Research & Reports

This report outlines how crypto has entered a structurally mature phase, moving beyond boom–bust cycles into steady, institution-led growth. Bitcoin’s traditional four-year halving cycle is weakening as ETFs, corporates, and sovereign allocators provide persistent inflows, reducing volatility and positioning Bitcoin as a macro hedge rather than a speculative asset. Crypto ETPs are projected to surpass $400B in assets, while stablecoin supply is expected to reach $1 trillion,

As digital money moves from experimentation to policy reality, central bank digital currencies and stablecoins are increasingly viewed as complementary rather than competing instruments. This article examines how their coexistence depends less on instrument design and more on the trust infrastructure that connects monetary systems.

India’s financial ecosystem is evolving from digital inclusion to digital trust. As Aadhaar, UPI, DigiLocker, and ONDC mature into interoperable systems, the next phase will link institutions, assets, and registries through common standards. This piece examines how policy, technology, and trust frameworks are converging to define India’s new financial architecture.

This report highlights a strong resurgence in the crypto industry driven by both technological and market momentum. Developer activity across key blockchain ecosystems continues to rise, with Ethereum maintaining its dominance while newer platforms like Solana, Base, and Near show significant growth. The report emphasizes that this “builder energy” is fueling innovation across decentralized finance (DeFi), Web3 applications, and infrastructure, setting the stage for mainstrea

The report presents a cautiously optimistic outlook for crypto markets heading into Q4 2025. Despite a sharp leverage correction in October, analysts remain positive due to strong liquidity, potential U.S. Federal Reserve rate cuts, and growing regulatory clarity. Institutional participation, particularly from digital asset treasury companies (DATs) that now hold around 3.5% of Bitcoin’s and 3.7% of Ethereum’s supply, continues to underpin demand. However, uncertainties like

The study surveys notable case studies, including Georgia’s national blockchain registry, Sweden’s property transfer automation, Brazil’s municipal pilots and Switzerland’s DLT-regulated real estate markets to draw cross-country policy lessons. Beyond the technology, the analysis focuses on institutional governance, regulatory coherence, and stakeholder integration as key determinants of sustainable implementation. It argues that blockchain’s role lies not in decentralization

Published by Citi Institute Global Perspectives and Solutions (GPS), September 2025 The Citi GPS report “Stablecoins 2030”  provides a...

The Digital India Foundation and the Sutra consortium convened a high-level roundtable in New Delhi to explore the role of blockchain in...