https://www.youngju.dev/blog 천천히 올바르게. AI Researcher & DevOps Engineer Youngju's tech blog. GPU/CUDA, LLM, MLOps, Kubernetes AI workloads, distributed training, and data engineering. ko fjvbn2003@gmail.com (Youngju Kim) fjvbn2003@gmail.com (Youngju Kim) Mon, 25 May 2026 00:00:00 GMT https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive.en https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive.en In 2026, digital assets are no longer fringe. After SEC approved 11 spot Bitcoin ETFs in January 2024, cumulative AUM crossed `$80B+`, and BlackRock BUIDL — the tokenized money-market fund — accumulated `$2B+` AUM. JP Morgan rebranded Onyx as Kinexys, settling `$2B+` per day, while BNY Mellon, State Street, Goldman, and Fidelity run institutional custody. Prime brokerage is held by Coinbase Prime, Hidden Road, FalconX, and Galaxy; OTC/market making is split between Wintermute, B2C2, Cumberland (DRW), and Galaxy. Custody combines MPC threshold signatures and cold storage at Anchorage Digital (OCC charter), BitGo, and Fidelity Digital Assets. In Korea, Woori Financial Digital Assets, KB Securities Tokenized Securities, NH Investment, and Mirae Asset are building the rails as STO legislation advances. In Japan, the amended Financial Instruments and Exchange Act runs SBI Digital Asset Holdings, Nomura Komainu, and MUFG ProgmatST. This article maps prime brokerage (custody + financing + execution), MPC-based institutional custody, OTC/RFQ/algorithmic execution, tokenized securities (BUIDL, Ondo USDY), KR/JP ST law, ETF/ETP, and staking-as-a-service in one breath. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) crypto-primedigital-assetcoinbase-primefidelity-digitalbny-mellon-custodyjp-morgan-onyxkinexysgalaxy-digitalfalconxwintermuteb2c2anchoragebitgostotokenized-securitiesspot-bitcoin-etf https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive.ja https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive.ja 2026年のデジタルアセット市場はもはや辺境ではない。2024年1月、SECがスポットビットコインETF11本を一括承認した後、累計AUMは`$80B+`に到達。BlackRockのBUIDLはトークン化MMFとして`$2B+`のAUMを積み上げた。JP MorganはOnyxをKinexysにリブランドし日次決済`$2B+`を処理、BNY Mellon・State Street・Goldman・Fidelityが機関カストディを運営する。プライムブローカレッジはCoinbase Prime・Hidden Road・FalconX・Galaxyが押さえ、OTC・MMはWintermute・B2C2・Cumberland(DRW)・Galaxyが分け合う。カストディはAnchorage Digital(OCCチャーター)・BitGo・Fidelity Digital AssetsがMPC閾値署名とコールドストレージを組み合わせる。韓国ではウリィ金融デジタルアセット・KB証券トークン証券・NH投資証券・ミレエセットがSTO法制化に合わせインフラを構築し、日本は改正金融商品取引法下でSBIデジタルアセットホールディングス・野村Komainu・MUFG ProgmatSTがST市場を運営する。本稿はプライムブローカレッジ(カストディ+ファイナンシング+執行)、MPCベース機関カストディ、OTC/RFQ/アルゴリズム執行、トークン化証券(BUIDL・Ondo USDY)、韓国/日本ST法制、ETF/ETP、staking-as-a-serviceまで一気通貫で整理する。 Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) crypto-primedigital-assetcoinbase-primefidelity-digitalbny-mellon-custodyjp-morgan-onyxkinexysgalaxy-digitalfalconxwintermuteb2c2anchoragebitgostotokenized-securitiesspot-bitcoin-etf https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive https://www.youngju.dev/blog/culture/2026-05-25-crypto-prime-coinbase-prime-fidelity-digital-bny-mellon-jp-morgan-onyx-galaxy-2026-deep-dive 2026년 디지털 자산 시장은 더 이상 변두리가 아니다. 2024년 1월 spot Bitcoin ETF 11종이 SEC 승인을 받은 뒤 누적 AUM은 `$80B+`에 도달했고, BlackRock의 BUIDL은 토큰화 머니마켓 펀드로 `$2B+` AUM을 쌓았다. JP Morgan은 Onyx를 Kinexys로 리브랜드하며 일일 결제 `$2B+`를 처리하고, BNY Mellon·State Street·Goldman·Fidelity가 인스티튜셔널 커스터디를 운영한다. 프라임 브로커리지는 Coinbase Prime·Hidden Road·FalconX·Galaxy가 잡았고, OTC·MM은 Wintermute·B2C2·Cumberland(DRW)·Galaxy가 양분한다. 커스터디는 Anchorage Digital(OCC 차터)·BitGo·Fidelity Digital Assets가 MPC 임계 서명과 콜드 스토리지를 결합한다. 한국에서는 우리금융 디지털자산 그룹·KB증권 토큰증권·NH투자증권·미래에셋이 STO 법제화 흐름에 맞춰 인프라를 짓고, 일본은 改正금융상품거래법 아래 SBI Digital Asset Holdings·Nomura Komainu·MUFG ProgmatST가 ST 시장을 운영한다. 이 글은 프라임 브로커리지(custody + financing + execution), MPC 기반 인스티튜셔널 커스터디, OTC/RFQ/알고리즘 실행, 토큰화 증권(BUIDL·Ondo USDY), 한국/일본 ST 법제, ETF/ETP, staking-as-a-service까지 한 호흡으로 정리한다. Mon, 25 May 2026 00:00:00 GMT fjvbn2003@gmail.com (Youngju Kim) crypto-primedigital-assetcoinbase-primefidelity-digitalbny-mellon-custodyjp-morgan-onyxkinexysgalaxy-digitalfalconxwintermuteb2c2anchoragebitgostotokenized-securitiesspot-bitcoin-etf