8 Expert Insights on Crypto in 2026

This article is based on the interviews we conducted as part of our 2025 year-end report, produced in collaboration with Castle Labs and Hazeflow. Spanning over 180 pages with 12 analysts and 20 contributors, it delivers an advanced analysis of the key events of 2025 as well as an outlook on the year ahead in 2026. The report is available for free on OAK Research and can also be purchased in print.

We would also like to thank Kraken for their support in producing this report. We invite you to join Kraken to support us. Enjoy reading.

---

Institutional Adoption and Tokenization in On-Chain Finance

Context

In 2025, the tokenization of real-world assets (Real-World Assets, RWAs) shifted from experimental projects to a large-scale on-chain market. Total on-chain RWA value climbed from $3 billion in 2022 to nearly $36 billion in November 2025.

Tokenization is a core topic because it connects traditional finance to on-chain finance through regulated, low-volatility, yield-bearing assets. It marks a major evolution for DeFi, which no longer relies solely on speculative use cases, but is increasingly grounding itself in real, concrete applications directly linked to global financial markets.

Tokenized RWAs bring a real economic base to on-chain protocols. Unlike purely crypto assets, they are backed by identifiable cash flows, such as interest from U.S. Treasury bills or revenue generated by private credit portfolios. This helps strengthen ecosystem stability and introduces more predictable sources of yield.

• For institutions, tokenization represents a more efficient way to manage assets. It simplifies issuance, distribution, and product administration by relying on shared infrastructure that is continuously accessible. Processes become faster, more transparent, and less costly, while still operating within existing regulatory frameworks.
• For investors and protocols, tokenization enables deeper interoperability between financial products. Real-world assets can be used inside smart contracts, lending protocols, or automated strategies without losing their regulated nature. Historically static assets thus become financial building blocks usable across multiple contexts.

Using blockchains to exchange real-world assets can massively reduce operational friction. A single ownership registry replaces multiple systems that require constant reconciliation. Settlement can occur in one step, with delivery of the asset and payment happening simultaneously. This tighter system interconnection also creates new challenges: when everything is more connected, risks can propagate faster, which raises the bar for risk management and operational controls.

Carlos Domingo (CEO @Securitize)

We spoke with Carlos about the second phase of institutional on-chain utility, the key challenges for 2026, and the shift from synthetic price exposure toward native, issuer-led tokenization of public equities.

Tokenisation means institutions. To what extent do you see institutional adoption coming onchain? What are institutions looking for the most?

"Institutions are extremely focused on tokenisation today. It’s interesting, because the ones that embraced it early are moving into a second phase of new onchain utility, like VanEck’s VBILL now being available as collateral on Aave Horizon, or BlackRock’s BUIDL being accepted as collateral on Binance, Crypto.com and Deribit. At the same time, a broader set of institutions are stepping into tokenization with a new understanding of what’s possible. They are looking for regulated infrastructure and new use cases like those previously unavailable in TradFi. Some of the biggest institutions in the world have embraced tokenization because they see the full potential."

Tokenisation was one of the defining trends of 2025. The key hurdles in 2026 are about making sure they are useful and real.

"The first challenge is unlocking new DeFi use cases at scale. Asset classes like tokenized treasuries, funds, and private credit have now reached meaningful size and institutional adoption. Tokenization delivers its real value when assets don’t just exist onchain, but actively improve capital efficiency and market infrastructure. The second hurdle is ownership clarity, particularly in tokenized equities. Many early “tokenized stock” products offered price exposure rather than true ownership, relying on derivatives, SPVs, or offshore structures that introduce fragmentation and risk. Today, there are multiple versions of “tokenized” stocks trading that are not actual shares and are not fungible with each other. The path forward is native, issuer-led tokenization, where real shares are issued onchain, recorded directly on the issuer’s register, and carry full shareholder rights."

How do you expect the demand for tokenisation to evolve in 2026? Which sectors would be the most looked after?

