# 66% of Wall Street is Already in DeFi | Paradigm’s 2025 Survey with Dan Robinson & Justin Slaughter

*Author: David Hoffman*
*Published: Apr 24, 2025*
*Source: https://www.bankless.com/de/podcast/66-of-wall-street-is-already-in-defi-paradigms-2025-survey*

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*The narrative has shifted. The chant of “tokenize the world” is no longer just a meme—it’s manifesting in boardrooms, trading desks, and regulatory corridors. And Paradigm’s latest report is proof.*

In this special episode of Bankless, we sat down with **Dan Robinson** and **Justin Slaughter** of **Paradigm** to discuss their recently released survey, *TradFi Tomorrow: DeFi and the Rise of Extensible Finance*. Based on responses from 300 global TradFi professionals, this report delivers a compelling message: **66% of traditional financial institutions are already engaged with DeFi in some meaningful way**.

### **The Signal in the Noise**
While skeptics may brush off TradFi’s DeFi interest as shallow or PR-driven, Paradigm’s survey makes clear that something deeper is happening. Institutions aren’t just “exploring” DeFi—they're piloting programs, investing in crypto-native projects, building tokenized products, and gearing up for a future on public blockchains.

Among the most engaged sectors:

- **Asset managers** (hedge funds, buy-side firms)
- **Retail and investment banks**
- **Payment processors** like Visa and Mastercard
And what are they excited about? **Tokenization of assets**, **stablecoins**, **decentralized exchanges**, and **interoperability** were ranked highest—mirroring the areas DeFi natives care about most.

### **Why Now?**
Two words: **regulatory clarity**.

Under new leadership at the SEC and growing bipartisan interest in crypto legislation, the environment is rapidly changing. The report frames today’s moment as a regulatory “sluice gate” beginning to open—institutions are already lining up. They’re not just waiting for the green light; they’re building infrastructure and forming strategic partnerships so they’re ready to sprint the moment policies land.

### **DeFi as a Concept, Not Just a Product**
Paradigm’s survey didn’t narrowly define DeFi by specific protocols—it embraced it as a broader **idea of permissionless, peer-to-peer financial networks**. This conceptual approach resonated with TradFi leaders who increasingly see DeFi not as a threat, but as an opportunity to dramatically reduce costs, improve efficiency, and tap into global liquidity.

The big realization? **Public blockchains—not permissioned ones—are the future.** TradFi is finally moving past the “private blockchain” phase and recognizing the power of open infrastructure and its network effects.

### **Builders: The Door Is Open**
For entrepreneurs and devs, the takeaway is clear: **DeFi infrastructure must scale to support real-world assets.**

Dan Robinson challenged builders to create protocols that can handle a flood of tokenized instruments—bonds, stocks, derivatives—not just crypto-native tokens. Lending markets, compliance-aware DEXs, and scalable governance frameworks will all be vital.

### **TL;DR?**
TradFi is not just flirting with DeFi. They’re serious. They’re investing. They’re building. The convergence is real.

And if this report is right, we’re not far from a future where the world's biggest financial institutions are operating side-by-side with anon DeFi users—on the same rails, using the same smart contracts, and shaping the same financial future.