1、Fall 2025FinTech Group:Digital Assets Market Update1Digital Assets Market UpdateFall 2025Stablecoins Have Emerged as the Killer App of Digital Asset InfrastructureStablecoins are evolving into foundational infrastructure for cross-border payments,FX,and programmable treasury operations.The GENIUS Ac

2、t in the U.S.and MiCA in the EU are unlocking broader use by providing regulatory certainty,driving enterprise interest from FinTechs,asset managers,and global banks.The Digital Asset Ecosystem Is Scaling Through Institutional RailsThe digital assets ecosystem is entering a new phase of institutiona

3、lization,with traditional financial institutions increasingly partnering with or acquiring crypto-native platforms to offer hybrid products.Growth in custody,compliance tooling,and real-time settlement layers is enabling scalable,regulated adoption across capital markets,data services,and payments.W

4、allets Are Emerging as the New Distribution Layer for Tokenized AssetsGrowing adoption of wallets over traditional financial accounts is paving the way for broader access to tokenized assets.From real estate and trade finance to private market funds,tokenization is streamlining issuance,settlement,a

5、nd secondary market activitywith wallets becoming the new distribution layer.Infrastructure,Tokenization,and Compliance Are Driving Record Fundraising and M&A ActivityFundraising and M&A activity hit record highs in Q2 2025,driven by demand for infrastructure,tokenization,and AI-integrated blockchai

6、n services.Investors are backing compliance-forward platforms,while strategic buyers target scalable solutions in custody,payments,and data.Momentum is expected to continue into 2H.Digital Asset Equities Are Outperforming as Investor Confidence Rebounds and Digital Asset Prices Surge(1)Houlihan Loke