What happened this week in the world of blockchain and cryptocurrencies? The most relevant local and international developments as well as insightful background reports, concise and to the point in the weekly review.
Selected articles of the week:
Crypto investment products collected global net inflows of $47.2 billion in 2025. This according to the annual report from asset manager CoinShares. The sum falls just short of the record $48.7 billion from the previous year. However, a notable trend shift emerged in allocation patterns: Bitcoin products recorded a 35 percent decline to $26.9 billion. Ethereum dominated with inflows of $12.7 billion, up 138 percent. Solana and XRP posted even stronger gains at 1,000 and 500 percent respectively. The United States remained the dominant market with $42.5 billion. Germany reversed course from net outflows to inflows of $2.5 billion. Switzerland recorded a solid $775 million.
Crypto funds recorded inflows of $47.2 billion in 2025. Ethereum, Solana and XRP grew strongly, while Bitcoin inflows fell 35 percent.
Morgan Stanley Becomes First Major US Bank to Enter ETF Issuance
US investment bank Morgan Stanley filed two S-1 registration applications with the SEC for proprietary Bitcoin and Solana ETFs. The Morgan Stanley Bitcoin Trust will hold the cryptocurrency directly, without using derivatives or leverage. The Solana Trust additionally plans to stake a portion of its held tokens. This move makes Morgan Stanley the first major US bank to enter the crypto market as an ETF issuer. Previously, the firm limited itself to distributing products from external providers like BlackRock and Fidelity. The bank manages $1.81 trillion in its investment management division. The US spot Bitcoin ETF market recently reached total assets of $123.5 billion.
Morgan Stanley becomes the first major US bank to file applications for Bitcoin and Solana ETFs. The bank manages $1.8 trillion in AUM.
US Banking Committee Schedules Vote on Crypto Market Structure Bill
The US Senate Banking Committee plans a vote next week on the Crypto Market Structure Bill. Committee Chairman Tim Scott intends to bring the draft to a vote despite unresolved disputes. The legislation aims to establish the first regulatory framework for digital assets in the United States and clarify jurisdictions between the SEC and CFTC. Ethics rules for politically exposed persons with crypto holdings, yield models for stablecoins, and regulation of decentralized finance protocols remain contentious. A positive vote would advance the draft for consideration by the full Senate. Final passage, however, requires additional procedural steps in the House of Representatives.
US Senate plans decisive vote on comprehensive crypto legislation – disputes over DeFi, stablecoins, and ethics remain unresolved.
Wyoming Launches First State-Issued Stablecoin in the US
Wyoming completed the operational launch of the Frontier Stable Token (FRNT), bringing the first state-issued stablecoin in the United States to market. The fiat-backed token is fully collateralized by US dollars and short-term Treasury securities. Asset manager Franklin Templeton manages the reserves. FRNT runs natively on the Solana blockchain and is accessible on six additional networks via bridge solutions. Trading takes place on the Kraken exchange. Interest earnings from the reserves flow to the state and are designated for public purposes such as education. With this project, Wyoming positions itself as a pioneer in government-issued digital payment instruments.
Wyoming launches FRNT, the first US state-issued stablecoin, fully backed and usable across multiple blockchains.
Swiss Crypto Taxes 2025: What Investors Need to Know Now
In addition: Tax season 2025 is upon us, and the Swiss Federal Tax Administration delivers the crucial figures: Bitcoin closed the year at CHF 69,571.99, Ethereum at CHF 2,364.08. For Swiss private investors, the tax environment remains attractive. Capital gains are tax-free as long as one is not classified as a professional trader. The FTA defines clear guidelines: minimum six-month holding period, no debt financing, and trading volume below five times the portfolio value at the start of the year. However, those who stake or receive airdrops must declare these earnings as income. Cantonal wealth tax rates range between 0.3 and 1 percent, with Zug remaining particularly favorable. The filing deadline is March 31, 2026.
Crypto Taxes Switzerland 2025: FTA rate list with Bitcoin at 69,571 CHF, wealth tax and practical tips for the 2025 tax return.
