CoinSpotMarket Update
Ethereum Demand Builds As White House Shares Historic Crypto Report
3 minutes
2 days ago
3 minutes
2 days ago
Ethereum (ETH), the blockchain behind the second-largest cryptocurrency, has now been live for 10 years. In that time, it has maintained 100% uptime, a testament to its security and decentralisation, while hosting many applications related to decentralised finance (DeFi), stablecoins, non-fungible tokens (NFTs), and more.
The anniversary comes at a time of continued ETH accumulation by publicly listed treasury companies. This was covered recently and has since accelerated. At the start of June, treasury companies held just 0.03% of ETH’s supply, as per data from Blockworks. Two months later, that figure is 1.5% and trending higher.
This growing wave of ETH treasury companies is set to drive activity in Ethereum’s DeFi sector. Nearly all of these companies have announced plans to use DeFi protocols in an effort to bolster ETH yield beyond what is readily accessible through staking and restaking ETH.
ETH held by public companies as a strategic asset as of August 6, 2025 (Source: Strategic ETH Reserve)
The White House's Working Group on Digital Asset Markets published a 160-page report outlining a comprehensive regulatory framework to make the U.S. a global leader in crypto. In particular, the report laid out 116 regulatory and legislative actions related to market structure, banking, tax, payments, and more.
As per a statement from Treasury Secretary Scott Bessent, a member of the working group, the report was “the culmination of months of research and over 1,000 meetings with industry stakeholders.”
While the recommendations are wide-ranging and broad in scope, the intention behind them is the same: to establish a clear and substantial regulatory framework for crypto, something that has never existed in the U.S.
Banner image on the White House’s new crypto page (Source: White House)
The day after the White House’s report, Paul Atkins, chair of the U.S. Securities and Exchange Commission (SEC), unveiled 'Project Crypto,' a sweeping plan to integrate crypto into U.S. securities laws.
The initiative aims to introduce a series of reforms to modernise existing financial rules and enable securities, stablecoins, NFTs, and commodities to operate within a clearer and more innovation-friendly legal framework.
‘Project Crypto’ signals a thorough departure from the prior enforcement-first SEC regime, aiming to foster innovation rather than inhibit it. It also comes at a time of elevated interest in tokenisation, the process of issuing digital representations on a blockchain of securities or other assets.
The combined market cap of all stablecoins continues to hit record highs. According to data from Artemis, there are now $401B ($261B USD) worth of stablecoins in circulation, an indication that more capital is coming ‘on-chain’ and being used across the crypto ecosystem for reasons including payments and lending.
Monthly stablecoin supply since August 2020 (Source: Artemis)
In terms of stablecoin supply by blockchain, Ethereum leads the way, followed by Tron (TRX). At the time of writing, Ethereum has $209.5B ($136.2B USD) and Tron has $127.1B ($82.6B USD) worth of stablecoins. Together, they account for more than 83% of total stablecoin supply.
Stablecoin adoption has been one of the key themes in crypto so far in 2025, with global fintech and payments companies (e.g. Visa, PayPal, Stripe) expanding into the space, driven by stablecoins’ potential for faster, cheaper, and more transparent cross-border transactions.
