De Gaulle Fleurance publishes its Observatory, “Finance on-chain: the Digital Revolution in Finance”.
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De Gaulle Fleurance presents the 2nd edition of its Digital Transitions Observatory with contributions from Circle, Kulipa, EuroSX, GOin, Dowgo, Cube 3, Bitstack as well as Banque Delubac & Cie, ADAN and Briard & Bonichot. The event will be opened by a representative of the French Treasury.
This Observatory comes at a time when new European regulations such as MiCA (Markets in Crypto-Assets), DORA and the Pilot Regime, are reshaping the landscape of on-chain finance.
With the rise of blockchain technologies and the increasing integration of crypto assets into traditional investment models, this Observatory shines a light on the impact of these revolutions for both traditional players and new entrants, and for the on-chain finance market in general. The proliferation of crypto asset platforms, the development of stablecoins and the tokenization of crypto-assets and financial instruments are all symbols of the upheaval underway.
Key figures from the Observatory
- The MiCA regulation entered into force in two stages: 30th June 2024 for EMIs (Electronic Money Institution) and 30th December 2024 for CASPs (crypto-asset service providers);
- The Pilot Regime entered into force on 23rd March 2023;
- 68 CASPs authorized in the European Union, including 7 French CASPs;
- 15 Electronic Money Tokens issuers approved in the European Union, including 3 in France;
- 5 entities currently operate under the “Pilot Regime” in the European Union (1 in France at this stage);
- Symbolic rise in the value of Bitcoin to over $100,000;
- The annual volume of stable coin transactions in 2024 exceeded the transaction volume of Visa and Mastercard combined.
- Total stablecoin market capitalization jumped by 63% from $138 billion to $225 billion between February 2024 and 2025;
- Dollar-backed stablecoins account for 99% of the market, with issuers holding nearly $120 billion in US Treasury bonds;
- In February 2025, the number of active addresses – i.e. users – using stablecoins was 30 million, up by more than 50% year-on-year;
- Over 90% of stablecoin transactions remain non-organic[1] (corresponding to automated trading rather than real-world payment);
- The EFAMA report anticipates a market worth €2 trillion by 2030 and up to €4 trillion in an accelerated scenario for the tokenization of fund shares, in particular money market fund (MMF) shares;
- Assets under management reached $254 billion in October 2025, including $195 billion in Bitcoin.[2]
Convergence between traditional finance and finance on-chain
"Blockchain technology is set to revolutionize finance at an astonishing rate. And there seems to be no stopping this momentum. All the legal tools are now in place at European level, and many countries are actively considering similar regulations. The technological revolution of blockchain, which has been compared to that of the internet, is profoundly transforming all aspects of finance"
The Observatory identifies an inevitable transformation of traditional finance, affecting payments, investment and financing services, financial markets and asset management.
In response to these developments, traditional financial institutions are starting to offer services based on crypto-assets and are exploring the opportunities offered by blockchain to automate certain processes, such as the settlement-delivery of financial instruments. A way of gradually integrating crypto assets into investment portfolios.
"Early on, we recognized that blockchain would radically transform the banking and financial sector,"
At the same time, the pure players of the Web3 are broadening their scope and in turn investing in the traditional finance sector.
Several factors contribute to this dynamic. The arrival of clear regulations reassures stakeholders and gives crypto actives greater legitimacy. In addition, banks and investment funds are seizing the potential of blockchain to improve efficiency, transparency, liquidity and security of trading. They are developing “native” solutions designed for this new infrastructure.
This growing convergence between traditional players and new entrants is shaping the outline of a radical transformation of the financial landscape.
Structural regulation
Against this backdrop, regulation is becoming a major strategic issue. It is redefining the balance, offering a decisive competitive advantage to players who comply with the new standards and initiating a restructuring of the market.
"The MiCA regulation will inevitably lead to a form of market filtering,"
The Observatory analyzes developments in the regulation of crypto assets in France and Europe. The MiCA regulation is helping to secure investments and structure a competitive market across the European Union.
"The CASP license paves the way for international expansion and allows us to operate across all EU Member States,"
"Obtaining the authorization is seen as a strategic prerequisite and a strong, sustainable competitive advantage,"
"Our MiCA approval is a great achievement for a start-up of our size, and proof that it is possible to achieve a high level of regulatory compliance without being a large institution,"
At the same time, the European Pilot Scheme, launched in 2023, will enable large-scale testing of the tokenization of financial instruments, with temporary exemptions from traditional regulations to establish a truly liquid market for these financial assets. This experimental phase is essential to validate the technologies and operating models before mass deployment.
"The pilot scheme gives us a competitive advantage, as we are one of the first entrants into a market which is still relatively unexploited,"
"The DLT pilot scheme is a major step forward. Thanks to blockchain, it is possible to combine deposit clearing and stock market trading functions on a single infrastructure,"
Across the pond, regulations are also being implemented. “The recent adoption of the GENIUS Act in the United States is a major step forward,” states Dante Disparte, Chief Strategy Officer, Head of Global Policy and Operations at Circle.
Competition on a global scale
"Stablecoins are set to become an essential building block of tomorrow's digital financial infrastructure,"
Acting as a bridge between traditional and digital financial systems, stablecoins enable crypto assets to be backed by stable fiat currencies (such as the dollar or the euro), making it easier for them to be adopted for payments. They are also key to the liquidity of on-chain markets.
But behind their development lies a major geopolitical issue. Dollar-backed stablecoins largely dominate the market, reinforcing the monetary hegemony of the United States in the digital economy. This situation is worrying some European stakeholders, who see a risk of increased dependence on American issuers, whether private or backed by financial institutions.
"Stablecoins backed by strong currencies such as the euro or the dollar are a major lever of economic and political influence,"
In this context, Europe, thanks to its attractive regulations, must maintain and attract innovation on its territory and support issuers of stablecoins backed by the euro in order to restore the balance of power while promoting the emergence of an integrated digital market on a European scale. This is the objective and the whole point of the MiCA regulation and the creation of the status of Electronic Money Issuer.
"The European Union must define its own long-term strategy, both to support innovation and to preserve its monetary sovereignty,
[1] Visa Onchain Analytics Dashboard https://visaonchainanalytics.com/
[2] Crypto ETFs shatter all records: $5.95 billion invested in one week
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