This report examines the growing trend of U.S.-based CeFi platforms entering crypto markets and identifies four core strategies driving this movement: building competing products like perpetuals to capture existing demand, leveraging onchain protocols for regulatory workarounds as seen in Coinbase’s integration with Morpho, experimenting with backend infrastructure substitution through initiatives like Robinhood Chain, and servicing onchain users through tokenized products and embedded financial tools. While these developments aim to enhance compliance, efficiency, and distribution, they remain targeted and incremental rather than signaling a systemic shift away from legacy systems. The analysis highlights how regulatory clarity and competitive pressures shape CeFi’s approach and explores the implications for DeFi protocols navigating this evolving landscape.
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