More than 300 million DeFi users and US$263 trillion in stablecoin transactions mark a turning point for digital assets, with regulators now racing to match innovation with clear frameworks.
According to the Global Digital Assets Report launched by the Global Finance & Technology Network (GFTN) at its Insights Forum 2025, digital assets are moving rapidly from experimentation to institutional integration.
The report, produced with research and editorial support from Arthur D. Little and Whitesight, draws on more than 40 executive interviews and a global survey across 12 jurisdictions.
Asia and Global Peers Push Ahead with Digital Asset Pilots
GFTN found that nine of the twelve markets studied have implemented or are drafting digital asset frameworks, signalling growing regulatory maturity and convergence.
Stablecoins, tokenised real-world assets, and decentralised finance (DeFi) are identified as key pillars driving financial modernisation.
Asia is highlighted for its role in digital asset pilots, including tokenisation initiatives such as MAS-led Project Guardian, alongside broader experiments in cross-border connectivity.
Europe continues to advance implementation of the MiCA regime and digital-euro trials.
The Middle East is emerging as a fast-growing innovation hub supported by regulatory sandboxes and sovereign-backed initiatives, while the Americas are moving toward deeper institutional adoption with measures such as the US GENIUS Act and digital-asset exchange-traded products.
Stablecoins remain the dominant form of digital money, having processed about US$263.4 trillion in cumulative transaction volume since 2019, including US$40.5 trillion in the past 12 months.
Their market capitalisation rose from about US$208.4 billion in January 2025 to US$283.3 billion by August 2025.
The report also notes growing use of adjusted measures to strip out non-economic activity and better reflect genuine transaction flows.
Tokenised Assets Top US$24 Billion Globally
Tokenised real-world assets excluding stablecoins reached over US$24 billion by mid-2025, up sharply from 2022, reflecting early but accelerating adoption of tokenisation in capital markets and structured products.
The report highlights that DeFi has grown into a global channel for financial activity, with more than 300 million active users across 88 countries as of the second quarter of 2025.
Growth in Layer 2 networks such as Arbitrum and Base has lowered transaction costs and broadened access, while lending and staking protocols account for a significant share of total value locked.
Survey respondents cited faster and cheaper cross-border payments as a primary benefit of digital assets, and identified tokenisation as a key driver of capital-market efficiency.
Many also pointed to programmable money as an emerging frontier for new financial services and operating models.
GFTN said the findings will inform its 2026 policy dialogues and capacity-building programmes aimed at helping regulators and financial institutions design more resilient, innovation-ready digital asset frameworks.
Sopnendu Mohanty, Group CEO, GFTN said,
“The question is no longer whether digital assets matter, but how they can be integrated responsibly into financial systems in ways that enhance trust, resilience, and inclusion.
This report moves beyond market hype to analyse the fundamentals — regulation, infrastructure, and interoperability — that will define the next phase of global finance.”
Anthony Thomas, Chief Strategy & Growth Officer, GFTN said,
“This research offers practical insight for policymakers and financial institutions navigating the shift from experimentation to adoption.
It underscores the importance of global coordination, responsible regulation, and technology-led collaboration to build the financial architecture of the future.”
Featured image: Edited by Fintech News Singapore, based on image by Who is Danny via Freepik
