Crypto has been defined by volatility, hype and periodic collapse. But something meaningful has changed. Regulation and institutional adoption are beginning to reshape the market, shifting digital assets from the speculative fringe toward useful financial infrastructure.
In this paper, we examine crypto’s “second act” through the lens of stablecoins – digital dollars designed for payments rather than price appreciation. The recent passage of the bipartisan GENIUS Act marks a turning point, establishing the first federal framework for U.S. dollar stablecoins and providing a clear example of how regulation can enable real-world utility. Stablecoins already move trillions of dollars annually, offering fast, cheap and transparent settlement without the volatility traditionally associated with crypto markets.
That progress does not eliminate risk. Crypto remains an emerging and highly volatile market. Our approach remains selective and cautious, grounded in regulatory clarity, institutional infrastructure, and practical use cases rather than speculation.
This paper outlines how we think about stablecoins, what has changed in the digital asset landscape, and the milestones we are watching to determine whether crypto can evolve into a more durable and investable segment over time.
Click below to read the full article, written by Andrew Hacker, CFA, Research Manager at Ballentine Partners.
