Chart of the week

It’s difficult to measure how news and events influence on-chain activity, but transaction volume across blockchains can serve as a useful proxy for crypto adoption over time. In 2025, the US has taken meaningful steps toward establishing a regulatory framework for the industry—beginning with the appointment of the executive branch’s “crypto quartet” (David Sacks, Paul Atkins, Hester Peirce, and Brian Quintenz) and culminating in the Senate’s passage of the GENIUS Act,.

It’s reasonable to infer that such regulatory progress have been a key catalyst that has contributed to rising adoption, with monthly transactions reaching 1.34 billion by July 2025. In early 2020, monthly blockchain transactions averaged just 18 million, so it’s encouraging to witness how despite setbacks the market has continued to evolve.

Market Highlights

China’s tech giants push for yuan stablecoin

Chinese tech giants JD.com and Alibaba’s Ant Group are lobbying the People’s Bank of China to authorize yuan-based stablecoins in Hong Kong to counter the dominance of U.S. dollar-linked cryptocurrencies.

It reflects China’s effort to challenge U.S. dominance in the crypto space potentially increasing competition in stablecoin markets and promoting crypto’s adoption and legitimacy worldwide.

USDC growth in institutional trading

Circle’s USDC saw a 29-fold yoy increase in turnover in H1’25, with stablecoins accounting for 74.6% of institutional OTC trading volume.

This surge is driven partly by USDC being fully compliant with Europe’s MiCA regulations, which restricts Tether’s USDT.

This highlights both an institutional shift toward stablecoins as a preferred settlement tool, and the importance of robust regulation to attract institutional players.