Bespoke Digital Asset Research and Market Intelligence

Key Findings The World Crypto Rankings 2025 compares adoption across four pillars: user penetration, transactional use, institutional readiness, and cultural penetration.

Tokenisation is expanding rapidly across financial markets.

The launch is only the beginning. What follows determines where liquidity settles, who captures value, how communities coordinate, and whether a project becomes more than a tradable asset. What happens after the launch?

A growing share of lending activity now happens through curated vaults. In this model, users deposit capital into a vault, and that capital is allocated across selected lending markets according to predefined risk rules set by risk curators.

With the launch of Bitget Stocks 2.0, Bitget doubled down on its investment in this growing market. To understand how it compares, we look at how Bitget’s tokenized equities function, how they differ from competing products, and what their spreads and order-book depth reveal about its standing in the tokenized-equity race.

As traditional assets move onchain and the boundary between crypto and traditional finance becomes less distinct, CEXs are positioned to take another step: becoming integrated access and infrastructure layers through which users and institutions can move between asset classes, settlement systems, and onchain applications.

In this report, we discuss how Variational is approaching this problem through a brokerage-style model that connects traders to liquidity through RFQs, internal market making, and isolated onchain settlement.

Purpose and scope of the report This report examines how kpk structures and operates curated vaults, and what that implies for liquidity, risk controls, and governance under stress and real market conditions.