Talos and FactSet 2025 Digital Assets Report

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Report Highlights

Policy and market structure come into focus

2025 delivered the clearest regulatory progress to date, particularly in the U.S., where the GENIUS Act established the first federal framework for stablecoins and agencies moved toward more coordinated oversight. Similar advances across Europe, the U.K., and Asia signaled a global push toward clearer rules—laying the groundwork for deeper institutional participation and more durable market infrastructure.

Capital markets integration accelerates

Institutional access expanded rapidly through spot ETFs, digital asset treasuries, and crypto-linked equities. Using Coin Metrics supply and flow data, the report shows how ETFs and corporate balance sheets absorbed meaningful portions of circulating supply, while FactSet data highlights strong performance across crypto-exposed equities. Together, these trends point to crypto’s growing role within traditional portfolios and public markets.

Stablecoins and on-chain fundamentals mature

Stablecoins emerged as core financial infrastructure in 2025, with supply nearing $300B and usage extending well beyond trading into payments, remittances, and dollar distribution. At the same time, Coin Metrics data shows improving on-chain fundamentals: transaction costs fell, blockspace scaled and ownership patterns ‒ particularly for Bitcoin ‒ continued to mature as institutional channels anchored demand.

Looking ahead

Taken together, these developments position 2025 as a pivotal year, where digital asset markets became increasingly defined by regulated access, balance-sheet adoption and real economic activity. The full report explores what this shift means for market structure, risk and opportunity as crypto enters its next phase.