wallstreet

$BTC #WallStreet усиливает экспансию в криптоиндустрию
Morgan Stanley планирует создать собственную инфраструктуру для хранения и торговли BTC, а также запустить сервисы кредитования под залог криптоактивов и получения доходности.
➡️ По словам главы подразделения цифровых активов, банк намерен разрабатывать технологию самостоятельно, без опоры на сторонних провайдеров — это сигнал о долгосрочной стратегии и глубокой интеграции криптоуслуг в традиционный банкинг.
➡️ Параллельно Morgan Stanley уже подал заявки в SEC на запуск ETF на #BTC, #ETH и #SOL, расширяя институциональную линейку продуктов на рынке цифровых активов.
➡️ Управляя активами более чем на $9 трлн, банк входит в число крупнейших финансовых институтов США, что делает этот шаг одним из самых значимых сигналов институционального принятия криптовалют.
Мнение AR:
Когда крупнейшие банки начинают строить собственную криптоинфраструктуру, это означает переход индустрии из фазы эксперимента в фазу системной интеграции в глобальную финансовую систему. Это не краткосрочный тренд, а фундаментальный сдвиг, который в долгосрочной перспективе усиливает позиции BTC и ETH как базовых активов институционального портфеля.$BTC

For years, the relationship between Wall Street and Decentralized Finance (DeFi) was defined by a cautious, often adversarial distance. Traditional finance (TradFi) viewed DeFi as a "Wild West" of experimental protocols and unregulated risks, while DeFi purists saw their technology as the eventual "bank killer."
However, by 2025 and early 2026, the narrative has fundamentally shifted. We are no longer in an era of mere "crypto exposure" through ETFs; we have entered the era of infrastructure capture. Major financial institutions like BlackRock, Apollo Global Management, JPMorgan, and Citadel Securities are now aggressively securing stakes in the underlying "rails" of the decentralized economy.
1. From Asset Allocation to "Vendor Binding"
Historically, when a bank "got into crypto," it meant they were buying Bitcoin for their balance sheet or offering a spot ETF to clients. Today, the strategy is more structural. Industry analysts now describe recent moves as "vendor binding" rather than simple asset allocation.
When a giant like BlackRock or Citadel purchases governance tokens for protocols like Uniswap (UNI) or LayerZero (ZRO), they aren't just speculating on price. They are securing "on-chain equity" and voting power. By holding these tokens, they ensure that the infrastructure they plan to use for their own tokenized products—such as tokenized Treasury funds—is stable, compliant, and aligned with their institutional needs.
Key Recent Moves:
* Apollo Global Management: Reached an agreement to acquire up to 90 million Morpho (MORPHO) tokens. Morpho is a lending infrastructure protocol that allows for "permissionless" vault creation, a feature highly attractive to asset managers looking to build custom, compliant lending products.
* BlackRock: Following the massive success of its BUIDL fund (a tokenized Treasury fund), BlackRock has increasingly integrated with UniswapX to provide liquidity and on-chain trading rails, supported by strategic token acquisitions.
* Citadel Securities: Backed the launch of the "Zero" blockchain via LayerZero, securing governance rights to ensure interoperability across different institutional blockchains.
2. The Catalysts: Regulation and Infrastructure Maturity
Why is this happening now? Three major factors converged in late 2024 and 2025:
A. The Repeal of SAB 121
The U.S. SEC’s Staff Accounting Bulletin No. 121 (SAB 121) was a significant hurdle, as it forced banks to list customers’ digital assets as liabilities on their own balance sheets, making it prohibitively expensive to provide custody. Its repeal in early 2025 opened the floodgates for banks to hold and manage DeFi-related assets directly.
B. Regulatory "Project Crypto" and the GENIUS Act
The arrival of federal frameworks for stablecoins and the classification of most DeFi governance tokens as "non-securities" provided the legal "green light" Wall Street needed. With the risk of immediate litigation removed, institutions began viewing DeFi protocols as legitimate software vendors rather than legal liabilities.
C. Operational Readiness
The "custodial stack" has matured. In 2022, a bank couldn't easily hold a DAO governance token with the same security and internal controls as a share of Apple stock. Today, institutional-grade custodians like Anchorage Digital and Kinexys (by J.P. Morgan) have built the bridge, allowing for seamless management of on-chain assets.
3. The "Factory and Store" Model
Lex Sokolin, a prominent fintech analyst, describes the new relationship as a "Factory and Store" dynamic. TradFi giants are the factories: they manufacture financial products (ETFs, credit, money market funds). The DeFi protocols are the stores: the retail front-end and distribution network where these products are traded and settled 24/7.
By owning the "store" (the DeFi infrastructure), Wall Street giants can:
* Reduce Intermediary Costs: Settlement happens in minutes on-chain, rather than days via legacy systems like DTCC.
* Global Distribution: A tokenized fund on a protocol like Jupiter (JUP) or Uniswap is instantly accessible to a global market without the friction of cross-border banking rails.
* Programmable Compliance: Using protocols like Morpho or Aave, institutions can program "Know Your Customer" (KYC) requirements directly into the smart contract, ensuring only approved participants can touch their assets.
4. The Risks: Governance Capture and Centralization
The influx of "Big Finance" capital into DeFi is a double-edged sword. While it brings trillions of dollars in liquidity and legitimizes the technology, it threatens the core tenet of DeFi: decentralization.
If a handful of Wall Street firms hold a majority of governance tokens for the world's largest decentralized exchanges and lending pools, they effectively control the "rules" of the system. This could lead to:
* Protocol Gatekeeping: Prioritizing institutional features over retail needs.
* Censorship: Ensuring that certain addresses or types of transactions are blocked at the protocol level to satisfy regulators.
* The "Shadow Bank" Effect: DeFi protocols becoming essentially "on-chain versions" of the same banks they were meant to replace.
Conclusion: A New Financial Architecture
The trend is clear: Wall Street is no longer trying to beat DeFi; it is buying the rails. The "Great Consolidation" of 2025 marks the moment when the decentralized internet became the primary back-end for the global financial system. For the industry, the challenge will be maintaining the transparency and permissionless nature of blockchain technology while operating under the heavy mantle of institutional ownership.
#DeFi #Fintech #WallStreet #Blockchain

🏦 Vallstrīta iegulda DeFi — Institucionālā pāreja, kas pārveido finanses
Vallstrīta vairs neskatās uz decentralizēto finansējumu no malas — tā agresīvi, stratēģiski un ar ilgtermiņa infrastruktūras mērķiem ienāk iekšā. No aktīvu pārvaldītājiem līdz biržām un investīciju bankām institucionālais kapitāls strauji plūst DeFi, iezīmējot vienu no lielākajām strukturālajām izmaiņām mūsdienu finanšu vēsturē.
💼 Institucionālais kapitāls plūst DeFi
Jaunākie dati rāda, ka institucionālais izkliedējums DeFi aizdevumos vien sasniedza apmēram $41 miljardi līdz 2025. gada vidum, palīdzot palielināt kopējo bloķēto vērtību (TVL) līdz $127 miljardiem visos galvenajos protokolos.