Monthly Crypto Roundup by CoinsDo: July 2025
7 mins read
July 2025 was a month of breathtaking highs and sobering reminders that both opportunity and risk lie just beneath the surface of the digital-asset world. Bitcoin’s historic rally collided head-on with Washington’s tariff battles, while exchanges grappled with a multi-million-dollar breach that underscored the need for iron-clad operational controls. Whether you’re a trader recalibrating your models or an institutional custodian rethinking your guardrails, this roundup brings you up to speed on the market moves, policy developments, and security lessons that defined July. Market Performance From the outset of July, Bitcoin carried forward its year-to-date momentum into fresh territory. On July 15, BTC surged past $123,000 for the first time ever, driven by a wave of technical breakout buying and hopes that U.S. lawmakers would soon enshrine clearer regulatory guardrails for digital assets. Although the price later consolidated around $119,750, the mid-month spike left year-to-date gains north of 27 percent, reaffirming Bitcoin’s status as the bellwether for crypto risk appetite. Ethereum, meanwhile, maintained its role as a favored institutional play. ETH-based exchange-traded funds notched their sixteenth consecutive day of net inflows in late July, keeping prices buoyant in the $3,600–$4,200 range even as broader markets grappled with trade-war jitters. Many investors viewed these flows as evidence that smart-contract exposure remains a core building block for digital-asset portfolios. Beyond the two giants, selective altcoins posted mixed results. XRP found footing on renewed ETF speculation, while leading DeFi tokens largely tracked Ethereum’s modest gains. July’s scheduled token unlocks—totaling over $96 million across projects such as AltLayer, Avail, and Venom—introduced fresh supply that briefly spiked trading volumes and tested market depth. Yet on-chain metrics remained sturdy: active addresses, transaction counts, and miner revenues all ticked upward, underscoring network resilience even amid heightened volatility. Points of Interest 1. Reciprocal Tariffs Cast a Long Shadow President Trump’s “reciprocal tariff” regime, first enacted on April 9, continued to reverberate through both traditional and digital markets. By mirroring foreign duties with a baseline 10 percent import levy—ratcheting up to 50 percent against countries with larger bilateral trade deficits—the policy aimed to force more “reciprocal” trade terms. Yet businesses and investors fretted that higher import costs would stoke consumer inflation (CBO models pointed to a 0.4 percent boost in annual inflation for 2025–26) and tighten financial conditions. As futures markets braced for the next tranche of duties due August 1, U.S. equity futures slipped and Treasury yields inched upward, reminding us that macro policy risk remains a perennial headwind for all risk assets. 2. “Crypto Week” in the U.S. House In a show of bipartisan resolve, the House of Representatives designated the week of July 14 as “Crypto Week,” fast-tracking three landmark bills that together promise the strongest federal framework for digital assets yet. The CLARITY Act aims to carve out clear definitions for when tokens qualify as securities; the Anti-CBDC Surveillance State Act would permanently block the creation of a Fed-issued digital currency to protect Americans’ financial privacy; and the Senate-passed GENIUS Act establishes comprehensive stablecoin guardrails. Speaker Mike Johnson hailed these measures as “delivering on President Trump’s promise to make the United States the world leader in digital assets,” underscoring a new era of regulatory certainty for innovators and investors alike, 3. Project Crypto: SEC’s New Agenda Just as Congress rallied behind Crypto Week, SEC Chairman Paul Atkins unveiled “Project Crypto” on July 31, which is a sweeping, Commission-wide initiative to modernize U.S. securities rules for the blockchain era. Key pillars include: Asset Classification: Reforming the Howey test to distinguish securities from other token types with greater precision. Super-App Licensing: Creating a unified regulatory umbrella that allows platforms to offer trading, staking, and lending services seamlessly. Tokenized Securities: Crafting tailored disclosure and exemption regimes for token issuances, airdrops, and network rewards. This represents a stark departure from the SEC’s prior enforcement-first posture, signaling to market participants that self-custody, DeFi protocols, and on-chain capital markets will receive proactive, innovation-friendly guidance rather than adversarial crackdowns. Security Spotlight: CoinDCX $44 Million Hack On July 18, CoinDCX disclosed that attackers had siphoned $44 million from one of its internal liquidity wallets after compromising an on-site engineer’s credentials in a social-engineering breach. Although user deposits in cold storage remained untouched, the incident laid bare the perils of single-signatory withdrawal controls. In response, regulators and institutional clients renewed their calls for multi-layered custody safeguards. That breach is why firms are turning to multi-layered approval workflows to lock down their assets with tools like CoinSend, a platform that makes it effortless to enforce tiered, multi-stakeholder sign-off on every payout, automatically pausing large transfers for human review and cryptographically timestamping each approval. Even if one credential is compromised, your funds remain firmly under guard. Final Thoughts July 2025 proved that crypto markets still deliver spectacular upside, even as Washington’s tariff wars and headline-grabbing hacks remind us how swiftly fortunes can shift. As Bitcoin and Ethereum chart new territory, institutional flows and token unlocks will continue to drive price action, while macro-economic policy and custody best practices dictate the true shape of sustainable growth. For traders, strategists, and custodians alike, now is the time to refine both your market models and your multi-signature controls. Join us next month as we unpack August’s ETF approvals, DeFi regulatory updates, and the next wave of security innovations.
