Moody’s Designates Blockchain as ‘Foundational’ Infrastructure for 2026

The credit ratings giant Moody’s has officially shifted its stance on blockchain, declaring in its 2026 Digital Finance Outlook that the technology has moved beyond the “pilot” phase. It is now classified as a “foundational infrastructure layer” that will redefine how global capital is allocated, integrated, and settled across the traditional financial landscape.

The Rise of Digital Cash

On-chain activity reached a critical mass in 2025, with stablecoin settlement volume surging 87% to hit a record $9 trillion. According to Moody’s, fiat-backed stablecoins and tokenized deposits are no longer fringe instruments; they have become the “digital cash” required for real-time liquidity management.

Major institutions, including Citigroup and Société Générale, have successfully demonstrated that these digital rails allow for intraday fund movements and cross-border payments that legacy systems cannot match. The report estimates that by 2030, institutional investment in digital finance infrastructure will exceed $300 billion.

Integration of Formerly Siloed Markets

The most significant shift identified for 2026 is the emergence of a “unified digital ecosystem.” Blockchain rails are beginning to blur the boundaries between once-distinct sectors:

• Tokenized Real-World Assets (RWAs): Private credit and structured products are now being hosted on-chain, allowing for fractional ownership and higher transparency.
• Capital Efficiency: Programmable settlement is reducing operational overhead and accelerating “liquidity turnover”—the speed at which assets can be converted back into cash.
• Unified Credit: Disparate markets such as emerging market debt and transition finance are being integrated into shared digital platforms.

Strategic Risks and Regulatory Gaps

Despite the technological progress, co-author Cristiano Ventricelli, VP-Senior Analyst at Moody’s, warns that “regulatory fragmentation” remains the primary bottleneck. While Europe’s MiCA framework has provided a template for stability, the lack of harmonized global rules increases operational risks and potentially limits liquidity. Furthermore, the report highlights that as more value moves to digital rails, the “attack surface” for cyber threats and smart contract vulnerabilities has expanded, requiring a “security-first” approach to infrastructure design.