The $1.22T Problem Institutions Can't Ignore
Institutions are moving vast sums onchain, but they’re doing it on fully transparent rails, turning every large transfer into market-moving intel. Selective-disclosure privacy is the missing control to unlock billions in compliant, private settlements.
$1.25T
in stablecoin transaction volume in Sept 2025 alone. mainstream, non-speculative usage at record highs.
256%
Year-Over-Year Growth in Custodian Transactions
0.0013%
Private Settlement Volume vs. Public Rails
What You'll Find Inside
Every transaction is an intelligence goldmine
Labeled funds are highly concentrated: Wintermute averages ~73k daily txs and ~67.2% of labeled fund flows; Copper $107.85B and Ceffu $106.47B in custodian flows (24-mo window).
Slow Privacy Adoption
“Private-rail” stablecoin edge flows (e.g., into Railgun/Privacy Pools) total ≈$624.4M over 24 months—a rounding error next to public flows, implying enormous upside.
The solution is emerging now
Even 2–5% institutional adoption of compliant private rails would shift ~$1.0B–$2.5B per month into private settlement on day one.
How transparency exposure threatens institutional operations
Market makers under surveillance
Wintermute executes an average of 73k daily transactions, every counterparty can see their inventory levels, track client flows, check rebalancing schedules & map relationships with +9 million unique USDC addresses.
Custodians exposing client strategies
Copper's $107.85B and Ceffu's $106.47B combine to control 75.7% of all custodian flows, with 99.87% occurring on Ethereum where observation is easiest.
OTC desks revealing price discovery
OSL's average ticket size of $1.47M means every large bilateral trade reveals price discovery information that should be confidential.
Accelerating growth, accelerating risk
October 2025 alone saw $68.94B in labeled institutional flows, up 92% year-over-year. Custodians are growing fastest at 256% annually, followed by funds at 153%.
Bad actors exploiting the data feed
Bad actors are exploiting this data to front-run trades, manipulate markets, and compromise the financial stability that underpins trust in digital assets.
How much is at stake
$3.7M+
in ALEO tokens transacted in the first weeks of launch
5%
of all Request Finance payments processed through Aleo (July 2025 data)
1B+
total processed across Request Finance platform
A growing Network of Early Adopters
Download our Report to Unlock Insights into the Future of Stablecoins
Learn why privacy is the missing piece of stablecoin adoption
Read the Full Insights
You'll get the report delivered to your inbox
Still have questions?
Can’t find the answer you’re looking for? Please contact us