Behind the Curtain: How Algorithmic Stablecoins Work (and Why They Fail)
7 mins read
Stablecoins are supposed to be… well, stable. But if you’ve spent any time in crypto, you’ve probably seen algorithmic stablecoins blow up spectacularly despite promising cutting-edge tech, math-backed logic, and clever code. So what’s going on? This article pulls back the curtain to explore how algorithmic stablecoins are designed to work, why they sometimes succeed (briefly), and the reasons so many eventually fail. Let’s dive into the mechanics, myths, and meltdowns. What is an Algorithmic Stablecoin? In the simplest terms, an algorithmic stablecoin is a type of crypto asset designed to maintain a stable price—usually $1—without being backed by fiat or crypto collateral. Instead of holding dollars or USDC in reserve, algorithmic stablecoins use smart contracts and economic incentives to expand or contract supply based on market demand. Think of it like this: If the price of the coin goes above $1, the algorithm increases supply to push the price back down. If it drops below $1, supply is reduced to nudge the price up again. Sounds elegant, right? Well… not so fast. How Algorithmic Stablecoins Work (In Plain English) Let’s use a common two-token model to explain the typical setup. The most well-known example of this was Terra (UST) and Luna. Step 1: The Peg The stablecoin (e.g., UST) is pegged to the U.S. dollar, aiming to stay at $1. Step 2: The Sister Token There’s a second token (e.g., LUNA) that absorbs price volatility. You can mint UST by burning LUNA, and vice versa. Step 3: Arbitrage Mechanism If UST is worth more than $1: Users can burn $1 of LUNA to mint 1 UST and sell it for profit. This increases UST supply and pushes the price back toward $1. If UST is worth less than $1: Users can buy UST cheaply, then burn it to mint $1 worth of LUNA. This reduces UST supply and helps restore the peg. The system relies on arbitrageurs and speculators to do the heavy lifting. When Algorithmic Stablecoins Seem to Work In bull markets, everything is great. Here’s why: Demand for the stablecoin is high The secondary token (LUNA, in this case) has strong market value The peg appears stable Investors keep piling in because of attractive yields (hello, Anchor Protocol...) That illusion of stability can last weeks, months, even years. But the key word here is: illusion. Why Algorithmic Stablecoins Fail (Almost Always) 1. Reflexive Death Spirals Algorithmic stablecoins hinge on market participants believing they’ll stay pegged, until everyone rushes for the exits. TerraUSD (UST) famously broke its $1 peg in May 2022, triggering billions in mass redemptions that ballooned LUNA’s supply from hundreds of millions to trillions in hours, vaporizing nearly $45 billion in market cap. A similar reflexive collapse hit Iron Finance’s IRON/TITAN in June 2021 when a large TITAN sell-off skewed its TWAP-price oracle, letting bots mint effectively unlimited IRON and crash both tokens to near zero within a day. 2. Lack of Hard-Asset Backing Without dollar or crypto reserves locking in value, there’s no floor to catch a falling peg. Basis Cash (BAC), which launched in 2020 after its predecessor returned investor funds over regulatory fears, never regained its $1 target. It traded as low as $0.80 before quietly winding down. Likewise, “seigniorage” coins like Empty Set Dollar (ESD) and Dynamic Set Dollar (DSD) used rebasing supply tweaks to chase $1, but once yield-driven speculator interest dried up, both permanently traded well below their pegs. 3. Overreliance on Speculator Incentives Some models assume arbitrageurs will always inject capital to restore the peg, but they don’t. Tron’s USDD launched in May 2022 with a $10 billion reserve pledge but fell to $0.95 within weeks, as mint/burn incentives alone couldn’t stem broader sell pressure. Fei Protocol (FEI) debuted in spring 2021 with its “Protocol Controlled Value” model, yet after an ~$80 million hack and misaligned redemption mechanics, governance voted in August 2022 to wind down the DAO, effectively admitting its incentive design couldn’t sustain