GLOBAL BLOCKCHAIN & WEB3 MATURATION: 378 BLOCKCHAIN PROJECTS WORLDWIDE (+27%), STABLECOINS AND TOKENIZATION DRIVING GROWTH 

In 2025, Web3 continued to grow gradually but steadily, showing tangible signs of consolidation across infrastructure, payment instruments, and the regulatory framework. Current developments are concentrated in the financial sector, but blockchain innovation should not be viewed as relevant solely to this field: it serves as the foundation for future use cases that are partially imaginable today, contributing to the creation of a more mature and reliable ecosystem that will also benefit other sectors.  

According to research by the Blockchain & Web3 Observatory at the Politecnico di Milano, there are 378 new blockchain projects registered globally, marking a 27% growth compared to 2024. This growth is driven mainly by the development of stablecoins, which reached a total capitalization of $310 billion (+50%) at the end of 2025, and by the many initiatives for the tokenization of financial assets, still largely in the experimental phase. It is no coincidence that 73% of projects focus on the financial sector, which remains the engine of development.  

Specifically, among the various categories, Internet of Value projects are expanding: 125, +44% compared to 2024, driven by numerous initiatives involving the issuance or adoption of stablecoins. Blockchain for Business projects are also on the rise: 202 projects, including the tokenization of assets in various sectors, +36%. Conversely, Decentralized Web projects are decreasing (51, -18%), reflecting a further decline in interest in NFTs and the absence of new corporate projects in areas such as DeFi. Overall, 194 Fortune Global 500 companies have adopted blockchain solutions, amounting to a total of 540 projects in recent years, 90 of which were launched in 2025 alone.  

One of the enabling frameworks: regulation 

The development of an enabling regulatory framework has been pivotal in shaping the market’s trajectory. Across the globe, the interplay between legal harmonization and infrastructural development has been decisive. In Europe, it has defined the field of the emerging digital landscape. 

In 2025, the entry into force of the MiCAR Regulation established the European Union as the first economic area in the world with a harmonized regulatory framework for crypto-assets. The regulation governs the issuance of digital assets and the services offered by operators in the sector, introducing uniform rules for all Member States. At the end of 2025, there were 141 authorized operators in Europe, including fintech companies and traditional banks, with a higher concentration in Germany and the Netherlands, and 17 regulated stablecoin issuers. Italy, despite benefiting from the passporting principle, currently lacks authorized operators.  

Simultaneously, the European Commission has initiated a review of the DLT Pilot Regime, expanding the scope of blockchain trials for financial markets. The new proposal raises the issuance cap for DLT platforms to €100 billion and extends the use of the technology to all covered financial instruments, reducing regulatory barriers.  

Regarding infrastructure, in July 2025, the ECB approved a blockchain strategy comprising two projects: Pontes, a short-term solution to connect DLT platforms to the Eurosystem payment systems, and Appia, a long-term initiative to create an integrated European ecosystem for digital settlement. These represent a strategic response to the growing dependence on foreign infrastructure and the proliferation of dollar- denominated stablecoins, aim at bolstering European autonomy in digital payments.  

The growth engine: main trend of 2025  

Market maturation in 2025 has been driven by a set of strong innovation trends that are shaping the next phase of development for blockchain and Web3 such as stablecoins, asset tokenization, permissionless blockchain infrastructures, and the increasing visibility of prediction markets. 

Stablecoins. Stablecoins have firmly entered the global financial system. Over the past year, the Observatory has surveyed 69 projects: from new issuances, such as Klarna's project based on Bridge technology (acquired by Stripe in February for $1.1 billion), to adoption in established payment networks. Mastercard and VISA, for example, have extended their use for real-time international payments and transactions.  

This expansion is driven not only by technological innovations, but also by regulatory developments and the growing strategic importance of economic and foreign policy, particularly in the United States. The implementation of MiCAR in Europe and the GENIUS Act1 in the US has legitimized the issuance of euro- denominated assets, while also fostering the proliferation of new dollar-pegged assets.  

In December 2025, the total capitalization of stablecoins reached 310 billion dollars (+50% compared to 2024), 85% of which was made up of Tether (USDT) and Circle (USDC). Meanwhile, other players are trying to capture market share: PayPal’s PYUSD quadrupled in market value in the second half of the year, reaching 3.8 billion dollars; Bank of America, Goldman Sachs, and Citigroup are exploring the development of proprietary stablecoins. Major payment operators have integrated these instruments into traditional circuits, investing in partnerships and acquisitions of startups. 

In Europe, ten banks, including Unicredit and Banca Sella, have established the European consortium Qivalis to issue a MiCAR-compliant euro stablecoin in 2026. Bancomat has announced the eur-bank stablecoin. Integration with the Web3 ecosystem also continues: Société Générale–FORGE and PayPal have integrated their stablecoins into DeFi protocols such as Morpho, Uniswap and Spark.  

