Stablecoin, capitalisation at $310 billion by 2025 (+50%)

There are 378 blockchain projects surveyed globally, up 27% compared to 2024, according to the new map drawn by the Blockchain & Web3 Observatory of the Politecnico di Milano. This growth is driven above all by the development of stablecoins, which by the end of 2025 had reached a total capitalisation of $310bn with a growth rate of +50% compared to a year ago; financial asset tokenization initiatives, on the other hand, are still mainly at an experimental stage.

As of today, 73% of blockchain projects concern the financial sector, which confirms itself as a driver of development, with Internet of Value projects reaching 125, +44% compared to 2024, precisely with new stablecoin issues.

The UK is confirmed as the most mature market in Europe, with 27% of the population, around 12 million citizens, owning crypto-assets, followed by Spain with 14% (4.9mn) and Germany with 11% (6.4mn). Falling in the rankings is France with 9% (3.7mn), while Italy remains further on the sidelines with 7% owning crypto-assets, or about 2.8mn Italians.

A total of 194 Fortune Global 500 companies have adopted blockchain solutions, with a total of 540 projects in recent years, 90 of which were launched in 2025 alone. 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 announced the stablecoin eur-bank. Integration with the Web3 ecosystem continues: Société Générale-FORGE and PayPal have integrated their stablecoins into DeFi protocols such as Morpho, Uniswap and Spark.