{"id":96474,"date":"2026-04-24T12:01:10","date_gmt":"2026-04-24T09:01:10","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=96474"},"modified":"2026-04-24T12:05:25","modified_gmt":"2026-04-24T09:05:25","slug":"coinshares-observes-the-fusion-of-tradfi-and-defi-into-hybrid-finance","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinshares-observes-the-fusion-of-tradfi-and-defi-into-hybrid-finance\/","title":{"rendered":"CoinShares Observes the Fusion of TradFi and DeFi into Hybrid Finance"},"content":{"rendered":"<p>In 2026, the infrastructure of traditional finance and distributed ledgers began to form a unified system. This is according to a report by CoinShares, prepared in collaboration with Token Terminal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">For the first time, we\u2019re introducing a Hybrid Finance report in collaboration with <a href=\"https:\/\/twitter.com\/tokenterminal?ref_src=twsrc%5Etfw\">@tokenterminal<\/a> to map the shift happening across markets.<\/p>\n<p>From <a href=\"https:\/\/twitter.com\/ethereum?ref_src=twsrc%5Etfw\">@ethereum<\/a> to on-chain platforms like <a href=\"https:\/\/twitter.com\/HyperliquidX?ref_src=twsrc%5Etfw\">@HyperliquidX<\/a>, <a href=\"https:\/\/twitter.com\/aave?ref_src=twsrc%5Etfw\">@aave<\/a>, <a href=\"https:\/\/twitter.com\/MakerDAO?ref_src=twsrc%5Etfw\">@MakerDAO<\/a>, and others. Trading, lending, and capital allocation are\u2026 <a href=\"https:\/\/t.co\/5887lRlKIp\">pic.twitter.com\/5887lRlKIp<\/a><\/p>\n<p>\u2014 CoinShares (@CoinSharesCo) <a href=\"https:\/\/twitter.com\/CoinSharesCo\/status\/2047314659724734736?ref_src=twsrc%5Etfw\">April 23, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>&#8220;Public blockchains are settling institutional assets. Wall Street companies are issuing funds on Ethereum. Derivatives platforms have fully transitioned on-chain. Bitcoin has become a catalyst for convergence, proving that cryptocurrency can earn the trust of major players. Hybrid finance is the next step,&#8221; analysts noted.<\/em><\/p>\n<\/blockquote>\n<p>According to their definition, hybrid finance is formed at the intersection of three components:<\/p>\n<ol class=\"wp-block-list\">\n<li>Settlement infrastructure capable of servicing real economic activity.<\/li>\n<li>Tokenization of traditional assets such as treasury bonds, stocks, and commodities.<\/li>\n<li>On-chain applications with sustainable revenue.<\/li>\n<\/ol>\n<p>This year, the segment will fully transition from a noticeable trend to a measurable market structure, the report&#8217;s authors believe.<\/p>\n<h2 class=\"wp-block-heading\">What the Numbers Show<\/h2>\n<p>The largest sector of hybrid finance remains <a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\">stablecoins<\/a>. In the first quarter, their total supply reached $297.6 billion, increasing by 37.2% year-on-year. Market leaders remain <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a> from Tether and <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-usdc-stablecoin\">USDC<\/a> from Circle.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-9525cbcc692a31b2-2622195338981947.webp\" alt=\"image\" class=\"wp-image-278937\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>The volume of <a href=\"https:\/\/forklog.com\/en\/news\/what-are-tokenised-assets\">tokenized<\/a> funds grew by 181% over 12 months \u2014 to $9 billion. A significant portion of the demand was for products backed by short-term US treasury bonds.<\/p>\n<p>The capitalization of digitized stocks increased from $27.6 million to $773.3 million, while commodities exceeded $4.9 billion. The total market value of <a href=\"https:\/\/forklog.com\/en\/news\/what-are-rwas-real-world-assets\">RWA<\/a> is estimated at approximately $29 billion.<\/p>\n<h2 class=\"wp-block-heading\">Revenue Distribution<\/h2>\n<p>A separate conclusion by CoinShares concerns the distribution of revenue within the new market structure. The most earnings are not generated by base blockchains, but by applications and companies.<\/p>\n<p>In the first quarter, leading on-chain businesses generated $587.9 million in revenue. The majority came from a small group of trading platforms and stablecoin issuers, including <a href=\"https:\/\/forklog.com\/en\/news\/the-price-of-popularity-and-a-lesson-for-all-hyperliquid\">Hyperliquid<\/a> and Sky.