Introducing the 2026 Midyear Market Structure Report

A new Blocks & Bonds report examines how stablecoins, tokenized liquidity, and programmable settlement are becoming embedded in financial infrastructure.

‍

The first half of 2026 reinforced a structural change across digital finance. Stablecoins continued moving beyond crypto-market liquidity and into payment, settlement, and treasury systems. Tokenized Treasury products connected blockchain-based markets more closely with traditional capital markets, while banks and payment providers expanded their participation in hybrid financial infrastructure.

The new Blocks & Bonds 2026 Midyear Market Structure Report examines these developments as parts of a larger transition: the movement from a speculative crypto economy toward programmable financial infrastructure.

‍

Key findings

The report identifies five developments shaping the market:

• Stablecoins are becoming payment and settlement infrastructure.
• Treasury markets increasingly anchor digital-dollar liquidity.
• Tokenized assets are making liquidity and collateral more programmable.
• Banks and payment firms are adopting hybrid blockchain-and-fiat models.
• Regulation and compliance are becoming core infrastructure capabilities.

‍

Report overview

Across five sections, the report examines the expansion of stablecoin payment rails, the convergence of stablecoins and Treasury markets, the institutionalization of digital infrastructure, and the emerging architecture of programmable finance.

It also considers the competitive implications of this transition: where value may accrue, which capabilities institutions increasingly require, and why interoperability, regulatory compatibility, and operational credibility are becoming more important than speculative momentum alone.

‍

“The defining shift of 2026 is not the rise of a new class of speculative assets, but the gradual integration of programmable settlement, tokenized liquidity, and stablecoin infrastructure into the financial system itself.”

‍

Read the executive summary and download the complete 2026 Midyear Market Structure Report.

‍