Ethereum, Terra and Binance Smart Chain (BSC), the top three largest DeFi blockchain networks, represented 76.5% of all DeFi activity. Ethereum is facing stiff competition from other DeFi blockchains and is moving to Ethereum 2.0.

The US Net International Investment Position (NIIP) has posted a deteriorating trend for over a decade now, raising concerns of the financial condition and creditworthiness of the US as a habitual debtor nation

The continuous expansion of the crypto market and the innovations it promises have been closely watched by the financial services industry, particularly by regulators. While it continues to face an uncertain, future. several factors, including the constant offering of new cryptos, new use cases in DeFi and CeFi application, increasing number of users, and structural changes and innovation in financial markets will determine its long-term growth.

The total capitalisation of digital assets surged three-fold in 2021, with strong evidence that the momentum is likely to continue into the new year. DeFi users are expected to continue their exponential growth over the next 12 months, with more institutional investors moving into the space, combined with greater clarity over regulators’ stance in the large economies such as China and the US. What challenges and uncertainties could lie ahead to derail the upbeat outlook?

Commercial banks such as DBS Bank and traditional exchanges such as the Singapore Exchange have one thing in common: they are setting up and adding digital exchanges and platforms to their existing business lines.

Central banks worldwide increasingly recognise the benefits of wholesale central bank digital currencies (wCBDCs) in making remittances and other cross-border transactions cheaper, faster and safer. Pilot projects set in motion seek to identify opportunities and risks as well as explore the possibility of having shared infrastructure to automate cross-border payments, foreign exchange and settlements.

The collapse of cryptocurrency giant FTX in late 2022 sent shockwaves throughout the crypto world. Previously valued at $32 billion, FTX filed for bankruptcy in November and its former chief executive officer Sam Bankman-Fried faces criminal charges. Countries around the world are expected to tighten regulations, leaving cryptocurrency platforms on shaky ground.

Digital currencies are revolutionising global finance and erasing borders, and while DeFi and the creator economy drive privacy-focused systems independent of governments, the narrative centers on traditional finance and DeFi convergence

According to a TABInsights survey on technology investment, FI in APAC prioritise data management, advanced analytics and digital banking capabilities

Financial institutions are swiftly adopting blockchain and cryptocurrencies, catalysing regulatory discussions and heralding a significant shift in the global financial system.