increasing. He pointed out that tokenization is reshaping the financial and asset landscape, and in the future, investors' wallets will include diverse assets such as U.S. Treasury bonds, stablecoins, NFTs, and tokenized real estate, forming on-chain portfolios.