"In 2026, demand for tokenisation will only continue to grow.The most sought-after sector will be public equities. As investors become more comfortable holding real financial assets onchain, demand is shifting from synthetic “tokenized stock” products toward native, issuer-led tokenization that delivers true ownership. That means real shares issued onchain, recorded directly on the issuer’s cap table, carrying full shareholder rights, and trading in a regulated environment. We expect 2026 to be the year this model begins to scale, as issuers recognize the benefits of programmable ownership and investors demand new benefits of the stock market onchain.""

Why On-Chain Credit Matters to Rival TradFi

Context

Private credit is one of the highest-potential segments for tokenization, notably because it has historically lacked liquidity and has high barriers to entry. Tokenization makes it possible to turn large, non-listed debt instruments (SMB loans, trade finance, invoices) into smaller, transferable on-chain shares.

This approach improves liquidity for lenders and opens new funding sources for borrowers, while leveraging the blockchain to ensure transparent, real-time tracking of collateral, repayment schedules, and cash flows.

Maple is a strong example of this. With permissioned institutional pools based on BTC-backed lending, and permissionless pools around syrupUSD (syrupUSDC, syrupUSDT), the protocol serves both KYC-constrained institutional clients and crypto-native users.

In 2025, the protocol saw exceptional growth, driven by both institutional interest in on-chain finance and retail demand for stable, transparent, and secure yield products. Maple’s flagship product is syrupUSDC, whose yield is generated by institutional credit.

The metrics reflect this momentum: AUM surpassed $4.5 billion (+800%), total institutional borrowing reached $1.7 billion, and revenues came in around $11.7 million (+370%).

Martin de Rijke (Head of Growth @maplefinance)

We spoke with Martin about the structural advantages of on-chain credit, the balance between institutional privacy and transparency, and Maple’s roadmap for scaling AUM and revenue in 2026.

On-chain credit has grown, but remains a fraction of traditional credit markets. What are the things to take into account for this credit to continue growing?

"From a first-principles perspective onchain credit is better: it is 24/7, global, instant, and more efficient through the use of smart contracts. It’s going to continue growing and being adopted. Global adoption won’t happen overnight. There are additional barriers to overcome related to the regulatory and technological landscape. All of this is being addressed and solved."

Over the past cycles, several credit failures in DeFi stemmed from correlated risks and opaque underwriting. What type of transparency the firms operating in this kind of environment should be looking to provide? How do you combine it with institutions' reluctancy to provide transparent data?

"This is why Maple exists: TradFi institutions are not always willing to and cannot share everything publicly. Maple is a trusted underwriter: our approach makes as many details available as possible. Overcollateralization is key for security and real-time transparency is an additional layer that powers it and provides more confidence."

What are the most significant misalignments between institutional credit practices and on-chain credit primitives today?

"The way forward is to take existing traditional finance credit practices and merge those with the power of onchain credit. We cannot be solely focused on onchain credit and we need to take into account all the lessons learned from TradFi in the past 100 years. Being able to leverage both is Maple’s strength."

Revenue vs Growth: what was Maple's approach to these two elements that are the most important in our industry today?

"2025 was focused on AUM growth. As the business keeps scaling in 2026, we’ll put more focus on revenue."

Laurence Day (Founder @WildcatFi)

We spoke with Laurence about the need for on-chain private credit to rival TradFi, the reality of defaults, and why the legal framework remains the most complex barrier to building decentralized lending markets.

Undercollateralized lending (or on-chain credit) is still underexplored, but most people agree on the fact that this is what is needed for the lending markets to actually be able to match traditional finance. Do you still believe this is the case?

"Naturally this is still the case, if we expand beyond the usual 'lending to market makers or on-chain funds' that we're seeing Wildcat currently being used for, private credit is the only viable source for the long-term infrastructure the world needs, and if on-chain markets are going to meaningfully rival TradFi, they have to start facilitating it in non-trivial ways."

