Latest news with #Keyrock
Yahoo
2 days ago
- Business
- Yahoo
Stablecoin Payments Projected to Top $1T Annually by 2030, Market Maker Keyrock Says
Stablecoin payment volumes are projected to exceed $1 trillion annually by the end of this decade, according to a Thursday joint report from crypto market maker Keyrock and Latin American exchange Bitso. That growth will be driven by institutional adoption across business-to-business (B2B), peer-to-peer (P2P) and card payment rails, sectors which have already showed signs of rapid uptake, the authors said. The report underscored why stablecoins are gaining ground in finances: they can outcompete traditional payment methods on both speed and cost. Sending $200 through a bank could carry fees equivalent to up to 13% and take days to settle, while stablecoins can complete the transaction in seconds at a fraction of the price, the report said. Foreign exchange (FX) settlement could be the largest untapped opportunity, according to the report. The $7.5 trillion-a-day FX market still largely settles on a T+2 basis through correspondent banks. Meanwhile, on-chain FX using stablecoins could enable atomic swaps with near-instant settlement and lower counterparty risks, the report suggested. Such efficiencies could also transform cross-border payments. With more regulatory clarity, greater liquidity and interoperability, stablecoins could handle as much as 12% of all cross-border payment flows by the end of the decade. Given the opportunities, the authors forecasted that every major fintech firms will eventually integrate stablecoin infrastructure over the few next years, just as software-as-a-service (SaaS) tools became ubiquitous. In practice, that could mean wallets and payment platforms moving value on-chain, treasury desks holding stablecoins and deploying for a yield and merchants settling instantly in multiple currencies. The rapid growth of stablecoins, which have a market cap of $260 billion, could also have ripple effects on monetary policy. Stablecoin supply could reach 10% of the U.S. M2 money supply in a bull case, up from 1% today, and represent roughly a quarter of the U.S. Treasury bill market and influence how the Federal Reserve manages short-term interest rates.
Yahoo
2 days ago
- Business
- Yahoo
Stablecoins will account for 12% of global payments by 2030, analysts say
Stablecoins have muscled their way from a rounding error in global finance to a $273 billion market. But there's more to come in the next five years, according to analysts at Keyrock, a crypto investment company, and Bitso, a South American cryptocurrency exchange. They argue that stablecoins will soon account for $1 out of every $8 in cross-border payment transactions. 'Assuming today's challenges around regulation, liquidity, and interoperability are addressed, stablecoins could account for [about] 12% of global cross-border payment volumes by 2030,' the joint Keyrock and Bitso report said. That's a lofty target for stablecoins. In 2024, they accounted for less than 3% of the $195 billion global remittance market. But the analysts predict that stablecoin payment volume could reach $1 trillion by 2030. The analysts highlighted a simple formula for stablecoins reaching that goal: more clarity, more players, and better liquidity integration. And some of those ingredients are already in the mix. Regulatory clarity for stablecoins is already emerging in major markets like the US and Europe. In July, President Donald Trump signed the Genius Act into law, which legally recognises stablecoins. Jesse McWaters, head of global policy at Mastercard, called the development a 'new era for regulatory clarity and confidence in digital assets.' The Markets in Crypto-Assets regulations in Europe also offer a framework to govern the use of compliant stablecoins within the trading bloc. These regulatory developments seem to have changed the calculus in terms of attracting market interest from major finance players. Fintechs, payment companies, and even banks are getting involved in stablecoins, vying with crypto-native incumbents like Tether and Circle for market share. Both Tether and Circle are the two largest revenue-generating crypto businesses. Stablecoin companies are now pivoting to creating their blockchains as a way to capture more value from settling transactions. The likes of Tether already run multiple stablecoin blockchains, including Plasma and Stable, while payment firm Stripe is reportedly developing its own blockchain with MetaMask. This week, Circle announced its own blockchain called Arc. 'In the long run, we believe every financial institution will have to support stablecoin infrastructure in some form,' Devere Bryan, general manager at First Digital, the company behind the FDUSD stablecoin, was quoted in the report. 'Whether it's wallets, onchain settlement, or tokenise deposits, it's coming,' Devere said. Osato Avan-Nomayo is our Nigeria-based DeFi correspondent. He covers DeFi and tech. Got a tip? Please contact him at osato@ Sign in to access your portfolio
