Overview

• U.S. lawmakers advanced the CLARITY Act and the SEC approved generic listing standards for commodity-based ETPs, steps expected to broaden institutional participation.
• The GENIUS Act became law in July and awaits implementing rules, positioning regulated payment stablecoins for growth on networks such as Ethereum, Solana, Tron, and BNB.
• Bitcoin funds are absorbing roughly 1,700–1,800 BTC per day in 2025, River Financial estimates, reinforcing steady institutional demand and tighter supply dynamics.
• Stablecoin circulation has increased from about $200 billion to roughly $280 billion this year, while Citi now projects a $1.9 trillion base case and up to $4 trillion by 2030 with potential for $100–$200 trillion in annual transactions.
• Tokenized treasuries and digital asset treasuries are channeling traditional capital on-chain, supporting a shift from four-year cycles toward selective, revenue-driven winners across DeFi and real-world asset markets.