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-15bfce02c9ff6734-2622230399553097.webp\" alt=\"image\" class=\"wp-image-278938\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>Issuers form the second level of monetization. For instance, Ethereum settles approximately $180 billion in stablecoins. With a yield of 4% on base assets, this could generate firms around $7 billion in annual revenue. The network itself only receives transaction fees.<\/p>\n<p>CoinShares described this as a structural gap between the economic value serviced by the blockchain and the revenue it actually receives.<\/p>\n<h2 class=\"wp-block-heading\">The Hyperliquid Case<\/h2>\n<p>As an example of a hybrid model, analysts cited Hyperliquid. The platform combines its own L1 blockchain and <a href=\"https:\/\/forklog.com\/en\/news\/perp-dex-old-tricks-new-tech\">perp-DEX<\/a>.<\/p>\n<p>In the first quarter, the platform earned $178.7 million in revenue. About 96% of this amount was provided by trading activity, with the contribution of the base network being minimal.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-b449c239d98aa00f-2622245358822837.webp\" alt=\"image\" class=\"wp-image-278939\"\/><figcaption class=\"wp-element-caption\">Source: CoinShares.<\/figcaption><\/figure>\n<p>According to CoinShares specialists, the Hyperliquid case shows that the main economic value in on-chain finance can concentrate at the application level.<\/p>\n<p>Unlike universal blockchains, which earn primarily from fees, a vertically integrated platform derives income directly from user activity.<\/p>\n<p>This model creates pressure on universal networks. If revenue continues to concentrate in applications, blockchains will need to find ways to move up the stack \u2014 through launching their own services or closer integration with key protocols.<\/p>\n<h2 class=\"wp-block-heading\">Formation of Market Structure<\/h2>\n<p>The report&#8217;s authors concluded that hybrid finance can already be assessed through specific segments: stablecoins, tokenized funds, stocks, commodities, on-chain businesses, and settlement networks.<\/p>\n<p>According to their description, the value distribution mechanism is as follows: assets attract liquidity, applications convert it into revenue, and blockchains monetize the associated transactional activity.<\/p>\n<p>The key question for the market remains which issuers, applications, and networks will be able to retain liquidity and user activity in the coming quarters.<\/p>\n<p>Earlier in April, analysts at Jefferies <a href=\"https:\/\/forklog.com\/en\/news\/defi-hacks-cast-doubt-on-wall-streets-crypto-ambitions\">warned<\/a> that recent <a href=\"https:\/\/forklog.com\/en\/news\/kelp-protocol-loses-293-million-following-cross-chain-bridge-attack\">DeFi hacks<\/a> might temporarily slow the interest of traditional financial companies in adopting blockchain technologies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2026, the infrastructure of traditional finance and distributed ledgers began to form a unified system, according to a CoinShares report.<\/p>\n","protected":false},"author":1,"featured_media":96475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"In 2026, traditional finance and distributed ledgers began to form a unified system, CoinShares reports.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,25,1191,1093],"class_list":["post-96474","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-blockchain","tag-coinshares","tag-defi"],"aioseo_notices":[],"amp_enabled":true,"views":"5","promo_type":"1","layout_type":"1","short_excerpt":"In 2026, traditional finance and distributed ledgers began to form a unified system, CoinShares reports.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96474","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=96474"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96474\/revisions"}],"predecessor-version":[{"id":96476,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/96474\/revisions\/96476"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/96475"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=96474"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=96474"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=96474"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}