The landscape of digital assets is undergoing a transformation more profound than most observers anticipated even six months ago. In a rapidly evolving sector often known for hype cycles and speculative froth, July 2025 brought a rare convergence of institutional momentum, regulatory clarity, and technological innovation – in the spotlight, amongst others – Coinbase. The monthly edition of Bitcoin, Fiat & Rock’n’Roll, a European digital finance podcast, offered a comprehensive, if at times exuberant, look at what appears to be a turning point for crypto—and perhaps for money itself.
Among the most striking developments was the resurgent narrative around Ethereum. Long overshadowed by Bitcoin’s dominance and sometimes dismissed as “too complex to explain,” the second-largest blockchain by market capitalization is having a moment. In July, Ethereum’s price surged by 50%, and its institutional cachet followed. Over $5.4 billion flowed into Ethereum ETFs, nearly matching Bitcoin’s $6.1 billion for the same period. For the first time, analysts are beginning to speak of Ethereum not just as an “alternative” crypto asset, but as digital infrastructure for global finance—so essential, in fact, that some have begun referring to ETH as “digital oil.”
That branding is no accident. Former Ethereum Foundation figures like Andrew Keys are now launching corporate vehicles—“Digital Asset Treasury” companies, or DATs—that hold, stake, and deploy ETH in ways that mirror the long-standing strategy of MicroStrategy with Bitcoin. These developments point to a broader narrative shift, one that frames Ethereum not simply as a speculative asset, but as a productive one underpinning tokenized stocks, stablecoins, and decentralized finance.
Bitcoin, for its part, has hardly faded. It reached a new all-time high of $118,000 in July, with over 200 companies now reporting BTC on their balance sheets. BlackRock’s iBIT ETF alone has amassed $90 billion in assets under management. If these numbers once seemed fantastical, they now feel like mere milestones on a longer journey toward mainstream integration.
And nowhere is that mainstreaming more evident than in the strategic repositioning of Coinbase. Once a straightforward crypto exchange, Coinbase is now signaling a platform ambition that could reshape how everyday users interact with digital assets. The company unveiled its “Base App,” a self-described “super app” that merges trading, payments, social media, and even creator tools under a single UX layer. It is integrated with Apple Pay, powered by open protocols like Farcaster and XMTP, and promises cashback rewards on USDC transactions. Whether it becomes crypto’s version of WeChat or merely another overambitious fintech experiment remains to be seen.
Coinbase’s parallel acquisition of token management platform Liquifi, and its partnership with AI firm Perplexity, reinforce the shift toward a services-first model for institutions and consumers alike. In tandem, these moves suggest that Coinbase is positioning itself not just as a gateway to crypto, but as the infrastructure behind a tokenized economy.
Meanwhile, regulators are no longer sitting still. The U.S. Congress made unprecedented progress on digital asset legislation, passing the GENIUS Act—a long-awaited framework for USD stablecoins. The law allows issuance by regulated banks and trust institutions, effectively ruling out big tech players like Amazon and Walmart, while welcoming foreign issuers under compatible regimes such as the EU’s MiCA. In contrast to the EU’s caution, the U.S. appears to be laying out a red carpet for dollar-denominated stablecoins—a move that some argue serves both financial innovation and soft power objectives.
Indeed, euro-based stablecoins remain rare, but perhaps not for long. Germany’s AllUnity, a joint venture by DWS, Flow Traders, and Galaxy Digital, officially launched its EuroAU token under MiCA compliance. For now, it will be traded against BTC and USDC on Bullish, but broader integrations are expected.
Equally significant was the unexpected push into tokenized equities. Robinhood announced 200 tokenized stocks and ETFs available to European customers—tradable around the clock, with instant settlement and zero commission. While the offerings drew regulatory scrutiny from Lithuania and skepticism from OpenAI (whose shares were included without apparent approval), the move has reignited questions about how retail access to U.S. markets is being reshaped in a post-token world.
Episode on Genius Act vs MiCAR
FAZ article on Genius Act vs MiCAR (German)
FAZ article on Genius Act vs MiCAR (English)
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Knowledge Bite Jonas: Crypto Tracker
Knowledge Bite Alex: ECB blog post by Juergen Schaaf
Knowledge Bite Michael: Economis article “The world should follow Trump’s lead on stablecoins”
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