The technology built to remove middlepersons is quietly producing some of the most powerful new intermediaries. For more than a decade, the cryptocurrency industry has promoted a vision of disintermediation. Public blockchains would allow people to transact, save and invest without relying on banks, brokers or other traditional gatekeepers. Yet some of the most significant developments in digital assets during 2026 point in a more complicated direction. Stablecoins are increasingly moving within formal regulatory frameworks. Asset tokenisation is increasingly being driven by some of the world’s largest financial institutions. Many investors now gain crypto exposure through exchange-traded products and professional custodians rather…
