Stablecoin volumes hit $33T in 2025, tokenized assets reach $39B at EBC Barcelona

Stablecoin transaction volumes reached $33 trillion in 2025, almost double the previous year and more than Visa and Mastercard combined, according to a panel at the European Blockchain Convention in Barcelona 13. The convention also heard that the total value of tokenized real-world assets tracked by the RWA platform stands at about $39 billion, excluding stablecoins 9. These figures were presented as evidence that the technology is moving beyond proofs of concept into commercial scale 2.

Institutional adoption is no longer a question of "if" but "when" and "how," a panel on digital asset market infrastructure stated 2. Several panels discussed the rapid growth of crypto ETPs and ETFs, with BlackRock, WisdomTree, VanEck, and other issuers detailing their product suites 3. Bitwise has about $13 billion in client assets, while VanEck has been active with crypto ETNs in Europe since 2020 13.

The first year of MiCA enforcement was a central topic. Regulators from BaFin, the European Banking Authority, and industry representatives debated the challenges of implementation and the upcoming MiCA 2 consultations, with a deadline for comments at the end of September 11. The German Federal Financial Supervisory Authority noted that among ten crypto companies licensed this year, only one pays serious attention to privacy technologies like zero-knowledge proofs 14. In Spain, prediction markets are considered gambling by the regulator, as they meet the three requirements of chance, payment, and a quantifiable prize 15.

Tokenization infrastructure took center stage. Custody and legal structuring under MiCA are critical, with panelists emphasizing that token issuance is only the beginning 12. The end-to-end journey of a tokenized asset requires proper structuring, distribution, custody, and liquidity 12. A panel on tokenized funds and custody explored who ultimately legally owns the asset when a fund is tokenized, with representatives from BNP Paribas and other custodians explaining their roles 8. The question of permissioned versus permissionless rails was debated, with the viewpoint that the market is moving from a permissionless ideal to a regulated reality 17.

The European Central Bank's Pontes pilot project, which connects DLT platforms to the Target settlement system for central bank money settlements, is set to launch this quarter and will become a regular service by 2027-2028 1014. This is part of a broader push to integrate blockchain with existing financial market infrastructure. Meanwhile, corporate treasury is moving onchain, with stablecoins and tokenized deposits seen as programmable money that can automate processes 4. FC Barcelona presented itself as a historical decentralized autonomous organization, using blockchain for fan engagement and digital asset projects 7.

Startup Battle winners were announced on the final day: Satschel Bridge, Limpid, and Cryptoss took the top prizes in the competition, which featured 12 startups over two rounds 16. Hedge fund managers discussed surviving market cycles, with one noting that risk management in DeFi is still evolving and that few digital asset managers have holistic risk frameworks 65.

• 'Stablecoins as Financial Infrastructure — the $33T Story' 13 provides a detailed look at stablecoin market data.
• 'What Makes a Financial Institution Say Yes to Tokenization?' 9 covers the institutional perspective on scaling tokenization.
• 'On the eve of Pontes: What changes, Is Europe doing it right and who gets in' 10 details the upcoming settlement system.