Yahoo
07-08-2025
- Business
- Yahoo
Solana's $6bn ‘dark' exchanges make trading more efficient — but at a cost
HumidiFi, an exchange on the Solana network, processed nearly $3 billion in trades last week and made up some 15% of the blockchain's entire trading volume. There's just one problem. The identity of the project's creator is a mystery. Two people involved in running rival exchanges told DL News they didn't know who was behind it, while dozens more scratched their heads on social media. In recent months, a growing portion of the trading volume on Solana is being sent to more than half a dozen so-called dark exchanges — or automated market makers. These platforms operate behind the scenes to execute billions in token swaps. They accounted for over $6 billion worth of volume on the blockchain last week, about 30% of all trading, according to data from Blockworks Research. 'The rise of proprietary AMMs marks a shift in trader priorities,' Amir Hajian, a researcher at crypto market maker Keyrock, told DL News. 'Better execution is winning out over transparency.' In other words, much of the trading on Solana is going dark. Automated market makers, code on blockchains that let users swap tokens without the need for a middleman, have long been a staple of the DeFi landscape. Dark AMMs are often able to outcompete conventional decentralised exchanges because they're able to actively manage their liquidity. They're also able to better defend against trading bots looking to profit at their expense. This lets them offer users cheaper prices on swaps, so exchange aggregators like Jupiter send more trades their way. DL News was unable to contact the people behind HumidiFi. Going dark Proponents of blockchains have long touted that they help to create a more open financial system compared to the closed garden of traditional finance. But that promise could be fading as dark AMMs increasingly outcompete their more open counterparts. Those running dark AMMs often choose to remain hidden because they only deal with aggregators, not the traders directly. In addition to HumidiFi, the creators of other prominent dark AMMs, including ZeroFi and GoonFi, have also kept their identities hidden. Some have opted for transparency, though. Market maker Wintermute confirmed to DL News that it runs Tessera V, a dark AMM, which handled $735 million worth of trades last week. In May, Solana DeFi developer Ellipsis Labs publicly claimed credit for developing SolFi, one of the biggest dark AMMs whose creators were previously unknown. Fierce competition Unlike other decentralised exchanges, dark AMMs don't have a website, and they don't let users pool their liquidity and earn fees when other users swap through them. Instead, they typically rely solely on the liquidity provided by their creators, and only accept trades routed to them through aggregators, like Jupiter. Aggregators, as their name suggests, bundle various decentralised exchanges into a single interface. So much of the volume on Solana goes through Jupiter that it gives room for dark AMMs to provide liquidity to the aggregator directly, a source involved in running a dark AMM told DL News. This situation has ignited fierce competition. When a user places a trade through an aggregator, it sends the request to all integrated exchanges and presents the user with the exchange that offers the best price. If dark AMMs can shave off even a fraction of a percent on a trade, Jupiter will pick them over their competitors. And the more trades dark AMMs fulfil, the more money they make from fees. 