DATs Surge as Spot Bitcoin ETFs and Stablecoins Reshape 2025

• Digital Asset Treasuries (DATs) now dominate corporate balance-sheet strategy.
• Spot ETFs and stablecoin laws provide a framework for institutional adoption.

On September 29, 2025, Cointelegraph reported that Digital Asset Treasuries (DATs) have moved from an experimental strategy to a corporate standard, driven by the approval of spot Bitcoin and Ethereum exchange-traded funds (ETFs) and robust new federal laws.

The regulatory landscape has been shaped by two key laws, the GENIUS Act and the Stable Act. The GENIUS Act, enacted in July 2025, introduced stringent federal oversight for payment stablecoins. It requires stablecoin issuers to maintain reserves 1:1 with high-quality liquid assets, conduct routine audits, and comply with anti-money laundering (AML) provisions and consumer protection controls. The law restricts stablecoin issuance to insured depository institutions and other approved entities under the Federal Reserve's supervision.

The Stable Act, passed in April 2025, complements the GENIUS Act by refining the legal framework for stablecoins. Together, these statutes provide robust regulatory structures, enabling broad adoption of stablecoins as a foundational element in payment and settlement systems. Cointelegraph noted this legal certainty as pivotal for encouraging banks, card networks, and fintech companies to integrate dollar-backed tokens within financial infrastructures.

Clearer accounting standards for crypto assets have further supported DAT adoption by reducing risk for public companies. These standards now allow firms to apply fair-value reporting, aligning the valuation of tokenized holdings with corporate market metrics. Institutions have particularly leveraged tools like the "mNAV flywheel" for comparing market capitalization against their token holdings.

The competition in stablecoin infrastructure has highlighted TRON's leadership due to its operational efficiency and strong presence in emerging markets. TRON has processed higher USDT transfer volumes in both count and value than its competitors, aided by its EVM compatibility and integration with major exchanges. Cointelegraph emphasized that this development has locked in users and liquidity within TRON's ecosystem.

Stablecoins have also reshaped cryptocurrency exchanges' competitive strategies. HTX has enhanced its position by offering innovative services such as the "Verified Station" for trusted OTC merchants and reimbursement policies for stablecoin off-ramps. By mid-August 2025, HTX recorded $38 billion in year-to-date spot trading volume for new listings, reflecting the growing demand for stablecoin liquidity.

As of September 29, 2025, 15:08 UTC, Bitcoin (BTC) is trading at $114,083.841, with a 3.833% increase in 24-hour trading volume. Ethereum (ETH) is trading at $4,192.316, with a 4.223% rise. TRON (TRX) is valued at $0.336, with a 0.159% decrease. Meanwhile, Tether USDt (USDT) maintains its peg at $1.001, reflecting a 0.026% increase in 24-hour trading volume. Data is sourced from the latest CoinMarketCap update.