Tokenization. In 2025, 101 new financial instrument tokenization projects were launched. Most of these initiatives remain confined to experimentation with limited systemic impact. However, select asset managers have launched significant initiatives: JPMorgan created a tokenized money market fund on Ethereum; BlackRock's BUIDL fund grew from $500 million in January 2025 to a peak of $2.9 billion in May. Other financial institutions have invested in dedicated infrastructure: Boerse Stuttgart Digital announced Seturion, a pan-European platform for the settlement of tokenized assets, while Clearstream introduced D7 DLT for the management of digital securities. The tokenized securities market has yet to mature. To fully realize the transformative potential of this technology, it is necessary to redefine the entire value chain, addressing the challenges across every stage of the process.  

Blockchain infrastructure. Projects in the fields of stablecoins, tokenization, and broader blockchain applications are increasingly developed on permissionless networks, reflecting the mainstream adoption of open infrastructures. Among the 284 projects documented in 2025 that declared their underlying technology, 84% used public blockchains, confirming their growing maturity and reliability. At the same time, several leading players are shifting toward direct infrastructure management to mitigate dependency on external networks. Two main strategies are emerging: vertical blockchains tailored to specific use cases, such as payments, and general-purpose ecosystems addressing multiple asset types. 

In the payments segment, Stripe (with Paradigm) invested in Tempo, a Layer 1 network for stablecoin transactions, and SWIFT announced blockchain integration within its global payment infrastructure. In parallel, Robinhood launched a Layer 2 built on Arbitrum for RWA tokenization and continuous equity trading. Among general-purpose initiatives, Google Cloud, in partnership with CME Group, introduced the Google Cloud Universal Ledger (GCUL), while Deutsche Bank advanced Project Dama 2 on Ethereum under Singapore’s MAS Project Guardian. Finally, Sony deployed Soneium, a Layer 2 based on OP Stack, marking its entry into proprietary blockchain infrastructure. 

Prediction markets. 2025 was characterized by the rise of prediction markets, operating at the intersection of finance and public data intelligence. Polymarket, the leading decentralized application (DApp) in the segment, became the leading blockchain-based operator by trading volume and user base, reaching 500,000 monthly users and over $11 billion in trades in 2025. Its rapid consolidation was driven by a $2 billion funding round led by Intercontinental Exchange (ICE) and the acquisition of QCEX, a CFTC-regulated exchange, for $112 million, allowing Polymarket to re-enter the US market after its 2022 ban. The sector’s growth highlights the increasing interest in decentralized forecasting and market-based intelligence as complementary infrastructures to traditional financial systems. 

Emerging dynamics: other trend of 2025 

Beyond the most visible developments, a set of emerging dynamics continues to consolidate beneath the surface. These trends — less mainstream yet increasingly strategic —include Web3 and finance convergence, the evolution of digital wallets, onchain payment protocols, and the rise of the Digital Product Passport. 

Web3 and Finance Convergence. Among the less visible but most significant trends is the convergence between Web3 and traditional finance. A growing number of operators in the crypto space are expanding their operational scope: centralized exchanges, such as Coinbase and Kraken, are integrating traditional finance services into their offerings, including stock investments, payments, and access to decentralized finance protocols. Consequently, they are entering into direct competition with fintech companies such as Trade Republic and Revolut, which – after securing MiCAR licenses – are pursuing the reverse path, moving closer to the crypto ecosystem. Simultaneously, select DeFi protocols are working to transcend the niche of expert users and reach a broader audience: Uniswap has launched an integrated mobile wallet, Ondo Finance plans to launch tokenized US stocks and ETFs in 2026, and AAVE has developed an application similar to a deposit account.  

The evolution of digital wallets. Another notable trend is the evolution of digital wallets to streamline the user experience and lower barriers to Web3 entry. Alongside traditional self-custodial wallets, Wallet- as-a-Service and embedded wallet solutions are emerging, enabling companies to directly integrate wallet functionality into their services. The Observatory has identified 26 well-funded startups operating within this space, often acquired or backed by major players to offer integrated B2B solutions. Among the most notable initiatives are Fireblocks, which launched an embedded wallet service after acquiring Dynamic in October 2025, and Privy, acquired by Stripe in June, which specializes in white label wallets.  

On-chain payment protocols. One area of development focuses on new on-chain payment protocols, designed to lower the time and cost of e-commerce transactions via stablecoins. A prime example is the Coinbase Commerce Protocol, which enables the management of complex payment flows to be managed via smart contracts and has already been integrated by platforms such as Shopify. Interest is also high among the most well-funded Web3 startups globally: 63 companies operating within on-chain payment services have raised a total of $2.2 billion over the past two years. Some protocols are designed to facilitate the paradigm of "agent payments", executed autonomously by software and artificial intelligence agents. The integration of artificial intelligence, smart wallets, and on-chain payment protocols could mark a pivotal step toward increasingly automated finance.  

