Franklin Templeton, which manages about $1.7 trillion, partnered with Ondo Finance to launch tokenized ETFs that trade 24/7 through crypto wallets without brokerage accounts. The initial rollout will cover U.S. equities, fixed income, and gold outside the U.S., while U.S. availability waits on regulatory clarity. Ondo said it will issue the tokens through an SPV that gives holders return rights and lets the tokens serve as collateral in DeFi.