'If I'm a Solana engineer looking to compete purely on my technical prowess, dark AMMs are the most interesting game right now,' Edgar Pavlovsky, a Solana DeFi developer, said on X. Active management Dark AMMs can offer better prices on trades because they actively manage their liquidity, increasing efficiency. This means constantly updating bids and offers for tokens, and making sure prices are accurate by referencing them against offchain data. The problem with conventional AMMs is that their liquidity is passive, meaning prices are only updated when users trade through them. This means liquidity providers can lose money during sudden price swings as bots arbitrage price differences, an effect called loss-versus-rebalancing. What's more, conventional AMMs are incentivised to drive volume, even if that means attracting aggressive or toxic flow that ends up hurting passive liquidity providers, Keyrock's Hajian said. Because bots aren't cutting into their profits, dark AMMs can often offer better trade prices. The better the prices they offer, the more likely aggregators like Jupiter are to pick them to fulfil trades. And the trend looks set to continue. Dark AMMs already dominate stablecoin trading volume on Solana, according to data compiled by Benedict Brady, founder of crypto data platform Meridian. '[It's] probably only a matter of time before active liquidity entirely outcompetes passive liquidity,' Brady said. Tim Craig is DL News' Edinburgh-based DeFi Correspondent. Reach out with tips at tim@ Sign in to access your portfolio
Business Wire
26-06-2025
- Business
- Business Wire
Northern Trust在香港新增投資資料科學客戶
香港--(BUSINESS WIRE)--(美國商業資訊)-- Northern Trust (Nasdaq: NTRS)今天宣布，該公司已被香港資產管理公司Clean Alpha Partners和Keyrock Capital Management Limited選中，透過與Equity Data Science (EDS)的策略夥伴關係提供投資資料科學解決方案。 成立於2024年的Clean Alpha Partners (「Clean Alpha」)是一家市場中性對沖基金，旨在從全球能源轉型中獲取高夏普比率的回報。Keyrock Capital Management Limited (「Keyrock」)成立於2018年，是一家專注於亞太地區企業的基本面投資公司。 根據新的委託，Northern Trust將提供對EDS研究管理系統(RMS)的使用權。該工作流程解決方案整合了即時的量化與質化資料，透過可行的洞察，推動更快速、更具資訊依據的投資決策。 「對沖基金經理所採用的複雜且精密的策略，需要對市場動態、情緒與風險有深入的理解，」 Northern Trust資產服務部亞太區主管Angelo Calvitto表示。 「EDS研究管理平台的設計，是為了協助投資團隊更輕鬆地分析有助於決策的資料。我們獲得Keyrock和Clean Alpha的選用，展現了Northern Trust致力於為亞太區資產管理公司提供針對其獨特挑戰的解決方案。」 「在Keyrock，我們意識到分析師產出大量資料，但我們需要一種方式來追蹤預測，並將其整合進研究報告與投資論文中，」 Keyrock首席投資長Jonathan Shih表示。 「我們尋求一個合作夥伴來協助我們彌補這項缺口，最終選擇了Northern Trust和EDS。我們現在可以將資料整合至同一平台中，支援我們的內部流程，並提升研究管理的效率。」 「資料在我們的決策過程中扮演關鍵角色，我們需要一個足夠彈性的解決方案，以支援我們量身打造的方法論，並更有效地管理專有資訊，」 Clean Alpha Partners創辦人暨首席投資長Matt Starick 表示。「Northern Trust和EDS所提供的解決方案，讓我們得以透過集中式平台來組織資料，進而提高投資決策的效率。」 Northern Trust的 投資資料科學 (IDS) 產品組合在過去兩年中實現了快速增長，客戶數量已經成長三倍，因為機構投資者積極尋求解決資料挑戰的方案。這一業務動能證明了Northern Trust及其策略夥伴所提供獨特解決方案的價值，能夠協助客戶最佳化投資流程，以實現更佳成果。 Northern Trust在亞太地區於北京、班加羅爾、香港、吉隆坡、馬尼拉、墨爾本、浦那、新加坡、雪梨及東京均設有辦事處，並與該地區內多家大型資產管理公司、中央銀行、主權財富基金、政府機構與企業建立了穩固的合作關係。 關於Equity Data Science Equity Data Science (EDS)是一家投資流程管理(IPM)解決方案提供商，自2012年以來深受信賴，致力於為領先的對沖基金與資產管理公司提供更深入的洞察、精簡的工作流程與提升的生產力，以實現更卓越的決策。EDS結合專有與第三方的數據與研究，打造出靈活且可配置的平台，量身定制以符合每位客戶獨特的投資願景。此一全面性的平臺涵蓋整個投資生命週期，包含投資構想產生、研究管理、投資組合建構與分析、風險管理、績效歸因，以及ESG整合。如需更多資訊，請造訪 。 關於Keyrock Capital Management Limited Keyrock Capital Management Limited（「Keyrock」）總部設於香港，並在東京及胡志明市設有辦事處。由於亞洲地區的複雜性與快速變化，進入亞洲市場充滿挑戰。憑藉當地資源，Keyrock能夠發掘並投資於亞太地區被低估的公司。投資組合公司經過對管理團隊、商業模式、競爭情況及結構性趨勢的審慎研究後方才遴選。資本將配置於整個地區，以尋求最佳的風險與回報機會。該公司成立於2018年，並受香港證券及期貨事務監察委員會監管。 關於Clean Alpha Partners Clean Alpha Partners（「CαP」）是一家投資管理公司，在澳洲、香港及美國設有辦公室。CαP的使命是從全球能源轉型中提取並複利累積股票市場的超額報酬(Alpha)。該策略旨在於各種市場情況下實現回報最大化、系統性風險最小化，以及提供高夏普比率的績效表現。此策略採用嚴格的股票市場中性投資組合建構方式。 關於Northern Trust Northern Trust Corporation (Nasdaq: NTRS)是全球領先的財富管理、資產服務、資產管理及銀行服務提供者，服務對象包括企業、機構、富裕家族與個人。Northern Trust於1889年創立於芝加哥，目前在美國24個州及華盛頓特區設有辦公室，並在加拿大、歐洲、中東及亞太地區共22個地點設有據點，擁有全球業務布局。截至2025年3月31日，Northern Trust的託管／管理資產總額為16.9兆美元，管理資產達1.6兆美元。135年來，Northern Trust憑藉卓越的服務、金融專業、誠信與創新，在業界中樹立了領導地位。歡迎造訪我們的網站 。追蹤我們的 Instagram @northerntrustcompany或在 LinkedIn 上關注Northern Trust。 Northern Trust Corporation，總公司地址：50 South La Salle Street, Chicago, Illinois, U.S.A.，郵遞區號60603，為在美國依法註冊成立之有限責任公司。全球法律與監管相關資訊請參閱： 。 免責聲明：本公告之原文版本乃官方授權版本。譯文僅供方便瞭解之用，煩請參照原文，原文版本乃唯一具法律效力之版本。
Business Wire
26-06-2025
- Business
- Business Wire
Northern Trust Adds Investment Data Science Clients in Hong Kong
HONG KONG--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) announced today it has been selected by Hong Kong-based asset managers Clean Alpha Partners and Keyrock Capital Management Limited to deliver Investment Data Science solutions through its strategic partnership with Equity Data Science (EDS). Northern Trust's Investment Data Science (IDS) product suite has seen rapid growth, with its client base tripling in the last two years as institutional investors seek solutions to their data challenges. Share Founded in 2024, Clean Alpha Partners ('Clean Alpha') is a market neutral hedge fund designed to deliver high sharpe ratio returns from the global energy transition. Founded in 2018, Keyrock Capital Management Limited ('Keyrock') is a fundamental investment firm focused on Asia Pacific companies. Under the new mandates, Northern Trust will provide access to EDS' Research Management System (RMS), a workflow solution that integrates real-time quantitative and qualitative data to drive faster, more informed investment decisions through actionable insights. 