Digital Product Passport. Traceability projects geared towards the Digital Product Passport (DPP) are consolidating. Traceability remains one of the most mature and established blockchain use cases, supported by stable ecosystem of providers and the absence of new specialized startups. Corporate interest is evident, driven largely by the introduction of the European ESPR regulation, which will mandate greater transparency regarding product sustainability data. Within this framework, traceability projects can evolve towards the creation of on-chain DPPs, laying the groundwork for more advanced Web3 projects capable of linking physical product data to decentralized applications, such as verified secondary marketplaces or incentive mechanisms for sustainable behaviour.  

The adoption of cryptoassets in Europe: a heterogeneous landscape 

Analysis of European consumers reveals a mixed landscape of crypto-asset adoption across key markets. The United Kingdom remains the most mature, with 27% of the population— about 12 million citizens—owning crypto-assets, followed by Spain, with 14% of owners (4.9 million), Germany with 11% (6.4 million), and France with 9% (3.7 million). Italy closes the ranking with 7% of consumers, representing approximately 2.8 million individuals.  

Expanding the analysis to those interested in owning crypto-assets in the future reveals a potential market of prospective investors: approximately 5.8 million in Spain, 5 million in Germany, 4 million in Italy, 3.8 million in France, and 3.1 million in the United Kingdom.  

Regarding purchasing channels, online exchanges remain the primary instrument across all countries analyzed, with adoption rates ranging from 41% in Spain to 49% in the United Kingdom. However, in markets characterized by higher adoption of non-custodial wallets, such as France and the United Kingdom, the on-ramp model reaches comparable levels of use (32% and 36% respectively), signalling greater familiarity with more advanced tools within the crypto ecosystem. 

Focusing on stablecoins, among European consumers who hold or have held stablecoins, The United Kingdom emerges as the clear leader in stablecoin adoption, with current ownership rates significantly exceeding those of continental European markets. This position reflects the UK's mature digital asset ecosystem. 

A notable pattern emerges when examining stablecoin penetration among existing crypto-asset holders. In markets where overall crypto engagement is higher, stablecoin integration follows proportionally. The UK's 22% current ownership rate, combined with its lower share of non- crypto users, indicates a sophisticated investor base. Continental markets display more homogeneous profiles, with Italy showing an interesting dynamic: a relatively high rate of former holders (4%) compared to current ones (2%). While Italy and Germany show low adoption level of stablecoins among crypto-asset holders, French consumer exhibit a higher penetration, with 10% of its population that is currently holding or previously held stablecoins. 

Strategic outlook: 2026 and beyond

Looking ahead to 2026, the global ecosystem must shift from a fragmented, reactive approach to strategic industrial planning. Blockchain implementation represents a comprehensive infrastructural shift, rather than just a technological upgrade. The year 2025 laid the critical groundwork by establishing the two pillars of this new ecosystem: stablecoins (cash) and financial tokenization (assets). 

However, the deployment of these components does not generate immediate utility until the supporting infrastructure is fully integrated and operational. Consequently, decision-makers must elevate their understanding of these dynamics, moving from a short-term focus to a long-term strategic perspective. This requires a profound cultural change that ceases to view blockchain as a 'grey area', recognizing it instead for what it is: a foundational infrastructure of the digital economy. 

About the Blockchain & Web3 Observatory 

The Blockchain & Web3 Observatory is one of the Digital Innovation Observatories of the POLIMI School of Management and is part of the Web3Hub, a center of excellence for blockchain and Web3 technologies established in 2017 at Politecnico di Milano, one of the world’s leading technical universities. By combining research and practical application, Web3Hub fosters a robust network of companies, public institutions, and startups in Italy and abroad, supporting the development of cutting-edge decentralized solutions. For more information, visit www.web3.polimi.it. 

Methodology 

The analysis relies on multiple research streams. The following section details the methodology for two key areas: the census of global business projects and the survey on European consumer adoption. 

Global projects. A non-exhaustive census was conducted via online research to identify key international announcements and implementation projects (including proofs of concept, pilots, and live projects) regarding the use of blockchain and Web3 solutions by companies and public administrations. A total of 1,955 cases were identified globally between 2016 and 2025 (378 of which in 2025). Furthermore, an analysis was conducted on blockchain projects implemented by the top 500 companies globally according to the Fortune Global 500 ranking (list updated as of 06/01/2025). 206 active companies were identified in 2025, comprising 194 demand-side companies with 540 projects and 12 supply-side companies with 101 projects. 

Adoption of crypto-assets among European consumers. An online survey was conducted in collaboration with Norstat on a representative sample of consumers across five key European markets: Italy, France, Spain, Germany, and the United Kingdom. The survey involved over 5,000 respondents from the internet population aged 18 to 75, with defined quotas for age, gender, geographic area, municipality size, education level, and occupation.