华利安：2025年数字资产市场秋季更新报告（英文版）

Stablecoins Have Emerged as the Killer App of Digital Asset Infrastructure Stablecoins are evolving into foundational infrastructure for cross-border payments, FX, and programmable treasury operations. The GENIUS Act in the U.S. and MiCA in the EU are unlocking broader use by providing regulatory certainty, driving enterprise interest from FinTechs, asset managers, and global banks. The Digital Asset Ecosystem Is Scaling Through Institutional Rails The digital assets ecosystem is entering a n