the peg. 4. Governance-Exploit Vulnerabilities Decentralized governance can be its own undoing. Beanstalk’s governance contract let a flash-loan attacker amass enough “Stalk” tokens to push through malicious proposals, draining $76 – 182 million before anyone could react. Fei’s TribeDAO merger with Rari Capital ended in discord: after a major $80 million hack, initial governance votes promised redress, but subsequent vetoes by the Fei team left victims uncompensated and the DAO insolvent. Are There Any Good Uses for Algo Stables? They’re still a fascinating idea, especially in: DeFi experiments Academic research Emerging economies with unstable currencies Fully decentralized finance protocols Some projects are hybrid models, blending crypto collateral + algorithms + governance mechanisms to create more durable systems. Examples include Frax (FRAX) and Liquity (LUSD). Still, none have come close to replacing fiat-backed stablecoins for real-world business use. What Should You Use Instead? If you’re a business, DAO, or fintech team looking for actual stable stablecoins, stick to these: USDC: Fully backed, regulated, and audited. USDT: Hugely liquid, though less transparent. DAI: Crypto-collateralized with decentralized governance. They’re more boring, but in this case… boring is exactly what you want. Final Takeaways Algorithmic stablecoins are one of crypto’s boldest and riskiest ideas. They aim to maintain a peg without collateral by using incentives, arbitrage, and game theory. But the reality is… they usually fail. Fast. If you’re just dabbling in DeFi or building on-chain tools, it’s okay to experiment. But if you’re managing funds, paying contractors, or storing treasury reserves—don’t risk it. Go with stability you can count on. Learn more about stablecoins here
Examining the Impact of the One Big Beautiful Bill (OBBB) on Stablecoin Acceptance in the United States
6 mins read
Executive Summary No direct stable-asset relief. OBBB makes Trump-era tax cuts permanent but omits every crypto-specific amendment that lobbyists fought for, leaving stablecoins treated as property and each transaction a taxable event. Treasury headroom rises. Immediate expensing for R&D, 100 % bonus depreciation and a friendlier interest-expense cap free up after-tax cash, which capital CFOs can redeploy into modern payment rails, including stablecoins Compliance friction persists. Without the failed “de-minimis” exemption (< $300) and clear staking-reward rules, merchants still face dual record-keeping and capital-gains exposure when accepting USDC, PYUSD or GUSD. Regulatory split screen. While OBBB sidesteps digital-asset questions, Congress is fast-tracking the separate GENIUS Act, America’s first federal stablecoin statute mandating 1-to-1 reserves and monthly attestations. Net-net: OBBB’s macro tax incentives make stablecoin rails easier to afford but no simpler to account for, delaying broad acceptance until the GENIUS Act (or equivalent) supplies transactional clarity. Why this matters now Stablecoins already settle > $8 trn annually worldwide. Boards eye them to slash cross-border fees and weekend cut-offs, yet U.S. corporates remain hesitant. With OBBB finalised on 4 July 2025 (the largest rewrite of the Internal Revenue Code since 2017), finance teams must reassess whether the bill’s permanent tax landscape sweetens or sours the business case for on-chain dollars. The Breakdown 1. What is OBBB in one sentence? A 1082-page reconciliation law making TCJA tax cuts permanent, restoring R&D expensing, and rolling back sizeable chunks of the Inflation Reduction Act. 2. How does OBBB intersect with stablecoins? 3. Tax mechanics: what finance teams must re-model a. Revenue recognition Treat stablecoins as non-functional-currency property; book FMV (USD) at receipt, then track unrealised gains until disposal. b. Expense deduction timing R&D expensing may offset incremental gains from holding stablecoins, but CAMT adjustments could claw back benefits for large filers. c. Cross-border settlements OBBB leaves existing §988 FX rules untouched. Paying overseas suppliers in a dollar-pegged token still counts as a property disposal, not a foreign-currency payment, erasing one hoped-for compliance simplifier. 