Just dropped: The TradFi-DeFi Market Map & Maturity Index 🔥 https://lnkd.in/eqs6hC3p Blockchain has been through enough hype cycles that "banks are coming" doesn't mean much on its own. So we decided to map it out, in partnership with Money20/20. We scored all 75+ niche blockchain markets tracked by CB Insights on two dimensions: 1) maturity & momentum, and 2) TradFi integration, based on business relationships, investor backing, and acquisitions involving 200+ financial services incumbents. The top 20% of markets became our Maturity Index, and the market map covers 167 private companies across 15 categories that have raised equity funding since the start of 2024. A core theme that emerged is control. Some of the highest-ranking categories are the ones that let incumbents adopt blockchain on their own terms. We took a deep dive on three: Stablecoins-as-a-service ranked #1. M0 (M^0 Labs), Agora, and Bastion each handle a different part of the stack (white-label issuance, reserves and custody, regulated wallets and payment rails) so banks and enterprises don't have to build it themselves. Coinbase Ventures led Bastion's 2025 round with participation from Sony Innovation Fund. Months later, Bastion became the stablecoin issuer for Sony Bank's first digital asset offering. Permissioned blockchain networks ranked #4, with a TradFi integration score of 95.1. The first wave established that banks would run live transactions on shared ledgers. The second wave is widening the use cases: Digital Asset's Canton Network into tokenized repo markets, with the first live on-chain financing of US Treasuries against USDC; Swift into tokenized deposit pilots with 17 banks; and SBI Holdings and Startale's Strium into tokenized securities. Tokenized deposit issuance ranked #10, but the gap between its TradFi integration score (86) and momentum score (59) is the story - the banks stay in control of this category. Stablecore, DeCurret, and SettleMint let banks offer 24/7 programmable settlement while deposits stay inside the regulated banking system. The pattern across all three: incumbents are backing infrastructure providers, then becoming their customers. Thank you Scarlett Sieber for your perspective throughout the report, and Amanda E. and team for your partnership!
The drop we were all waiting for...lets talk about it in Vegas...Podcast loading...in 3..2...1
Missing AMINA Bank
The gap between tokenized deposits’ integration score of 86 and momentum score of 59 is telling. Banks seem interested in the model, but broader adoption still has room to grow. What do you think is holding it back?
Aisha Chandraker - That gap between integration and momentum for tokenized deposits is spot on. We see many banks starting here, but the real value emerges when the same infrastructure can support tokenized deposits alongside other asset classes and use cases, with consistent control and governance. Thanks for mentioning SettleMint in this map!
The Journal of FinTech and Digital Assets welcomes the map!
Missing @blockdaemon for wallets — customers are JPM, DTCC, Citi, GS etc.