The fintech sector is significantly growing, thanks to regulatory changes in the EU and the US. Blockchain and cryptocurrency adoption are growing among market players, reforming investments and payments. Once viewed as alternatives to traditional finance, these assets are now being integrated as their potential and regulatory backing grow.
1) Stablecoins as payment infrastructure
Major firms started to recognize the potential of stablecoins, especially for cross-border payments. Visa is piloting a B2B stablecoin payment system that enables businesses to acquire near-instant settlements, compared to existing process durations that may take multiple days. Recipients continue to receive local currency, with stablecoins serving a technical role, in which either a partner or Visa handles the exchange to fiat. The pilot currently covers EURC and USDC, with potential for broader digital asset inclusion as demand grows. The pilot will run with select partners until April 2026 to assess the viability of stablecoin payments. Additionally, while Visa is focused on existing stablecoins and infrastructure, it has not ruled out issuing its own stablecoin in the future.
Visa also enables banks to experiment with fiat-backed tokens through its Tokenized Asset Platform, allowing for the exploration of treasury and liquidity use cases in a controlled setting. This also indicates the increasing adoption of crypto solutions in traditional markets.
Regulation is critical for blockchain adoption, as past projects often failed due to legal uncertainty. The recent approval of the GENIUS Act in the US establishes a framework for payment stablecoins, requiring 1:1 liquid reserves and regular disclosures. This clarity has changed attitudes in the market, as reflected by the fact that players are preparing to comply as the Treasury develops implementing rules. While debates about long-term impacts still go on, the focus has moved from feasibility to practical execution.
Europe is pursuing a different approach. Nine major banks in the Netherlands have formed a consortium to issue a MiCA-compliant euro stablecoin, with the first issuance planned for the second half of 2026. The coin will be supervised in the Netherlands as an e-money token, aiming to facilitate low-cost cross-border and programmable payments in supply chains and digital asset management. It also serves as an alternative to the currently dominant dollar-denominated stablecoins.
SWIFT— a key component of the backbone of today’s financial market infrastructure—is collaborating with major banks and Consensys to develop a tokenized payment ecosystem with real-time settlement. While implementation may take time, tokenized payments are clearly becoming the new standard that market participants should prepare for.
2) New players in traditional markets: ETFs & treasuries
ETFs: on-ramp for institutions
Another notable trend in digital assets is the SEC’s overhaul of crypto ETF approvals. By updating listing standards, the SEC has reduced the approval timeline from approximately 270 to about 75 days for products meeting specific conditions, eliminating the need for case-by-case reviews for qualifying funds. Analysts anticipate a wave of filings beyond bitcoin and ether, with altcoins like Solana and XRP expected to follow. Grayscale has already launched a multi-coin ETF under the new framework. For institutional investors, crypto ETFs are becoming the primary entry point for exposure to digital assets.
All this openness resulted in large inflows into the asset class. Recently, US-listed BTC and ETH spot ETFs registered an astounding $1 billion in combined net inflows. With Ether ETFs clocking $547 million, it’s clear that demand is increasingly diversified across the two crypto giants.
These changes provide product teams with greater predictability and enable a broader range of offerings, including multi-coin baskets, single-asset funds beyond BTC and ETH, and thematic funds. This predictability allows ETF issuers to allocate marketing budgets, establish market-making relationships, and secure distribution agreements with confidence.
Corporate treasuries: from one-off bets to a strategic playbook
A second shift is emerging in corporate treasuries. Initially focused on bitcoin, treasuries are now diversifying, with ether playing a central role. Public companies collectively hold about 5.25 million ETH (approximately $20.9 billion), representing around 4.3% of the circulating supply. Notable firms include BitMine, SharpLink, The Ether Machine, Coinbase, and Bit Digital. Some are deploying ETH on-chain through staking, DeFi, or experimenting with ETH-based dividends. CFOs are moving from hedging to intentional allocation and yield strategies.
A secondary effect is supply dynamics. When large companies buy and hold BTC or ETH, the circulating supply decreases relative to demand, which has historically driven prices higher, especially as ETF demand and on-chain use increase. This trend is being productized: market-maker GSR has filed for a ‘digital asset treasury companies’ ETF to give investors exposure to public companies holding crypto. As in traditional finance, adoption is followed by indexing. However, the market price of crypto treasuries does not always align with the value of their underlying assets.
When a circulating token or share trades below the value of its treasury reserves, it is trading at a discount to its NAV, which means investors pay less than the underlying asset’s value. However, trading above reserve value indicates a premium to NAV, often driven by speculation on brand strength or anticipated yield. This phenomenon increases opportunities for speculation and adds to market complexity.
Case study: Tether crosses into “macro”
Stablecoins are also gaining importance in sovereign financing. Tether’s reserves are primarily comprised of US Treasury bills, totaling approximately $127 billion as of Q2 2025. The company was the seventh-largest foreign net buyer of US Treasuries in 2024, surpassing several nation-states. When considering all investors and the combined U.S. Treasury exposure of major stablecoin issuers (~$200 billion), the sector ranks among the world’s 20 largest holders of U.S. government debt. This represents a significant macroeconomic and financial presence, signaling a shift in the global financial system. It’s no surprise that stablecoins are drawing more attention from regulators, with initiatives like the GENIUS Act focusing on transparency and consumer protection.
Regulation as an enabler, not just a brake
Looking ahead to 2026, the right questions are the following:
The most resilient fintechs will treat regulation as a core design consideration. Build for current and anticipated rules, partner strategically, and re-platform legacy processes onto tokenized systems where the return on investment is clear. The true leaders will be those who leverage regulated, trusted components to create new global-scale financial products.
Sources: Visa newsroom, Cointelegraph, State Street, Federal Reserve Bank of Kansas City, Reuters, SEB Group, The Block, Cryptoslate, Decrypt, Bloomberg, CoinDesk.
Author: Barnabás Horváth