4. Market sentiment & institutional signals Lobbying pivot: After losing the de-minimis fight, industry groups are refocusing on the GENIUS Act to secure reserve-asset and disclosure standards that unlock bank distribution channels. Bank charters: Circle, Ripple and major fintechs have accelerated national-trust-bank applications, betting that regulatory clarity, not tax tweaks, will move Fortune-500 procurement teams. Investor read-through: Analysts at major brokerages expect corporate stablecoin flows to remain “edge use-case” (< 3 % of B2B settlement volume) until the IRS issues post-OBBB crypto guidance or Congress enacts a stand-alone tax rider by FY 2026. How the OBBB “money shuffle” could shape who actually uses stablecoins 1. Less spare cash for everyday users The new law trims programmes like Medicaid and food stamps while giving larger tax breaks to high-earners. That means many low- and middle-income households will have a little less money in their pockets each month, while wealthier families keep more. Because people on tighter budgets tend to spend nearly every extra dollar, this shift could slow day-to-day spending with stablecoins—for groceries, remittances, or small online buys—just when the technology needs lots of small, frequent transactions to go mainstream. 2. A bigger war-chest for companies and rich savers Corporations and high-net-worth investors, on the other hand, get a healthy cash bump from permanent bonus depreciation and lower top tax rates. With that fresh liquidity, treasurers are already parking funds in tokenised T-bill stablecoins (think “digital dollars that earn Treasury-bill yield”). More money flowing into those coins tightens bid/ask spreads and makes moving large sums cheaper and faster for big players. 3. A ‘barbell’ adoption curve Put the two trends together and you get a split picture: Retail plateau. Casual users may stick with cards and cash because they have less disposable income and every stablecoin payment is still a taxable event they must record. Institutional surge. Banks, brokers and Fortune-500 finance teams ramp up stablecoin trials for payroll floats, cross-border settlements and collateral. 4. Why it matters If Congress later fixes the tiny-payment tax issue (the proposed “de-minimis” exemption) or if states start using stablecoins to deliver benefits more cheaply, the deep liquidity now building on the institutional side could quickly spill over to consumers. Until then, expect a two-tier stablecoin economy: fast growth at the top, a holding pattern at the bottom. FAQs Q: Did OBBB legalise federal acceptance of stablecoins for tax payments? A: No. Neither the enrolled nor the final House-Senate compromise text authorises paying federal liabilities in digital assets. Q: Does bonus depreciation apply to on-chain node infrastructure? A: Yes—hardware placed in service after 19 Jan 2025 qualifies, potentially offsetting node-hosting costs for on-prem or colocation-based settlement infrastructure. Q: Will the IRS issue crypto-specific regs following OBBB? A: The Service has indicated that existing property guidance remains in force; new regs will likely follow enactment of the GENIUS Act, not OBBB.
Monthly Crypto Roundup by CoinsDo: June 2025
5 mins read
From battlefield disruptions to breakthrough legislation, June 2025 revealed the growing gravitational pull of crypto in both policy and warfare. The Iran–Israel conflict added a new layer of geopolitical risk, while U.S. lawmakers passed a landmark bill reshaping how stablecoins are issued, monitored, and trusted. Let’s break it down. Market Performance: Resilient Amid Chaos Bitcoin's Reaction to Conflict BTC dropped to ~$98,000 after U.S. airstrikes targeted Iranian nuclear sites on June 21 but rebounded to ~$101,400 by month’s end. That brief dip (–6.3%) was minor compared to prior geopolitical shocks, showing how much more resilient crypto markets have become. As one analyst put it: “Missiles flew, and Bitcoin flinched—but didn’t