Digital assets covered as market infrastructure: custody, settlement, stablecoin reserves and where institutional money sits.
Digital assets
Adjusted monthly settlement volume has close to doubled in a year, concentrated in a handful of payment corridors where correspondent banking is slow and expensive. The incumbent response has stopped being dismissal.
Reserve pools backing dollar stablecoins hold an estimated $214bn of bills and overnight repo, concentrated inside three months. That is now large enough to be visible at the front end of the curve.
Accepting a tokenised fund share as initial margin forces a clearing house to answer questions about finality and custody that nobody ever had to ask of a Treasury bill. Three venues have now answered them.
