As a London-based fintech analyst with 5 years at Goldman Sachs, I’ve watched DeFi evolve from speculative gambles to institutional infrastructure. In 2025, SEC’s deregulation and the GENIUS Act unlocked institutional capital—Maple Finance’s $2B TVL, Spark’s on-chain CLOs, and RWA-backed stablecoins like ONDO are no longer fringe experiments. This isn’t hype—it’s structural. I’ve modeled the shift: DeFi is now the new fixed income market.