fall.” The Iran–Israel Conflict Hits Crypto The cyber dimension of the Iran–Israel war erupted June 25 when a pro-Israel hacker group stole over $90 million from Nobitex, Iran’s largest exchange. Instead of laundering the funds, the group burned the crypto on-chain, sending a clear political message. This event highlighted how nation-state conflict now plays out across smart contracts, custody keys, and token ledgers. Analysts are beginning to refer to this as “on-chain warfare.” Meanwhile, Iranian civilians continued to rely on stablecoins like USDT to sidestep capital controls and escape the collapsing rial. Telegram-based OTC desks became essential tools for moving wealth cross-border, a phenomenon last seen during the Russia–Ukraine conflict. The GENIUS Act: America’s Stablecoin Gamble On June 17, the U.S. Senate passed the GENIUS Act with bipartisan support (68–30), marking the nation’s first full-stack federal stablecoin framework. While formally titled the “Guiding and Establishing National Innovation for U.S. Stablecoins” Act, its scope also includes AI transparency, blockchain sandboxing, and digital ID initiatives. Core Provisions for Crypto: Reserve Rules: All payment stablecoins must be backed 1:1 by cash or liquid Treasuries, with third-party monthly attestations. Issuer Oversight: Firms issuing over $10B in stablecoins will face Fed/OCC oversight. Smaller issuers may operate under state regulators. No Interest Clause: Stablecoin issuers cannot pay yields to holders, preventing them from functioning like deposit accounts. Foreign Issuer Review: The Treasury will assess foreign stablecoin issuers for equivalency and possible U.S. market access. Industry giants like Circle and Paxos praised the legal clarity, while others—like Tether—face uncertainty. With over $150 billion in circulation, USDT will need to meet new transparency requirements or risk exclusion from U.S. platforms Why It Matters: Stablecoins are now mainstream financial instruments, not experimental tools. The GENIUS Act positions the U.S. as a global standard-setter—countering European MiCA rules and China’s digital yuan ambitions. Where AI Meets Crypto: Quiet But Crucial Though the GENIUS Act's headlines focused on stablecoins, its AI provisions also impact the crypto world: AI-Powered AML Tools: Crypto exchanges handling over $10 million/day must integrate AI-based transaction monitoring systems by early 2026. Smart Contract Certification: The National Institute of Standards and Technology (NIST) will begin issuing audit frameworks for smart contracts, especially those used in DeFi and payments. Combined, these shifts move crypto compliance from a patchwork of best practices to codified, tech-enforced norms. Other Developments You Might Have Missed BlackRock Buys the Dip: Michael Saylor’s MicroStrategy-backed firm acquired 10 001 BTC (~$1 B) in June, taking advantage of price softness amid Middle East volatility. Oil Tensions & Macro Risks: There is fear that shipping disruptions in the Strait of Hormuz might push crude oil above $100/barrel. This renewed interest in BTC as a hedge against inflation—especially among institutional players managing large commodities portfolios. Emerging Market Demand Grows: In Argentina, Nigeria, and Turkey, crypto adoption surged as domestic currencies came under pressure. Binance and OKX both reported double-digit user growth in LATAM and Africa. Final Thoughts: Crypto as Strategic Infrastructure June 2025 made one thing clear: crypto is no longer just an investment vehicle—it’s strategic infrastructure. From Iran’s civilians bypassing sanctions to U.S. policymakers building a legal foundation for stable digital money, the month was full of reminders that crypto has matured beyond its speculative origins. Expect the second half of 2025 to bring: Final reconciliation of the GENIUS and STABLE Acts in Congress New security standards from NIST for smart contracts Heightened scrutiny on offshore stablecoin issuers As military conflicts, inflation risks, and AI oversight converge, crypto will increasingly sit at the crossroads of finance, tech, and geopolitics.
