DefiLlama

Bespoke Digital Asset Research and Market Intelligence

Independent and trusted in-depth analysis of digital asset markets for institutional strategy and decision-making.

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Katana is purpose-built for DeFi.

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Key Findings The World Crypto Rankings 2025 compares adoption across four pillars: user penetration, transactional use, institutional readiness, and cultural penetration.

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Katana in One Paragraph Katana is a ve-native, chain-level system that coordinates liquidity and emissions across the network.

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Purpose and scope of the report This report examines how kpk structures and operates curated vaults, and what that implies for liquidity, risk controls, and governance under stress and real market conditions.

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Scope of the research report [Chart: BlackRock BUIDL vs Ondo Yield Assets vs Centrifuge] Tokenisation is expanding rapidly across financial markets.

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Report by DL Research based on content provided by RedStone [Chart: RedStone Oracles] Key Takeaways Credora introduces DeFi-native risk ratings that translate complex protocol risks into an A–D scale based on Probability of Significant Loss

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The tokenized equities market has crossed $963.04 million in value as of January 2026, representing a ~2,878% YoY increase from approximately $32 million in January 2025.

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[Chart: Aave V3 vs Lido vs Ethena] Executive summary: DeFi in 2025 In 2025, DeFi moved further away from a cycle-defined speculative arena and closer to a durable financial system with recognisable primitives, maturing market structure, and

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The years 2024 and 2025 were significant for the institutionalization of BTC.

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Tokenized Equities Approach $1B as Institutional Rails Emerge

The institutional adoption pattern for tokenized equities mirrors the trajectory of tokenized treasuries, with a 12-18 month lag: BlackRock’s BUIDL fund grew from $40M at March 2024 launch to $1.8-2.8 billion by end of 2025, demonstrating institutional appetite for on-chain exposure to traditional assets. While BUIDL holds treasuries rather than equities, its success provides a template for institutional-grade equity tokenization. BlackRock assets underpin Ondo’s OUSG product ($730M+ TVL), creating direct linkage between the world’s largest asset manager and DeFi infrastructure. Goldman Sachs and BNY Mellon partnered in July 2025 to tokenize money market funds via LiquidityDirect, with BlackRock, Fidelity, Federated Hermes, and GSAM as participants, the first U.S. instance of fund managers enabling MMF subscriptions with mirrored tokenization. In December 2025, JPMorgan launched tokenized money market funds and announced institutional clients can use Bitcoin and Ether as collateral, infrastructure that naturally extends to tokenized equities. Custody infrastructure has matured accordingly. Fireblocks, BitGo, and Anchorage Digital now provide institutional-grade custody for tokenized securities, while the December 2025 SEC guidance explicitly permits broker-dealer custody with proper key management.

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