Forte Q2 2025 Market Report

Key Points

• Despite macroeconomic uncertainties, digital assets showcased resilience in Q2 2025, as corporate treasury allocations, regulatory clarity, and stablecoin adoption reinforced crypto’s expanding role in financial infrastructure.

• Building on the first quarter’s momentum, Q2 2025 saw significant moves toward regulatory clarity across jurisdictions, especially focused on meeting institutional demand for stablecoin regulation.

• Fueling and fueled by moves toward regulatory clarity, the second quarter was a breakout quarter for stablecoins, highlighted by the wave of institutional adoption and corporate initiatives, along with Circle’s blockbuster IPO in June.

Macro Trends

• The total crypto market grew 25% in the second quarter, recouping the losses from the last quarter. Bitcoin was up 30% in the quarter, while Ethereum gained 37% from increased demand due to regulatory clarity, stablecoin adoption, and corporate treasury strategies.
• The total market cap of real-world assets grew 21% to reach $25B and the stablecoin market cap grew 7% to reach $244B. Usage also increased as stablecoins hit an all-time high of 35M monthly active addresses and Ethereum-based stablecoins hit an all-time high of 750,000 unique weekly users.
• Q2 also saw a broad acceptance of crypto as a strategic treasury asset from public companies. BTC holdings increased 17%, ETH holdings increased 648%, and SOL holdings increased 890% as more companies continued to add crypto to their balance sheets. The increased adoption of crypto on companies’ balance sheets cements crypto as a credible asset for treasury allocations.

• Despite macro uncertainty from mixed economic data and trade tensions, digital assets proved resilient as investors and institutions positioned themselves around structural crypto themes: tokenized finance, programmable money, and regulatory clarity.

Regulatory Trends

• In the US, the shift away from regulation by enforcement in favor of regulatory clarity that began in Q1 with the Trump administration’s term has continued to play out through regulatory agencies, with legislative momentum building.
• The tone at the top of major regulatory agencies has mirrored this shift, marking a sharp break with prior regulatory messaging. New SEC Chair Paul Atkins, during his swearing-in ceremony, said that his SEC would prioritize “provid[ing] a firm regulatory foundation for digital assets through a rational, coherent and principled approach.”
• Enforcement against crypto companies has continued to be deprioritized. The SEC ended long-standing disputes with Binance, and with PayPal over its PYUSD stablecoin, while the Department of Justice disbanded its National Cryptocurrency Enforcement Team as part of a pullback on enforcement of regulatory violations and a re-focus on fraud and criminal activities, a focus echoed by the CFTC.
• Executive agencies have further reflected the shift through crypto-friendly policy changes. The FDIC loosened permission requirements for banks engaging in new crypto activities, while the SEC scrapped several proposed rules that would have strictly regulated DeFi exchanges and custody activities. The SEC went even further, issuing statements to clarify that covered stablecoins are not considered securities and that proof-of-stake staking activities do not constitute securities transactions.
• While Congress has historically moved more slowly than executive agencies on regulatory questions, the Senate passed the GENIUS Act in June, which establishes a regulatory framework for stablecoins. The bill’s passage through the Senate represents a major step toward regulatory clarity in the US, putting pressure on the House of Representatives and setting the stage for further legislative progress.

• Jurisdictions across the Asia-Pacific region are joining in the push towards regulatory clarity as a foundation for crypto growth (some explicitly inspired by President Trump’s efforts to do the same), with a focus on keeping up with strong stablecoin interest.
• New digital asset regulation was enacted in jurisdictions across the region, including Vietnam, the Philippines, South Korea and Hong Kong, while Singapore’s updated digital asset licensing requirements came into effect at the end of June.
• Hong Kong’s government is looking to establish the jurisdiction as a global hub for the crypto industry, with clear regulatory frameworks focused on risk management and investor protection paired with support for accelerated stablecoin usage and RWA tokenization.
• As interest in stablecoins has surged (see Stablecoins, Stablecoins, Stablecoins below), Hong Kong and South Korea especially are moving to position themselves as centers for stablecoin development. Lawmakers see this as not only a matter of economic opportunity amid increasing stablecoin adoption, but in South Korea also as an opportunity to strengthen the nation’s economic independence and national financial system.

Stablecoins Stablecoins Stablecoins

• On the heels of Stripe’s acquisition of Bridge in Q1, corporate momentum accelerated as major consumer-facing platforms signaled support for stablecoin payments. X, Apple, Airbnb, Google, Uber, Walmart, Amazon, and Shopify each made headlines for exploring or piloting stablecoin integrations, highlighting the ability for stablecoins to lower transaction costs and streamline international payments.

• Circle’s June IPO was a strong indicator of investor appetite, closing Q2 as one of the year’s most successful listings. The offering was oversubscribed by 25x and shares ended the month up 521 % from the IPO price, demonstrating deep capital markets interest in regulated, fiat-backed stablecoin issuers.

• Market expectations are rising in step with adoption. Treasury Secretary Bessent projected that the US stablecoin market could surpass $2 trillion by 2028, citing its role in modernizing payments, treasury operations, and cross-border settlement.

• This continuing interest and investment are strong signals that stablecoins are no longer solely crypto-native utilities, but are becoming foundational elements of the future financial system.