You've had your first default this year on Wildcat. Do you think people properly analyse the risks associated with the credit markets on chain? What should they look into before decidid to lend their stablecoins to an entity?

"Given that no borrowers on Wildcat are providing public dashboards/information about their financial health, it's difficult for Wildcat itself to gauge what people are doing (i.e. whether they're performing DD by contacting borrowers privately in advance or just deploying capital based on yield/name recognition). It's not Wildcat's place to dictate what should/shouldn't be done here but we'd really like to see third-party credit analytics providers start connecting with borrowers to give a better idea of risks involved. Unsurprisingly, the more TradFi origination sources that we're seeing approach Wildcat are already fully cognisant of the need to come equipped with a prospectus and/or a credit memo, which appears promising as Wildcat matures."

Last year you mentioned that the hardest part about building Wildcat was the legal: KYC, access to the platform, etc. Is it still the case or something changed?

"Still the case, not much else to add here: the 'hard' part remains the legal underpinning of obligations entered into by parties!"

Crypto Neobanks as the Retail On-Ramp

Context

On-chain finance has evolved massively over the past few years: the rails are now in place, stablecoins have proven their value, and leading protocols have reached a meaningful level of maturity. In our view, the ecosystem’s future will revolve around two interconnected pillars: stablecoins and on-chain yield.

U.S. Treasury bill rates are declining, while demand for dollar-backed yield and yield backed by high-quality assets continues to increase. In that context, we believe the next step for on-chain finance is turning yield into a simple consumer product, closer to a savings account than a complex finance protocol.

That is why we support the on-chain neobank thesis. Just as neobanks reshaped traditional banking, we are convinced that on-chain finance protocols can build super-apps that will disrupt today’s neobanks.

Unless those players have already felt the shift coming and are preparing their own migration. While it is still early, we are already seeing centralized exchanges and established institutions (Robinhood, Revolut, etc.) move toward integrating on-chain finance products directly into their apps.

The end goal is to offer a classic bank account, on/off-ramps to move assets onto the blockchain, and savings accounts backed by high-quality on-chain finance products (such as USDC on Aave, for instance).

Mike Silagadze (CEO and Co-Founder @ether_fi)

For our EOY report, we discussed with Mike the rise of crypto-native banking, the technical strategies to unify fragmented liquidity by 2026, and the sustainable revenue models of modern on-chain neobanks.

Crypto banking was a dominant narrative throughout 2025. What are the advantages of crypto-native products like EtherFi compared to other FinTech giants?

"Crypto-native products are built on-chain from day one, so yield, custody, payments, and incentives are natively composable instead of bolted onto legacy banking rails. FinTechs can offer crypto access, but they can’t offer crypto-native economics-things like protocol yield, self-custody, and value flowing back to users rather than intermediaries."

In 2026, what is your plan to make fragmented liquidity feel unified without recreating a centralized exchange?

"The goal isn’t to centralize liquidity, but to abstract fragmentation away from the user through smart routing, protocol-owned liquidity, and chain-agnostic settlement. EtherFi should act as a consumer and treasury liquidity layer where assets move seamlessly across chains and use cases, while remaining non-custodial and fully on-chain."

What are the components crucial for a neobank, and where do the profits come from?

"A real neobank needs on/off-ramps, spend (cards), savings/yield, payments, and treasury tooling, all wrapped in a simple UX that hides complexity. Profits primarily come from interchange, yield capture on deposits, protocol fees, and treasury deployment, not from hidden fees or punitive spreads."

ETFs and the Future of Digital Asset Treasury (DATs)

Context

2025 confirmed Bitcoin’s status shift. It no longer follows its old market dynamics, but responds to the same forces as other financial assets. Bitcoin has become a full-fledged macro asset.

The main reason for this evolution is the transformation of its investor base. Since the launch of spot Bitcoin ETFs in 2024, the dominant players are no longer retail investors, but asset managers, public companies, and professional investors. These participants treat Bitcoin like any other financial asset, rather than through crypto-native lenses. The market has institutionalized, and with it, the rules of the game have changed.

