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Talos and FactSet 2025 Digital Assets Report

By: Talos and FactSet

Overview

2025 was a transformative year for the digital assets industry. Institutional adoption deepened as spot ETFs absorbed significant inflows, while digital asset treasuries (DATs) emerged as a major source of demand, adding a new layer of reflexivity. The convergence of crypto and capital markets accelerated as crypto IPOs brought digital asset businesses into the mainstream, widening investment access to the ecosystem. Regulatory progress provided clearer footing. The GENIUS Act established the first federal framework for stablecoins and strengthened the bridge between blockchain and traditional financial rails.

Onchain infrastructure continued to scale beneath the surface. Blockspace expanded across major L1s and L2s, costs compressed, and the size and diversity of onchain economic activity grew. Stablecoin supply approached $300B, settlement volumes increased across blockchains, and tokenization moved from experimentation to production.

While adoption and price action have diverged as markets grapple with volatility, the year delivered fundamental institutional, regulatory and infrastructure advances that leave us with stronger foundations going into 2026.

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Our 2025 Digital Assets Report, produced in collaboration with FactSet, synthesizes the structural and thematic shifts that shaped digital asset markets and onchain activity in 2025. The report explores these themes across the following areas:

• 2025 Macro and Digital Asset Markets

• Policy and Regulation

• The Convergence of Crypto and Capital Markets

• Stablecoins

• Onchain Infrastructure and Activity

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