Monthly Crypto Roundup by CoinsDo: May 2025
7 mins read
May delivered one of the most paradoxical stretches in recent crypto memory. Bitcoin punched through every prior ceiling, even as DeFi suffered another nine-figure exploit and regulators in Washington and Brussels raced to tighten the rulebook. Here is a guided tour of the month that was. Market Performance Bitcoin hits $112k and reminds the world it’s a macro asset. BTC printed a fresh all-time high of $112 000, breezing past the January record and extending a year-to-date gain of ~17 %. Analysts tie the move to two intertwined forces: (1) a five-month slide in the U.S. Dollar Index, which is struggling under tariff uncertainty and fiscal angst (2) hard evidence that a stablecoin framework is finally advancing in Congress. The weaker greenback pushed capital into alternative stores of value, while the prospect of clearer policy reduced perceived headline risk around holding spot BTC. A fast-follow rotation lifts majors and memes Ethereum caught the tailwind, reclaiming $2600 before settling near $2400, while Layer-2 tokens such as Arbitrum and Base rallied double digits on surging on-chain activity. Meanwhile, the Trump-era meme-coin phenomenon showed staying power: aggregate memecoin market cap rose significantly, with liquidity largely recycling out of small-cap NFTs. Volatility spikes around U.S. inflation prints illustrate that crypto now trades as a barometer of both monetary and political risk rather than an isolated tech bet. Security & Hacks Cetus Protocol: $223 million gone in an avoidable overflow Sui and Aptos’ flagship DEX became the month’s cautionary tale after attackers abused an integer-overflow bug in its AMM math.. Roughly $223 million in stablecoins and blue-chip tokens were siphoned in minutes. Forensics outfit Dedaub traced the exploit to a single wallet; community validators later froze $162 million, and a make-whole proposal (funded via protocol fees plus a 5 % “security debt” tax) is headed to governance. Coinbase data breach could cost up to $400 million America’s largest exchange disclosed that threat actors bribed overseas contractors and exfiltrated partial KYC data for ~69 000 users. No customer funds moved, but legal, forensics, and remediation costs could reach $180-400 million, the company said in an 8-K filing—and it has posted a $20 million bounty for information leading to arrests. The incident renews focus on the old-fashioned attack vector of human compromise, even at heavily regulated platforms. Cork Protocol hack adds to May’s casualty list. Cork, a smaller DeFi credit market on Ethereum, was drained for $12 million on 28 May via an unchecked price-oracle call. Smart-contract pausing contained further loss, but the exploit underlines how even mid-tier protocols remain soft targets. Regulation & Policy GENIUS Act clears its first Senate hurdle The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act advanced out of committee on 29 May. The revised draft bans yield-bearing stablecoins, tightens reserve disclosure, and gives non-bank issuers a federal charter option—addressing previous Democratic concerns over consumer protection. Market watchers see the bill as the most viable path to U.S. stablecoin clarity since 2022, a signal that the asset class is graduating from regulatory gray zone to mainstream payment rail. Europe’s MiCA stablecoin rules cast a longer shadow While Washington debates, the EU’s Markets in Crypto-Assets Regulation continues its phased rollout: rules for euro-denominated stablecoins took effect last June, and full CASP licensing begins this December. EU authorities are now drafting supervisory guidelines due by 30 June 2025, reinforcing a passportable yet stringent regime. For issuers, the message is unmistakable: global harmonisation may still be messy, but the direction of travel is toward audit-ready transparency. Institutional & Capital-Market Moves Circle files to go public at a $6.7 billion valuation USDC’s issuer made its long-anticipated NYSE debut filing on 27 May, targeting up to $624 million in proceeds. Existing backers Accel and General Catalyst will sell shares, while Cathie Wood’s ARK has expressed interest in snapping up $150 million of the float. If successful, Circle would deliver the largest crypto listing since Coinbase in 2021 and hand public-market investors a direct play on the dollar-stablecoin narrative Strategy’s treasury micro-strategy keeps working. MicroStrategy (now rebranded as Strategy) revealed another 4 000-BTC purchase, lifting corporate holdings to 580 250 BTC (≈2.7 % of supply) and adding about $5 billion in paper gains since January. Analysts credit the company’s aggressive bid, alongside ETF inflows, for tightening spot supply and amplifying upside swings. ETF flows and ETP launches broaden access CoinShares launched seven new physically-backed crypto ETPs on Nasdaq Stockholm via its XBT Provider platform on 21 May, adding staking rewards for PoS assets. 21Shares debuted a Cronos (CRO) ETP on Euronext Paris & Amsterdam on 6 May, giving TradFi portfolios one-ticket exposure to the Crypto.com ecosystem. With these launches, the universe of listed crypto ETPs now spans 90+ tickers and nearly $50 billion in assets. Regulated wrappers continue to knit traditional capital to on-chain value – a trend once catalysed by March’s BlackRock debut and now reinforced by specialised issuers. Final Thoughts May 2025 crystallised crypto’s dual identity: a maturing macro asset class and an experimental tech frontier still prone to self-inflicted wounds. Bitcoin’s breakout underscores how quickly capital rotates into digital stores of value when fiat confidence wavers, yet the Cetus and Cork exploits prove that one missed line of code can vaporise fortunes in seconds. If the GENIUS Act and MiCA succeed, they may provide the guardrails needed for mainstream adoption. Until then, investors ride a wave powered by policy optimism and tempered by security scepticism—a balance likely to define the second half of 2025.