Institutional privacy is still the biggest gap in crypto infrastructure. Banks can't send client flows where competitors and random observers can analyze transactions on a public ledger. But regulators and auditors still need full visibility. Most blockchains force a choice between the two. What institutions actually need is selective disclosure, where regulators can see everything but competitors and the public can't. On one end of the spectrum you have fully private systems like SWIFT and Fedwire. On the other you have fully public chains like Ethereum and Solana. Institutional stablecoin infrastructure needs to sit somewhere in the middle, and projects like Payy, Arc, and Keeta are building there. Selective disclosure is what could get institutional money onchain.(Delphi Digital)