
Charles-Edouard Bilbault
Global Equities Portfolio Manager
This momentum was particularly strong in 2024. Last year was indeed marked by the institutionalization of digital assets, as illustrated by the successful launch of spot Bitcoin ETFs1 on the US market, with notably iShares IBIT’s assets under management quickly exceeding its physical gold equivalent within just a few months, with over USD 50 billion raised by the end of 20242 . Stablecoins3 —an essential market infrastructure within the digital asset world—reached over USD 33 trillion transaction volume over the past 12 months4. This is more than 2.5 times Visa’s transaction volume in 20245 and paves the way for large-scale asset tokenization.
In Europe, the MiCA6 regulation sets up uniform rules for crypto-asset service providers. Hong Kong has expanded digital asset products access to retail clients. The United Arab Emirates have created a dedicated agency to supervise players in this sector. In the United States, the new Administration signals a radical shift in regulatory approach towards these technologies. In the US, concrete measures supporting this industry have already been rolled out and clearly demonstrate this strengthened commitment. The White House, in consultation with major players, recently hosted a summit dedicated to digital assets. A Strategic Bitcoin Reserve has also been created by presidential executive order. These early actions mark the beginning of a new regulatory era driven by a pro-innovation administration. The SEC7 has withdrawn lawsuits against emblematic players such as Coinbase, Gemini, and Robinhood. The leadership of key agencies—including the SEC itself, as well as the CFTC8 , FDIC9 , and OCC10 —has been replaced by experts supportive of Blockchain ecosystem development. The appointment of David Sacks—an iconic figure in the tech ecosystem and a sophisticated investor in the sector—as Special Advisor to the White House is part of this overall dynamic. Furthermore, in the coming months, additional measures to support the development and economic prosperity of the industry in the United States are expected, including potential tax incentives.
A bipartisan bill on stablecoins is currently being debated in the US Senate, marking a critical milestone never reached before. It follows on from the FIT21 ACT11 on financial modernization. The stakes of such a regulatory framework are substantial for players in the sector. Its implementation will promote innovation, enable the industry to access new markets, and develop products and solutions with immediate applications, namely in payments and capital markets (instant payments, automatic collateral management, tokenization, etc.). Moreover, a market infrastructure bill defining the digital assets taxonomy is set to be debated shortly. Both legislative efforts are a priority for the Trump administration, which aims for them to be passed before August.
Many companies have announced advancements in their digital asset strategies. Some, which had previously remained on the sidelines, now declare they are considering integrating them within corporate treasury or developing new product and service offerings. Citadel, for instance, recently announced evaluating its role as a market maker for digital asset trading. Others are accelerating product development using Blockchain technologies across new verticals, such as Robinhood or BlackRock in the field of asset tokenization. The repeal of restrictive accounting rules such as SAB 121 in the United States marks the banking sector reopening to actors from the digital assets ecosystem12. It significantly expands their addressable market by allowing banks to incorporate this type of assets into their balance sheets without excessively impacting capital ratios13. Moreover, the OCC confirmed in an official bulletin on March 7th 2025 that banks can effectively legally offer digital assets custody services, leverage distributed ledger technologies, and use stablecoins. This progress further institutionalizes this asset class integration by regulated entities and structurally unlocks a substantial market for companies driving their development, in particular specialized FinTech firms14.
We are convinced of the considerable growth potential of the digital asset market, anticipating an unprecedented network effect that will benefit companies in the sector. This context will revitalize innovation and activity both in industrial terms and in capital markets, with several major IPOs expected this year.
In the short term, regulatory clarification will support the strategic integration of these assets into the financial world.
In the medium term, enhancing the legislative framework—particularly around stablecoins—will strengthen institutional backing for this asset class, protecting both innovators driving this technological revolution and their clients from potential regulatory reversals. This institutionalization is expected to enhance the quality of products and services, driven by increased competition in a significantly broader market. The players best adapted to these institutional changes will emerge as market consolidators and strengthen their position as market leaders.