'The complex, sophisticated strategies employed by hedge fund managers require a deep understanding of market dynamics, sentiment, and risk,' said Angelo Calvitto, Head of Asia Pacific, Northern Trust Asset Servicing. 'The EDS research management platform is designed to help investment teams more easily analyze the data that informs their decision-making. Our selection by Keyrock and Clean Alpha demonstrates Northern Trust's commitment to providing asset managers in APAC with solutions to their unique challenges.' 'At Keyrock, we recognized that our analysts generate a wealth of data, but we needed a way to track forecasts while integrating them within our research notes and theses,' said Jonathan Shih, Chief Investment Officer, Keyrock. 'We looked for a partner to help us fill this gap and chose Northern Trust and EDS. We can now bring our data together in a single platform that supports our internal processes and enhances the efficiency of our research management.' 'Data plays a critical part in our decision-making process, and we needed a solution that was flexible enough to support our bespoke methodology and help us more effectively manage our proprietary information,' said Matt Starick, Founder and CIO, Clean Alpha Partners. 'Northern Trust and EDS' solution provides a centralized platform to organize our data, creating greater efficiency in our investment decision-making.' Northern Trust's Investment Data Science (IDS) product suite has seen rapid growth, with its client base tripling in the last two years as institutional investors seek solutions to their data challenges. This business momentum is a testament to the unique set of solutions offered by Northern Trust and its strategic partners, allowing clients to optimize their investment process to deliver enhanced outcomes. Northern Trust has offices across Asia Pacific in Beijing, Bengaluru, Hong Kong, Kuala Lumpur, Manila, Melbourne, Pune, Singapore, Sydney and Tokyo. It has strong relationships with some of the region's largest asset managers, central banks, sovereign wealth funds, government agencies, and corporations. About Equity Data Science Equity Data Science (EDS) is an investment process management (IPM) solutions provider empowering leading hedge funds and asset managers with deeper insights, streamlined workflows, and enhanced productivity for superior decision-making. Trusted since 2012, EDS has combined proprietary and third-party data and research into a flexible, configurable platform tailored to each client's unique investment vision. The comprehensive platform supports the entire investment lifecycle, including idea generation, research management, portfolio construction and analytics, risk management, performance attribution, and ESG integration. For more information, visit About Keyrock Capital Management Limited Keyrock Capital Management Limited ("Keyrock") is based in Hong Kong but also has offices in Tokyo and Ho Chi Minh City. Accessing Asia's dynamism is challenging due to the region's complexity and rapid transformations. With on the ground resources, Keyrock can identify and invest with underappreciated companies in Asia Pacific. Portfolio companies are selected after careful investigation of the management team, business model, competition, and structural trends. Capital is allocated across the entire region towards the best risk/reward opportunities. The firm was founded in 2018 and is regulated by the Hong Kong SFC. About Clean Alpha Partners Clean Alpha Partners ('CαP') is an investment management firm with offices in Australia, Hong Kong and the USA. CαP's mission is to extract and compound public equity market alpha from the global energy transition. The strategy aims to maximise returns, minimise systematic risk, and deliver high Sharpe ratio performance in all market conditions. The strategy utilises strict equity market neutral portfolio construction. About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2025, Northern Trust had assets under custody/administration of US$16.9 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn. Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at
