Crypto Biz: Crypto’s biggest business is starting to look a lot like banking
The crypto industry is increasingly resembling traditional finance, with major revenue now coming from stablecoin reserves, tokenized funds and onchain collateral. BlackRock launched tokenized money market products aimed at stablecoin reserve management, strengthening its position in tokenized Treasuries after the GENIUS Act created a federal framework for payment stablecoins. Tether reported $1.5 billion in Q2 profit, driven by returns on US Treasury holdings, while USDT supply still rose despite a broader stablecoin market contraction. Tokenized gold showed resilience during market stress and record trading volumes, but its use as DeFi collateral remains small relative to market size. American Bitcoin, linked to the Trump family, posted record quarterly BTC production and narrower losses, yet remains unprofitable and faces listing and balance-sheet risks.
