Institutional momentum in crypto continues to build as new ETFs, stablecoins, and tokenized assets reshape the market’s structure. Bitwise’s Solana fund recorded one of the strongest ETF launches in digital asset history, stablecoin issuers like Tether and Circle now generate the bulk of on-chain revenue, and Standard Chartered forecasts a $2 trillion tokenized asset market by 2028.
Bitwise’s Solana ETF rockets to $420M in first week
Bitwise’s new BSOL spot Solana ETF recorded nearly $420 million in first-week inflows, including seed capital, marking one of the most successful crypto ETP debuts to date. The fund drew $70 million on day one and added another $130 million across the following two sessions, topping the entire crypto ETP market in weekly flows.
Grayscale’s competing GSOL fund, which launched a day later, accumulated $2.2 million in inflows and now manages over $100 million including launch capital. Its higher 0.35% fee versus Bitwise’s 0.2% appears to have limited uptake. Both funds stake their SOL holdings, passing staking rewards to investors — Grayscale pledging 77% of rewards on a net basis.
The ETFs join REX-Osprey’s SSK, a 1940-Act Solana staking fund with roughly $400 million AUM, underscoring growing institutional appetite for staking-based ETPs. October also saw record volume across spot Bitcoin and Ethereum ETFs, suggesting that diversified crypto ETP exposure is steadily broadening among institutional allocators.
Stablecoin issuers capture up to 75% of crypto protocol revenue
Stablecoin providers remain crypto’s most profitable vertical, consistently commanding 60–75% of total on-chain revenue. Their dominance underscores how payment-focused tokens have become the backbone of digital finance, fueling both liquidity and lending ecosystems.
Tether is on pace for a record $15 billion in annual profit with a 99% margin, placing it among the world’s most efficient financial firms by headcount. Both Tether and Circle generate yield from U.S. Treasuries and cash equivalents backing user deposits — a model now codified by the GENIUS Act, which prohibits issuers from paying interest directly to stablecoin holders.
Competition is heating up. USDe has emerged as the third-largest stablecoin through its yield-bearing synthetic model, while Coinbase sidesteps GENIUS restrictions by offering 3.85% APY on USDC balances. As Tether prepares to scale its U.S.-regulated USAT product, yield distribution and transparency are becoming the next frontiers in the stablecoin race.
Standard Chartered projects $2 trillion tokenized-asset market by 2028
A new Standard Chartered report forecasts the tokenized RWA market — excluding stablecoins — to grow from $35 billion to $2 trillion by 2028, led by money-market funds and listed equities. The bank expects Ethereum to host the majority of issuance given its decade-long uptime and robust infrastructure.
Analyst Geoffrey Kendrick attributes the upcoming expansion to the groundwork laid by stablecoins: “They’ve created the necessary liquidity and on-chain familiarity for other asset classes to migrate.” He projects $750 billion each in tokenized MMFs and equities, $250 billion in tokenized funds, and another $250 billion in illiquid assets such as real estate and private credit.
Kendrick also argues DeFi is now “starting to disrupt TradFi,” driven by lending protocols and RWA tokenization. The GENIUS Act has already legitimized stablecoins, and the pending Digital Asset Market Clarity Act could further accelerate institutional participation. His base case: a self-sustaining DeFi cycle is underway, contingent on continued U.S. regulatory clarity through 2026.
Fed cuts rates by 25 bps amid mixed signals
As widely expected, the Federal Reserve cut its benchmark rate by 25 basis points to a 3.75–4% range, marking its first reduction since early 2024. The move followed signs of slower job growth and a mild uptick in inflation, despite limited economic data due to the ongoing government shutdown.
Chair Jerome Powell emphasized policy flexibility, noting “strongly differing views” within the committee on future easing. The decision passed 10–2, with one governor seeking a larger cut and another opposing any change. The Fed also announced plans to end quantitative tightening on December 1.
Crypto markets reacted cautiously. Bitcoin hovered near $111,200, with open interest at record highs and traders eyeing macro-driven volatility. Analysts at 21Shares and BRN said looser monetary policy could support renewed risk appetite, potentially setting the stage for BTC to challenge its all-time high before year-end.
Visa expands stablecoin support across four blockchains
Visa plans to integrate support for four new stablecoins across four distinct blockchains, extending conversion into 25+ fiat currencies. CEO Ryan McInerney announced the update during the company’s Q4 earnings call, adding that stablecoin-linked card spend quadrupled year-on-year.
Since 2020, Visa has processed over $140 billion in crypto and stablecoin flows, with more than 130 stablecoin-linked card programs in 40+ countries. The company also enables partner banks to mint and burn their own stablecoins, deepening institutional on-ramps to digital currencies.
Visa’s accelerated rollout follows the U.S. legalization of payment stablecoins under the GENIUS Act, giving payment networks a regulatory green light to scale usage. By blending compliance with innovation, Visa is positioning itself as the primary bridge between blockchain liquidity and everyday financial infrastructure.
Securitize to go public at $1.25 B valuation, will tokenize its own stock
Securitize, the leading tokenization platform behind BlackRock’s BUIDL fund, announced plans to go public via a SPAC merger at a $1.25 billion valuation. The new entity, Securitize Corp (SECZ), will list on Nasdaq and tokenize its equity as part of the transaction.
The firm — backed by ARK Invest, BlackRock, Morgan Stanley, and Hamilton Lane — has tokenized over $4 billionin assets and holds multiple U.S. regulatory registrations, including broker-dealer and transfer agent licenses. It estimates a $19 trillion addressable opportunity across equities, debt, and alternative assets.
The listing will raise $469 million in gross proceeds, including a $225 million PIPE led by institutional investors such as ParaFi, Hanwha, and Borderless Capital. With tokenized Treasurys exceeding $8.5 billion, Securitize’s public debut could anchor the sector’s next phase — where traditional capital markets begin operating fully on-chain.
At Finery Markets, we continue to monitor how evolving regulatory frameworks, monetary policy shifts, and new market infrastructure are shaping digital asset adoption globally. Follow us for deeper insights into institutional flows, stablecoin strategies, and trading technology innovation. This newsletter is provided for informational purposes only and does not constitute investment, financial, or other professional advice.
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