The Weekly: TradFi's Onchain March Continues

Last week, Re7 Labs announced a partnership with BOND to provide strategy curation and technical support for pre-deposit vaults, with deposits allocated across Re7’s actively managed onchain strategies (mRe7ETH, mRe7BTC, mRe7Yield) alongside Bond’s native yield opportunities.

Weekly Summary

We cover:

• Why RWA adoption continues to compound despite broader market volatility.

• How TradFi adoption is moving from isolated pilots into production infrastructure.

• Whether tokenisation is becoming one of crypto’s clearest structural growth themes.

TradFi's Onchain March Continues

The tokenised RWA market has grown 166% over the past year, from $25bn to $66.6bn, highlighting a trend that continues to strengthen despite broader market volatility.

Last week alone brought announcements across tokenised equities, stablecoins, payments, private markets, credit and institutional blockchain infrastructure, reinforcing the view that TradFi adoption of blockchain rails remains in a strong bull market.

Binance: TradFi Perpetuals Reach 10% of Stablecoin Volume

What it is: Binance reported that TradFi-linked perpetuals now account for roughly 10% of stablecoin trading volume, driven by growing interest in tokenised equities and 24/7 market access.

Why it is significant: This is early evidence that crypto infrastructure is beginning to attract equity trading activity, with stablecoins increasingly acting as settlement rails for traditional financial assets rather than just crypto-native markets.

Japan’s Megabanks Launch Yen Stablecoin Initiative

What it is: MUFG, SMBC and Mizuho are collaborating on a regulator-approved yen stablecoin expected to launch by March 2027, targeting payments and cross-border transactions.

Why it is significant: The involvement of Japan’s largest banks signals that stablecoins are increasingly being viewed as financial infrastructure rather than a crypto product, with regulated institutions now building directly on blockchain rails.

Citi Expands Tokenised Private Shares Offering

What it is: Citi is working with SDX to issue, settle and custody tokenised private company shares, bringing pre-IPO equity markets onto blockchain infrastructure.

Why it is significant: Tokenisation is moving beyond proofs of concept into core capital markets workflows, with one of the world’s largest banks building infrastructure for institutional private market access.

LG Builds Advertising Infrastructure on Arbitrum

What it is: LG is developing an Arbitrum-based marketplace for advertising and commerce across its global smart TV ecosystem.

Why it is significant: Adoption is expanding beyond finance into enterprise applications, with major corporates increasingly using blockchain as transaction infrastructure for real-world business processes.

Mastercard Launches Agent Pay for AI Agents

What it is: Mastercard introduced infrastructure enabling AI agents to conduct automated payments using both traditional payment rails and stablecoins.

Why it is significant: The move highlights how stablecoins are increasingly being integrated into global payment networks and positions blockchain rails as a potential backbone for machine-to-machine commerce.

Ethena Allocates $250M to Tokenised Credit

What it is: Ethena committed $250m to Securitize’s tokenised AAA CLO fund while expanding parts of its infrastructure onto Solana.

Why it is significant: The allocation demonstrates growing convergence between crypto-native capital and traditional credit markets, with RWAs increasingly becoming a core component of onchain financial products.

Digital Asset Raises ~$355M for Canton Network

What it is: Digital Asset, the company behind the Canton Network, raised approximately $355m in a round led by a16z crypto at a reported ~$2bn valuation.

Why it is significant: Continued institutional investment into blockchain infrastructure providers suggests growing conviction that tokenised financial markets will require dedicated settlement and interoperability layers tailored to regulated institutions.

Market Update

Crypto markets bounced +3% last week from the 200-week moving average, holding what appears to be a successful retest of the 2025 breakout level.

Over recent months, we have consistently highlighted the growing disconnect between crypto valuations and the underlying pace of adoption, usage and institutional participation.

Crypto global market capitalisation ($; weekly).

With both the US and Iran now agreeing to a peace deal, oil has fallen back sharply and is moving towards $60/barrel.

Light crude futures.

This is broadly consistent with our view over recent months that Middle East tensions were likely to create short-term volatility, but not a sustained market shock. Both sides had clear incentives to avoid a prolonged escalation.

As that risk fades, the market is turning back to the bigger picture: inflation is easing, liquidity remains supportive, and central banks are still moving towards rate cuts.

At the same time, investor sentiment remains cautious, which suggests markets are not yet behaving as if the recovery story is fully priced in.

Crypto Fear & Greed Index (daily) since September 2025.

The rebound is starting to broaden beyond Bitcoin, with alts outperforming Bitcoin by +3% since the successful retest of the 200-week moving average.

Altcoin market cap dominance (%) since June 6th 2026.

The real test now is whether crypto can begin to outperform tech stocks, with the crypto/QQQ ratio printing its lowest weekly RSI on record (23) alongside DeMark seller exhaustion counts.

Crypto/NASDAQ ratio (weekly).

State of Yields

Stablecoin lending yields:

• ~3.17% on Aave (USDC) — utilisation rates have come down slightly to 89.3%

• ~4.73% on Aave (USDe) — utilisation at ~68%.

Fixed-rate DeFi lending: yield premium in fixed markets marginally expanding from last week:

• Pendle sUSDAi: ~11% (Jun-Oct 2026 maturities)

• sUSDe: ~4.7%

ETH yield benchmarks:

• Lido staking: ~2.3% - slightly down from prior week.

Re7 Capital is a research-driven digital asset investment firm specialising in DeFi yield and liquid alpha strategies.

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The content is for informational purposes only. None of the content is meant to be investment advice. Use your own discretion and independent decision regarding investments. The opinions expressed in all Re7 public research articles are the independent opinions of the authors at the time of publication and not the opinions of the affiliates of Re7.

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