Regulated Bitcoin products were the first major drivers of adoption in 2025. After a record launch year in 2024, they continued to attract institutional flows and fuel each leg of the rally. Total AUM rose from $109 billion to $125 billion in December (i.e., $19 billion in net inflows), peaking at $165 billion in October at the market top.

Alongside ETFs, another phenomenon gained momentum: Bitcoin Treasury Companies. Inspired by Michael Saylor’s strategy, they multiplied throughout 2025, reaching 357 entities, including 126 based in the U.S., collectively holding more than 4 million BTC.

Eric Balchunas (Senior ETF Specialist @Bloomberg)

For our EOY report, we asked Eric about the comparison between Bitcoin ETFs and corporate "digital asset treasury" (DAT) vehicles like MicroStrategy or MetaPlanet.

"ETFs are simpler and cleaner for most investors. They track the asset price precisely, which is what the vast majority of participants want. Companies like MicroStrategy introduce additional corporate and leverage dynamics, appealing to some traders, but not to long-term allocators seeking asset exposure.

However, DATs serve a functional purpose, especially for institutions unable to purchase equity ETFs but capable of purchasing corporate debt linked to Bitcoin exposure. So they fill specific regulatory and structural niches. But in terms of trust, governance, and consistency, most investors will pick a BlackRock or Fidelity ETF over a corporate proxy vehicle."

Stablecoins and the Path to a Trillion-Dollar Market Cap

Context

Stablecoins are the cornerstone of an on-chain finance ecosystem that is increasingly moving toward real-world asset tokenization. They play a central role in nearly all on-chain flows tied to RWAs, serving as the unit of account, the payment medium, and the settlement layer for most tokenized products.

Most stablecoins today are backed by very high-quality real-world assets, primarily short-dated U.S. Treasury bills. This structure explains their stability, but also their growing appeal to institutions, which see them as a liquid, predictable instrument compatible with operational constraints.

Stablecoins therefore play two key roles in the ecosystem. First, they are the primary liquidity vehicle enabling capital to enter and exit on-chain finance. Second, they already represent one of the largest tokenization use cases themselves, via the reserves that back them.

Total stablecoin market capitalization now stands at around $309 billion, up more than 50% since the start of the year. There are now close to 300 issuers, reflecting persistent demand growth.

However, despite the large number of issuers, most stablecoin market cap remains concentrated in two players: Tether (USDT) and Circle (USDC), which together account for roughly 85% of the market. They are followed by protocols such as Ethena (USDe) and Sky (USDS).

This dominance creates a major issue: value extraction outside the originating ecosystems, largely to the benefit of Tether and Circle, which generated approximately $700 million and $240 million in revenue respectively over the past 30 days, according to DeFiLlama. This is precisely the problem Ethena is trying to address with its Stablecoin-as-a-Service model, even though dethroning USDT and USDC remains a major challenge given how deeply embedded they are in the ecosystem.

Guy Young (Founder and CEO @ethena_labs)

For our EOY report, we asked Guy about the dominant stablecoin narrative of 2025, the unresolved issues still facing the sector, and how Ethena’s approach differentiates itself in today's market.

"The biggest unresolved issue remains capital inefficiency - billions in stablecoin collateral sitting idle on exchanges earning nothing for users. USDe rewards on Bybit and Binance demonstrated clear demand for productive margin this year, proving especially popular when rates were well above t-bills. With so much unproductive USDC currently sitting as margin on Hyperliquid, we see this as a significant opportunity and are very excited about the recent launch of HyENA, bringing rewarding collateral to Hyperliquid and redefining capital efficiency on the platform.

[...] That's exactly what HyENA solves: bringing USDe rewards to Hyperliquid so users can trade without sacrificing the productivity of their capital. We're incredibly excited to see what HyENA can achieve at the intersection of two of the most important narratives in crypto right now: digital dollars and exchanges."

