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[Research Brief] Apr 22 | Stock Tokenization and Accelerating TradFi Adoption… Liquidity Risks Surface Amid Growth in RWA and DeFi

As global financial institutions continue to adopt blockchain and the stock tokenization market expands, real-world asset tokenization (RWA), decentralized finance (DeFi), and stablecoin payment infrastructure have emerged as key growth drivers. However, a potential Bitcoin (BTC) liquidity shock and macroeconomic uncertainty remain constraints on a broader market recovery.

[Research Brief] Apr 22 | Stock Tokenization and Accelerating TradFi Adoption… Liquidity Risks Surface Amid Growth in RWA and DeFi

This week’s crypto asset research focused on stock tokenization and the expansion of traditional finance (TradFi), growth in real-world asset tokenization (RWA) and DeFi infrastructure, and Bitcoin (BTC) liquidity risks as the key agenda items. Crypto.com and Tiger Research assessed that, despite fading expectations for rate cuts, blockchain adoption by major financial institutions and exchanges is accelerating. Additional market analyses also covered ecosystem expansion for Mantle and TON, as well as a sell-off shock linked to Strategy, among other topics.

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■ Crypto.com

[Global Market Trends] Accelerating Blockchain Adoption in Traditional Finance Amid Macroeconomic Uncertainty

Crypto.com reported that U.S. May nonfarm payrolls came in above expectations at 172,000, leading to a pullback in rate-cut expectations, while the S&P 500 and Nasdaq fell 2.59% and 4.68%, respectively. Over the same period, U.S. spot Bitcoin ETF flows saw $1.7 billion in net outflows, and spot Ethereum (ETH) ETFs recorded $174 million in net outflows. Even so, JPMorgan, Bank of America, and Citibank are moving forward with tokenized deposit network initiatives. While near-term corrections persist, the expansion of stablecoin-based payments and tokenized settlement infrastructure into the regulated financial system is expected to continue.

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■ Tiger Research

[The Rise of the Stock Tokenization Market in 2026, Seen Through Perpetual Futures]

Tiger Research noted that in Q1 2026, total crypto market capitalization fell 20.4% and centralized exchange (CEX) spot trading volume declined 39.1%, while the stock-tokenized perpetual futures market expanded its open interest (OI) and continued to grow. Open interest for tokenized-stock perpetuals stands at roughly $2.25 billion—still far smaller than the U.S. equity market’s average daily trading value of $1.1 trillion—but the overnight futures prices of Samsung Electronics and SK Hynix matched the next day’s opening direction at around 85%. With 24/7 trading combined with price discovery, stock tokenization is increasingly likely to move beyond early experiments and become a new liquidity channel.

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[Crypto Exchanges’ Large-Scale Support for Stock Trading, While the Crypto Market Is Overlooked]

Tiger Research pointed to the limitations of the crypto trading fee model and intensifying competition from decentralized exchanges (DEXs) as key drivers behind major exchanges such as Binance expanding into equities, derivatives, and custody. Binance’s average daily altcoin spot volume declined by more than 80%, from about $45 billion in October 2025 to roughly $7.7 billion recently. Meanwhile, among the top 30 assets by perpetual futures volume on Hyperliquid, 23 were not cryptocurrencies but equities and commodities. As the exchange industry shifts toward all-in-one financial platforms, altcoin projects are increasingly required to prove survivability through their own revenue and product competitiveness rather than relying on exchange support.

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■ Messari Research

[Mantle Q1 2026 Update]

Messari reported that Mantle’s Q1 2026 real-world asset tokenization (RWA) total value locked (TVL) rose 27.4% quarter-over-quarter to $247.5 million, while DeFi TVL surged 282.7% to $648.0 million. The Aave V3 market expanded to $547.1 million by quarter-end, accounting for 84.4% of total DeFi TVL. However, the Mantle (MNT) price fell 27.6% from $0.96 to $0.70, and active addresses declined 54.5%. While topline growth is clear, broader user adoption and fee recovery will need to accompany it for Mantle’s RWA and centralized finance (CeFi) convergence strategy to be viewed as sustainably demand-driven.

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[The Open Network (TON) Q1 2026 Update]

Messari assessed that TON showed weakness in price and USD-denominated metrics in Q1 2026, but demand for Telegram-based payments and utility-focused NFTs remained resilient. TON’s share of cross-chain NFT trading volume rose 130.4%, from 15.4% in the prior quarter to 35.5%. With the introduction of Catchain 2.0, block time was reduced to about 400 milliseconds and transaction finality to under one second. Going forward, TON’s key question is whether lower fees and performance improvements will translate into expanded usage across Telegram mini-apps and payments—enough to absorb the inflation burden, which has risen to around 3.6%.

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■ Kaiko Research

[What Happens if Strategy Sells Bitcoin?]

Kaiko concluded that Strategy’s announcement of Bitcoin (BTC) sales triggered a broad deterioration in liquidity across spot and derivatives markets. During the period, Bitcoin fell by more than 20%, while Ethereum (ETH) declined about 22%, Solana (SOL) about 24%, and XRP 16%. Bitcoin open interest (OI) on major exchanges dropped from roughly $20 billion in mid-May to about $15 billion as of June 8. While excessive leverage has partially unwound, Kaiko warned that until market depth and futures cumulative volume delta (CVD) recover, the Bitcoin market is likely to remain highly sensitive to additional negative catalysts.

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