By: Editorial Team, StoneX Media
For much of its history, the digital asset market advanced faster than the rules meant to govern it. That imbalance discouraged banks, brokers, and asset managers from committing capital despite growing client demand. In 2025, regulatory frameworks across major jurisdictions began to close that gap, reshaping digital assets into something operational rather than experimental. The shift changed not just who participates, but how digital assets are used inside financial systems.
Brian Mulcahy, StoneX Digital CEO, brings a market-structure perspective shaped by institutional adoption, regulatory licensing, and the evolution of digital assets as financial infrastructure.
Digital assets developed for years without a clear regulatory perimeter, creating friction for institutions bound by fiduciary and compliance obligations. Mulcahy notes that regulation now provides the stable foundation required to deploy capital at scale, explaining that “regulatory certainty is that stable foundation” for building sustainable markets. Frameworks such as MiCA in Europe and stablecoin legislation in the US removed existential risks for banks and brokers previously sidelined by enforcement uncertainty. Once participation no longer threatened core businesses, institutions were able to integrate digital assets into existing workflows.
While tokenization and blockchain infrastructure promise long-term efficiency gains, stablecoins delivered immediate economic value through settlement and liquidity. Mulcahy highlights that institutional focus shifted once stablecoins proved capable of supporting real-world money movement, noting that “this is actually specifically in support of settlement money movement”. By reducing idle capital trapped in settlement cycles, stablecoins aligned directly with institutional incentives around efficiency and balance sheet optimization. That practical utility, rather than innovation appeal, explains why stablecoins became the fastest-growing segment of regulated digital finance.
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--- Written by Frédéric Guétin, StoneX TV Producer
--- Expert: Brian Mulcahy, StoneX Digital CEO
Cryptocurrency is a digital representation of value that functions as a medium of exchange, a unit of account, or a store of value, but it does not have legal tender status. Cryptocurrencies are sometimes exchanged for government backed currencies (known as fiat) or other currencies around the world, but they are not generally backed or supported by any government or central bank. Their value is completely derived by market forces of supply and demand, and they are more volatile than traditional currencies. Cryptocurrencies are not covered by either FDIC or SIPC insurance. Legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency. Purchasing cryptocurrencies comes with a number of risks, including volatile market price swings or flash crashes, market manipulation, and cybersecurity risks. In addition, cryptocurrency markets and exchanges may not be regulated with the same controls or customer protections available in equity, option, futures, or foreign exchange investing. Cryptocurrencies are not regulated by the Securities Exchange Commission (SEC), FINRA, or the Commodity Futures Trading Commission (CFTC). These views are subject to change at any time based upon market or other conditions, and StoneX Group Inc. disclaims any responsibility to update such views. Past performance is no guarantee of future results. The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. StoneX Digital LLC (“SXD”) is a subsidiary of StoneX Group Inc. and is dedicated to providing institutional clients with access to multiple products and services for digital assets. SXD is not a registered broker-dealer or futures commission merchant subject to federal securities or commodity regulations and does not solicit securities or futures. SXD seeks to provide institutional clients the flexibility and tools to interact with markets on their terms and enable them to trade cryptocurrencies.
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