Our research, insights, & thought leadership.

Protocol Theory is proud to announce a renewed partnership with CoinDesk to deliver the 2025 APAC State of Crypto Report, following the success of last year’s groundbreaking study, Driven by Demand: The People-Powered Crypto Movement in Asia Pacific.

Most studies of crypto adoption treat users and non-users as simple categories, overlooking the nuance and complexity in how people decide whether to participate. Real understanding comes from examining what happens in the messy middle between these segments.

Protocol Theory, in partnership with Mercuryo, has released 'Beyond Early Adopters'—a landmark report exploring why crypto wallets remain niche today and outlining a roadmap for making them trusted, inclusive, and part of everyday financial life.

Protocol Theory welcomes Ella Wilson as Strategic Operations Manager - AI, Insights & Execution. In this role, Ella will lead internal systems, AI-driven workflows, and operational delivery, ensuring the team scales effectively with clarity, precision, and impact.

In this article, Alistair Rennie shows that crypto adoption is people-powered: trust, utility, and financial capacity drive demand, while regulation only enables scale.

MetaMask’s new wallet-native stablecoin, mUSD, has the potential to redefine how digital dollars are held and spent by bringing storage, transfer, and everyday payments into a single experience. Its success will depend on whether the brand can close the trust gap that continues to shape consumer perceptions.