The digital asset market rose in 2025 as institutionalisation gathered pace, centred on the United States. Stablecoins shook markets at home and abroad as companies moved to use them in real-world finance, while policy moves in the United States underpinned expectations of deregulation. In South Korea, user protection rules took hold and a roadmap for corporate investment was presented, but broader legislation and stablecoin institutionalisation remained stalled. Tokenised treasuries and tokenised deposits gained traction.

New integrated management account (IMA) products at brokerages sold out shortly after launch, helped by yields around 4 percent that are higher than bank time deposits while offering structures that effectively protect principal. The early success is drawing attention to whether it could trigger larger fund shifts from banks to brokerages, alongside retirement pension transfers that allow customers to switch providers without cancelling existing products. Banks are highlighting taxes and liquidity limits to defend deposits.