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September 2025 continues to show accelerating institutional adoption in blockchain and digital assets, with financial firms increasingly integrating blockchain and AI solutions. Notably, Tether announced its upcoming US-regulated stablecoin (USAT), with Anchorage Digital as regulated issuer and Cantor Fitzgerald as reserve manager; the product launch is anticipated before year-end, pending federal approvals. Payment companies are rolling out apps connecting traditional and USD-backed stablecoins, with global expansion starting in Colombia. Circle and Kraken partnered to boost USDC and EURC stablecoins worldwide, while Bullish secured key US approvals, including CFTC-registered Designated Contract Market (DCM) and Swap Execution Facility (SEF) licenses, strengthening its position as a regulated institutional exchange. Tokenized money market funds and Ripple's RLUSD stablecoin are gaining traction in Asia: evidence of rapid institutional growth.1,2,3
European Banks Launch Euro Stablecoin
Nine major European banks, including ING, UniCredit, SEB, CaixaBank, KBC, Danske Bank, DekaBank, Banca Sella, and Raiffeisen, announced plans for a MiCAR-compliant euro stablecoin, forming a new entity in the Netherlands to seek e-money licensing and supervision from the Dutch Central Bank. The stablecoin, expected to launch in the second half of 2026, aims to offer near-instant, programmable payments and settlements, supporting cross-border remittances and supply chain finance, and strengthening Europe's payment sovereignty with dedicated wallets and custody services.4
Crypto ETFs Surge in the US Market
The US crypto ETF market expanded substantially in September as the SEC accelerated approvals, reducing approval times from 270 days to just 75 days. The Hashdex Nasdaq Crypto Index ETF, holding Bitcoin, Ethereum, XRP, Solana, and Stellar, saw strong institutional inflows and retail participation. Spot ETFs for Dogecoin and XRP debuted on mainstream US brokerages, attracting $38 million and $17 million in first-week inflows respectively, setting a record for altcoin ETF launches signaling rising mainstream demand for diversified crypto exposure.5,6
Regulatory Shifts Foster Innovation
US federal digital asset policy took a decisive pro-innovation turn in 2025. The SEC's new Crypto Task Force, announced in August and launched in September, shifted the agency's approach from enforcement-first tactics to structured rulemaking. SEC Chair Gary Gensler emphasized that the goal is to "provide durable clarity while protecting investors," and the Task Force was directed to resolve more than 40 outstanding enforcement actions, clear legacy, and prioritize forward-looking compliance frameworks.
Meanwhile, Congress enacted the GENIUS Act (2025), a landmark statute classifying digital assets into three categories:
- Digital Commodities: overseen by the CFTC, including Bitcoin, Ether, and other decentralized tokens.
- Digital Securities: overseen by the SEC, with a safe harbor for token networks that reach sufficient decentralization.
- Stablecoins & Tokenized Deposits: overseen by banking regulators under a new federal charter for payment stablecoin issuers.
On September 5, 2025, the SEC and CFTC issued a joint statement committing to harmonize registration and reporting requirements for DeFi protocols, centralized exchanges, and spot crypto markets. They previewed exemptions for small-scale liquidity pools, a sandbox for tokenized real-world assets (RWAs), and a 12-month transitional period for platforms to comply with new rules. A public roundtable is scheduled for September 29 and will feature planned participation from industry leaders including Coinbase, ConsenSys, and BlackRock, underscoring collaborative policymaking and shift toward a more innovation-friendly regulatory environment.7
Conclusion
September 2025 marks a transformative phase for blockchain and digital assets, with growing institutional adoption, dynamic market innovations, and constructive regulatory developments. The expansion of stablecoins, ETFs, and regulatory clarity is setting the stage for blockchain's deeper integration into global financial markets, paving the way for long-term sector maturity.
Footnotes
1 JD Supra. (2025, September). The Payments
Newsletter Including Digital Assets & Blockchain, September
2025.
https://www.jdsupra.com/legalnews/the-payments-newsletter-including-7519452/
2 JD Supra. (2025, September). Weekly Blockchain
Blog: September 2025 (Week 3).
https://www.jdsupra.com/legalnews/weekly-blockchain-blog-september-2025-3-2255221/
3 Reuters. (2025, September 24). Crypto ETFs Set to
Flood US Market as Regulator Streamlines Approvals.
https://www.reuters.com/legal/government/crypto-etfs-set-flood-us-market-regulator-streamlines-approvals-2025-09-24/
4 UniCredit Group. (2025, September). Nine Major
European Banks Join Forces to Issue Stablecoin.
https://www.unicreditgroup.eu/en/press-media/press-releases/2025/september/nine-major-european-banks-join-forces-to-issue-stablecoin.html
5 VanEck. (2025, September). Matthew Sigel –
Mid-September 2025 Bitcoin ChainCheck.
https://www.vaneck.com/us/en/blogs/digital-assets/matthew-sigel-vaneck-mid-september-2025-bitcoin-chaincheck/
6 Yahoo Finance. (2025, September). Digital Asset
Treasury Companies Spotting Winners in Uncharted Terrain –
Industry Overview Update.
https://finance.yahoo.com/news/digital-asset-treasury-companies-spotting-144834987.html
7 U.S. Securities and Exchange Commission. (2025,
September 5). SEC and CFTC Issue Joint Statement on Regulatory
Harmonization; Will Co-Host Roundtable Sept. 29.
https://www.sec.gov/newsroom/press-releases/2025-112-sec-cftc-issue-joint-statement-regulatory-harmonization-efforts-will-co-host-roundtable-sept-29
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