Christopher Cameron (Governance and Stablecoins @GFXlabs)

For our EOY report, we sat down with Christopher to discuss the wave of new stablecoins in 2025.

We've seen a number of new stablecoins emerge during 2025: what are the most exciting use cases you've seen and why?

"I’ve been disappointed with 2025 stablecoins. Basically none of them have tried to be stablecoins, used as currency, as opposed to just investment funds. Ethena is the sole exception in that they seem to at least be trying to move towards moneyness, but I am not optimistic about their prospects because their products aren’t well suited to it and they lack a clear distribution plan.

Honorable mention to USDai for being interesting, less so the token than the legal structuring of their loans. They’re novel and worth looking at if you’re a stablecoin or lending nerd. It’s very clever stuff, and I won’t spoil it for you."

Ethereum and the Foundation’s New Strategy

Context

In 2025, the Ethereum Foundation faced a wave of public criticism around its culture, governance, and execution speed. Former EF contributors also voiced concerns in forum discussions and on X. The organization responded with internal adjustments and clearer near-term priorities.

The EF first revisited its leadership structure and clarified the division of responsibilities. Aya Miyaguchi stepped down as Executive Director to become President. The EF then appointed Hsiao-Wei Wang and Tomasz K. Stańczak as Co-Executive Directors.

The goal of this new setup is to better separate long-term direction from day-to-day operational execution. It also enables Vitalik Buterin to spend more time on research and technical vision, while the co-executive directors focus on operations and product delivery.

In parallel, the Ethereum Foundation tightened its focus on protocol execution itself. Mid-2025, the organization overhauled its research and development efforts and communicated three priority areas:

• Improve Layer 1 throughput and efficiency
• Scale blobs to support rollups and reduce data costs
• Improve user experience, especially around wallets and interoperability

The EF also evolved its funding model, in the same effort to simplify and clarify processes. Instead of relying on a continuous flow of grant applications from third parties, the EF introduced a two-track system designed to improve accountability and contribution efficiency:

• Wishlist, a public list of priority topics where the EF wants to see more work emerge, notably around cryptography and privacy
• Requests for Proposals (RFPs), targeted requests tied to specific deliverables and clearer success criteria

Paul-Dylan Ennis (Author of “Absolute Essentials of Ethereum”)

For our EOY report, we sat down with Paul-Dylan to discuss the structural evolution of the Ethereum Foundation (EF), the strategic shift toward pragmatism, and the necessary transition from infrastructure-heavy development to an application-centric ecosystem.

"We have seen immense change in the structure of the EF as an organization and also its cultural emphasis, which is now more pragmatic. I do not think the EF gets enough credit for this but mostly because the critics are perhaps too focused on CT.

We saw a leadership change that installed Tomasz as the voice of pragmatism to counterbalance the traditional Cypherpunk tendencies, a new mantra of Scale the L1, Scale Blobs and Improve the UX and smaller but important efforts such as revamping the ethereum.org apps page.

The EF organization itself underwent structural change, with the Protocol Research and Development streamlined into Protocol, making its leadership structure and responsibilities more apparent. Under Ecodev the reorg now has heavily ecosystem-oriented subsections such as ‘Founder Success,’ ‘Enterprise Acceleration’ and ‘Launchpad.’

It is likely too early to see the fruits of these efforts but it is obvious to those paying attention that this is not an EF that is overly inward-looking or that at least understands that while Protocol (infrastructure) is important, Ecodev (applications) more and more needs emphasis. For me the true transition is when their status is flipped and we see Ecodev as the centre.

At Devconnect, it is clear apps are more and more centred but there is still the over-emphasis on infrastructure development, which I believe should be backgrounded, since it is specialist work unlikely to appeal to a broad audience."

From our perspective, this shift is a very positive signal for Ethereum. The fact that the Ethereum Foundation is taking community feedback seriously and translating it into concrete changes, both in its organization and its strategy, is exactly what the Ethereum ecosystem needs for its next phase of growth.