The United States established its first comprehensive framework for payment stablecoins in July 2025 with the GENIUS Act, requiring reserves held one-to-one in US Treasuries and short-dollar assets while banning yield payments to holders. That same month, Nvidia became the first company to reach a $4 trillion market value, driven by near-total dominance of AI chips.
BlackRock’s bitcoin ETFs became the asset manager’s single largest source of revenue in 2025, and its fund emerged as the largest single holder of bitcoin globally. Strategy, long the loudest voice against ever selling, sold bitcoin in 2026 for the first time.
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