36% of industry participants are live with DLT today

Over one-third of the market are now using on-chain applications in production. This is no longer about a leap, a spike, a promise, but steady growth - and a trend that holds true in our findings over the past 4 years. As confidence and appetite continues to grow we see participation and production deepen. Existing DLT users are committing more resources, processing higher volumes and adding functionality. And this is hardly a surprise given two-thirds of current users say DLT and digital assets outperform traditional equivalents.

DLT participants in 2025 are also forging broader ecosystems, as tangible proof of the power of connection, establishing the future foundations for the industry. The number of participants per initiative is climbing, as interests align to build a coherent, global digital asset ecosystem.

The objectives? To connect disparate and isolated pools of digital liquidity. Another is to improve asset mobility, as shown by the continued keen interest in bonds and now in stablecoins also. In 2025, it is evident that assets with real world utility as collateral, for pledging or in payments have superseded earlier explorations of FX and private assets. The DLT ecosystem and its participants are maturing.

Real business is now getting done with DLT, and it’s creating new opportunities. Over 40% of respondents are using DLT to drive new product revenues, doubling from just a year ago. The business case for DLT has finally moved beyond operations and technology and into sales and business development.

The first waves of DLT are established, the regulatory landscape is rapidly evolving to finally keep pace with the innovation and the high profile product successes. With that comes a renewed focus on learning & development – likely signalling the emergence of the next wave of users as DLT becomes more deeply embedded in the real-world.

The 2025 data was often surprising. Let’s see what we discovered.