Banks, asset managers, exchanges, payment providers and regulators are no longer treating blockchain as a parallel financial universe and started treating it as a faster, more efficient way to package, distribute and settle the products they already offer.

Of course, crypto-native firms are targeting many of the same commercial and customer outcomes.

The week’s announcements from players across financial services and crypto—including Intercontinental Exchange (ICE), Franklin Templeton, MoneyGram, MoonPay, Anchorage Digital and more—collectively point to a shift where the…