[Research Brief] Apr 22 | Institutional Infrastructure Expansion and the Race to Execute RWA… Rising Risks in Stablecoins, AI, and Security

This week’s digital-asset research focused on the expansion of real-world asset (RWA)-based DeFi infrastructure, intensifying competition in stablecoins and institutional payment rails, and the growing risk factors spanning macro conditions, artificial intelligence (AI), and security. Messari Research and Tiger Research noted that tokenized assets and institutional adoption are changing the market structure. Additional analyses covered North Korea–linked hacking threats, Bitcoin (BTC) pullbacks, and the entry of Korean institutions into the market.

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■ Messari Research

Lower volume, bigger presence… Messari highlights 1inch’s BNB Chain traction and RWA defensiveness

In 1inch (1INCH)’s Q1 2026, average daily aggregation protocol volume fell 60.3% QoQ to $97.10 million, but BNB Chain-based limit order protocol volume rose 52.7% to $24.00 million. Through collaboration with Ondo Finance, cumulative trading volume in tokenized equities surpassed $2.5 billion, reinforcing 1inch’s role as an execution layer for real-world assets (RWA). Absorbing RWA order flow even in a weak market suggests 1inch could be re-rated beyond a simple DEX aggregator and toward an execution-layer narrative.

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Can VeChain prove itself as a real-use blockchain?… Messari spotlights VeBetter and DPP expansion

VeChain’s Q1 2026 metrics included more than 50 live applications on VeBetter, 5.5 million wallets, and 48 million verified on-chain actions. Its Digital Product Passport (DPP) infrastructure processed over 300,000 on-chain events, positioning the network ahead of the EU’s 2027 compliance mandate. Despite market weakness, VeChain’s dual expansion—consumer behavior verification and regulation-aligned supply-chain infrastructure—supports its long-term utility-chain strategy.

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■ Tiger Research

Circle expands beyond USDC into payments and AI… Tiger Research highlights a shift toward “digital financial infrastructure”

Circle’s Q1 2026 revenue rose 20% YoY to $694 million, while adjusted EBITDA increased 24% to $151 million. Although 94% of revenue still came from interest on USDC reserves, the share of its proprietary platform grew to 17.2%, lifting realized gross margin to 41.4%. If its payment network (CPN), in-house L1 Arc, and AI-agent payment stack gain traction, Circle may be revalued beyond a stablecoin issuer into a digital financial infrastructure company.

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From exchange stakes to stablecoins… Tiger Research analyzes three key fronts for Korean institutional crypto strategy

According to Tiger Research, 150 Korean institutions have formed 196 partnerships, competing to secure positions across exchange equity stakes, stablecoins, tokenized securities (STO), and custody markets. Hana Bank’s move to acquire a 6.55% stake in Dunamu and Mirae Asset Consulting’s agreement to acquire 92.06% of Korbit reflect a re-rating of exchanges as the primary customer touchpoint in digital-asset finance. Institutional competition to lock in the infrastructure landscape even before regulatory clarity may shape leadership in Korea’s future digital-asset market.

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■ Kaiko Research

Oil up 75% on Middle East risk… Kaiko says divergence versus Bitcoin and equities is deepening

Kaiko Research reported that geopolitical risk stemming from the Middle East pushed WTI and Brent crude more than 75% higher in 2026, with WTI’s 30-day volatility briefly exceeding 100%. Over the same period, Bitcoin (BTC) and the S&P 500 (SPX) showed a negative correlation with oil, reflecting increasing pressure on risk assets. If geopolitical risk persists, the oil market is likely to remain a key barometer that rapidly prices global risk premia.

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■ Alea Research

AI investment and inflation weighed together… Alea points to a Bitcoin-led selective market

Alea Research noted weakening expectations for rate cuts as U.S. CPI rose 0.6% MoM and 3.8% YoY, while PPI increased 6.0% YoY. Bitcoin (BTC) dipped below $80,000 before rebounding, whereas altcoins saw faster discounts in assets lacking liquidity and catalysts. In an environment where AI capex and inflation pressures rise simultaneously, a Bitcoin-centric selective market may persist.

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Can Bittensor reshape the AI infrastructure landscape?… Alea highlights subnets and the dTAO design

Bittensor is shifting AI models, data, and inference resources into a market-based incentive system through its subnet architecture and the introduction of dTAO. The report argues that allowing individual subnets to attract capital based on performance could mitigate the closed, high-cost nature of centralized AI infrastructure. However, Bittensor’s growth into a Web3 AI infrastructure standard will depend on robust quality verification and the creation of real demand.

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Rates, AI, tokenized equities—where next?… Alea diagnoses three forces shaking risk assets

Alea Research found that global liquidity pressures increased as the U.S. Treasury surplus fell by $43 billion YoY to $215 billion and Japan’s 30-year government bond yield reached 4%. With 71% of the S&P 500’s gains concentrated in 10 stocks, tokenized equities and pre-IPO markets are expanding demand for 24/7 tradable synthetic exposure. If rate pressure persists, risk assets with clear cash-flow dynamics and credible revenue structures are likely to maintain an advantage.

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■ Exilist

Why doesn’t Upbit hold HYPE?… Exilist analyzes the intersection of regulation, reputation, and business strategy

Exilist argued that although Hyperliquid (HYPE) posts over $1 billion in 24-hour volume and more than $4 trillion in cumulative perpetual futures volume, Upbit may be delaying a KRW-market listing due to regulatory and reputational risks. Hyperliquid has grown as an L1 centered on perpetual futures and a spot order book, but Korea’s largest exchange may face greater burdens related to post-listing overheating controls and internal review justifications. Whether HYPE lists could become a key datapoint for gauging recovering risk appetite in Korea’s KRW altcoin market.

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■ CertiK Research

$6.7B stolen—now an industry… CertiK warns of North Korea’s crypto war

CertiK Research estimated that North Korea–linked hacking groups stole roughly $6.75 billion across 263 incidents from 2016 to early 2026. In 2025, only 79 of 656 security incidents were tied to North Korean actors, yet losses totaled $2.06 billion—about 60% of overall damages. As social engineering, supply-chain attacks, and cross-chain laundering grow more sophisticated, North Korea–linked hacking has become a structural risk the crypto industry must bear on an ongoing basis.

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■ Crypto.com

Bitcoin breaks below $80,000… Crypto.com cites rising sell pressure amid macro instability

Crypto.com Research attributed Bitcoin (BTC)’s break below $80,000 and slide into the $76,000–$78,000 range to U.S. inflation data and Middle East geopolitical risk. With the Federal Reserve holding rates at 3.50%–3.75%, spot Bitcoin ETFs recorded roughly $1.26 billion in net outflows over five trading days. Despite the pullback, institutional accumulation and progress on tokenization regulation suggest the market has entered a phase where macro pressure and institutional expansion intersect.

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