Crypto credit is starting to look like cash savings accounts: Asia Morning Briefing
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
The easy yield in crypto is gone, and market maker Flowdesk thinks the reason is structural rather than cyclical.
In its 2025 crypto credit review, the market maker argues that yields compressed across staking, stablecoin lending, and bitcoin-backed credit. This isn’t due to low demand, but instead to liquidity deepening and arbitrage tightening, Flowdesk wrote. Across onchain money markets, derivatives funding rates, and futures basis trades, participants increased, which lowered volatility and flattened returns, even…
