By late 2025, major financial institutions were using Ethereum to support tokenized dollars, T+0 settlement and onchain fund administration, often without naming the network. The period included quarterly throughput above $5 trillion, a stablecoin market cap at $300 billion after July 2025 legislation, and JPMorgan’s MONY money market fund going live on Ethereum in December 2025.

On Dec. 9, 2025, Twenty One Capital began trading on the NYSE under ticker XXI and fell 19.97% by the close. The stock opened at $10.74 versus the SPAC's prior $14.27 close, finishing at $11.96 and trading close to the value of its Bitcoin holdings. The first-day action signaled limited appetite for premiums over BTC net assets.