Stablecoins are emerging as cheaper alternatives to costly legacy FX rails, but off-ramps such as bank account access add significant friction, according to Delphi Digital. Stablecoins are gaining traction in high-cost cross-border payment corridors in emerging markets as they reduce some of the inefficiencies of legacy foreign exchange (FX) infrastructure, according to research firm Delphi Digital. Stablecoins are emerging as the cheapest way to move US dollars in emerging economies due to the high costs of legacy FX corridors, which can reach up to 8% in combined fees when sending money to Argentina or Nigeria. Delphi said in a Monday article on X that 81% of the cost in those corridors comes from servicing the underlying banking infrastructure, which it argues gives stablecoin rails a structural advantage. Read more
Bitcoin adoption is surging across institutions, banks and corporations, but the price tells a different story. What explains the divergence? Bitcoin’s price reflects short-term marginal buying and selling, while adoption reflects long-term structural shifts. Ownership expansion, institutional integration and merchant growth can accelerate even when the market price remains flat or declines. In 2025, Bitcoin expanded significantly across institutions, banks, corporations, merchants and sovereign entities. These shifts represent deeper entrenchment within global financial systems, even as headline price performance appeared underwhelming. Institutions accumulated substantial amounts of Bitcoin, but much of this demand was offset by distribution from long-term holders. As supply changes hands between cohorts, price may consolidate instead of surge. Read more
Crypto’s push into institutional adoption is forcing DAOs to choose between maintaining decentralization and business deals. Decentralized autonomous organizations (DAOs) were built on an ideological premise that is now running up against the realities of running a business, where decentralization collides with the need for legal ownership and control. On March 11, DAO Across Protocol made a controversial proposal to transition to a private company through a token-to-equity exchange buyout. Risk Labs, the team behind Across (ACX), said that the token and DAO structure “materially” impacted its ability to close deals with enterprises and institutions. The industry reaction has been split. Decentralized finance (DeFi) researcher Ignas called it a “huge failure of crypto.” Read more
Five companies, including bank affiliates and a major conglomerate, are competing for Vietnam’s first crypto exchange licences as authorities plan to restrict offshore trading. Five Vietnamese companies are reportedly competing to launch the country’s first licensed crypto exchanges as authorities move to bring trading onshore and ban overseas platforms. Five companies have passed an initial qualification round, Reuters reported on Tuesday, citing a March 12 finance ministry document. The group reportedly includes affiliates of private banks Techcombank, VPBank and LPBank, alongside stockbroker VIX Securities and conglomerate Sun Group. VPBank and Sun Group reportedly confirmed their licence applications to Reuters. Vietnam opened applications for licenses to operate crypto exchanges in January. The move came after new procedures issued by the finance ministry and a law that, for the first time, defines crypto assets as property while still banning their use as legal tender or for payments. Read more