For the past 15 years, cryptocurrency has been almost synonymous with Bitcoin.
New chapters have been added to this book in the past three months.
Q3 2025 will be marked as the quarter in which cryptocurrencies acquired a second narrative, with “stablecoins and tokenization” emerging alongside “digital gold” as key crypto narratives.
On July 17, Congress passed the GENIUS Act, which provides a comprehensive regulatory framework for stablecoins. This gave traditional financial institutions the green light to adopt stablecoins, sparking a massive bull market in stablecoin-related assets.
Ethereum rose 65% in the quarter, followed by assets such as Chainlink (+58%) and Solana (+32%). Bitcoin rose just 6%.
But it wasn’t just a profit. As the pages of this report show, indicators related to stablecoins and tokenization have reached new heights one after another.
Stablecoin assets under management have soared to an all-time high of over $275 billion.
Stablecoins settled more value than Visa (though it wasn’t even close).
Ethereum Layer 2 saw record activity, increasing 18% quarter-on-quarter.
Tokenized assets, close to stablecoins, have reached new highs.
Of course, this does not mean we are bearish on Bitcoin. Far from it. We expect the price of Bitcoin to exceed $1 million within 10 years.
However, we are bullish on these new use cases for cryptocurrencies. And, as this report shows, they are rapidly gaining momentum.
Bitwise Asset Management is a global crypto asset manager with over $15 billion in client assets and a suite of more than 40 investment products spanning ETFs, individually managed accounts, private funds, hedge fund strategies, and staking. The company has eight years of experience and currently serves more than 5,000 private wealth teams, RIAs, family offices, and institutional investors, as well as 21 banks and broker-dealers. The Bitwise team of more than 140 technology and investment professionals is backed by leading institutional investors and has offices in San Francisco, New York, and London.
