Download the full report or scroll down for the Key Takeaways
Insights and Outlooks from Blockchain Technology’s Leading Investors
This edition of The Satellite View charts the past year in blockchain investing and what lies ahead, as the industry moves from speculative niche to core financial infrastructure. In the old world, trust was expensive—every intermediary, delay, and locked dollar was its cost. In the new world, trust is placed in an open system anyone can verify and no one can rewrite. Coordination becomes a revolution. The guide traces this journey in four legs: Stable Harbour, where digital dollars become everyday settlement; the RWA Crossing, as real-world assets move onchain; the Cape of Good Clarity, where regulation shifts from headwind to tailwind; and the Great Sea of Adoption, where institutions and everyday users reach scale.
Stablecoins are the dominant settlement asset on blockchain networks, with $46T in annual settlement volume — on par with Visa and ACH. Visa, PayPal, Stripe, Mastercard, and Shopify have all integrated stablecoin rails, and the US GENIUS Act (signed July 2025) provides the first federal legal framework for their use.
$32B in real-world assets are now held and managed onchain, up roughly 300% in a single year — including $15B in tokenized US Treasury products, more than the $160B in Treasuries backing stablecoin reserves. Institutions like JPMorgan (via Kinexys) and SWIFT are building blockchain-based settlement rails, with tokenized equities expected to scale into the trillions.
The regulatory environment has shifted decisively in the industry’s favor. The CLARITY Act will govern over 90% of the onchain asset market, and onchain protocols are generating real revenue — about $108B in cumulative fees as of early 2026, with DeFi revenue up 88% year over year. The infrastructure is now genuinely profitable.
Bitcoin and Ethereum ETFs now hold over $107B in onchain assets, with BlackRock’s IBIT the fastest-growing ETF in history. Bank of America is expanding crypto allocation for wealth clients, Morgan Stanley is building out custody and trading, and Cambridge Associates now advises a 1–2% allocation for its top institutional clients.
Download the full report
Stablecoins Are Now the Backbone of Digital Payments
Real-World Assets Are Migrating Onchain
Regulatory Clarity Has Turned Into a Tailwind
Institutional Capital Has Arrived at Scale
Artwork and cover design by Lorenzo Milito.
