The New Phase of Corporate Treasury
Over the past five years, digital assets have steadily moved into the mainstream of corporate treasury management. Bitcoin is no longer seen purely as a speculative tool; it now sits on the balance sheets of an increasing number of publicly listed companies as a strategic reserve. Meanwhile, stablecoins and utility tokens are beginning to capture the attention of traditional enterprises.
Bitcoin and Ethereum: The First Wave of Corporate Reserves
Bitcoin was the earliest digital asset to gain corporate acceptance, driven by its scarcity and its positioning as “digital gold.”
- MicroStrategy (U.S.) stands as the most emblematic case. Since 2020, it has continuously accumulated Bitcoin and, as of 2025, holds approximately 638,460 BTC worth tens of billions of dollars. This has not only reshaped the company’s capital structure but also turned MicroStrategy into a “Bitcoin proxy stock” in the equity markets.
- Marathon Digital Holdings (U.S.), a mining company, retains large quantities of mined Bitcoin as treasury assets, with holdings in the tens of thousands of BTC.
- According to BitcoinTreasuries and Demandsage, around 160 publicly listed companies worldwide now hold Bitcoin, including GameStop (U.S.), Boyaa Interactive (Hong Kong), and Sequans Communications (France).
These examples illustrate that Bitcoin has moved beyond the experimental phase and is now being evaluated by CFOs and boards as a genuine strategic asset.
Stablecoins: The Next Mainstream Candidate
Despite growing adoption, Bitcoin and Ethereum remain highly volatile, limiting their utility as reserve assets. This creates space for stablecoins as a compelling alternative.
Real-World Cases
- Societe Generale / SG-FORGE (France)
In 2025, SG-FORGE launched USD CoinVertible, a U.S. dollar–pegged stablecoin operating on Ethereum and Solana. BNY Mellon serves as the custodian of the reserve assets. This marks the first initiative by a major European bank to issue a stablecoin, signaling that stablecoins have entered the core of traditional finance. - Circle Internet Group (U.S.)
Issuer of USDC, Circle reported an average circulating supply of USD 61 billion in Q2 2025. USDC’s reserves consist primarily of cash and short-term U.S. Treasuries, making it the most institutionally aligned stablecoin to date. - Policy Support: GENIUS Act (U.S.)
The U.S. passed the GENIUS Act in 2025, creating a federal framework for payment stablecoins. It requires issuers to maintain safe, liquid reserves and redemption mechanisms, laying the groundwork for legal corporate adoption.
Corporate Implications
- Cash management: Stablecoins, pegged to fiat, offer low volatility and can complement cash or short-term Treasuries.
- Cross-border settlement: Unlike SWIFT or bank clearing, stablecoins enable near-instant international transfers, reducing costs.
- Regulatory clarity: With compliance frameworks emerging, CFOs are more likely to incorporate stablecoins into treasury operations.
As a result, stablecoins are poised to become, within the next three to five years, the second most widely held digital asset by public companies after Bitcoin.
Utility Tokens: Will Corporates Buy In?
Beyond stablecoins, utility tokens, which grant usage or governance rights without constituting securities, are attracting early interest.
Potential Applications
- Luxury and Fashion: France’s Arianee platform provides brands with “digital product passports.” Tokens are used to mint, authenticate, and trade items in secondary markets.
- Carbon Credits and Energy: Corporates may purchase tokenized carbon credits to offset emissions, supporting compliance and ESG goals.
- Retail and Gaming: Retailers can build cross-brand loyalty programs, while game publishers use tokens for in-game payments and rewards.
Why Would Companies Buy?
- Strategic alignment: Holding a partner’s utility tokens can provide transaction discounts, voting rights, or operational efficiencies.
- Regulatory comfort: Since utility tokens grant access rights rather than securities, they face lighter compliance burdens.
- Operational efficiency: Tokens tied directly to workflows can deliver measurable cost savings and productivity gains.
Forward-Looking Trends
Although most public companies today still hold Bitcoin, signals are clear: stablecoins and utility tokens are moving into view.
- Banks stepping in: SG-FORGE’s issuance and BNY Mellon’s custody demonstrate that traditional finance is building infrastructure.
- Market demand: With supply chains, cross-border payments, and carbon markets going digital, corporates will increasingly need token-based systems.
- Investor perception: Capital markets have already embraced the idea of Bitcoin reserves. Lower-volatility, utility-driven tokens may find even greater acceptance.
Prediction: Stablecoins and utility tokens will gradually be integrated into corporate treasury and strategic operations, especially in cross-border e-commerce, energy, luxury goods, and logistics.
What Should Investors Do?
- Track stablecoin infrastructure
The key question: who provides clearing, custody, accounting, and compliance for corporates? This will be a critical investment theme. - Distinguish real utility tokens
Only tokens genuinely embedded in business processes, such as provenance, loyalty, or carbon credits, are likely to see long-term corporate adoption. - Link to the RWA market
Once corporates accept holding stablecoins or utility tokens on-chain, the leap to tokenizing fund shares, real estate, or storage assets becomes much smaller. This reduces both psychological and technical barriers to the Real-World Asset (RWA) market.
Conclusion
Corporate adoption of Bitcoin is already established, with MicroStrategy, Marathon Digital, GameStop, and Boyaa Interactive among the notable cases. The next phase is emerging: stablecoins, due to their low volatility and settlement efficiency, will become a preferred allocation. Select utility tokens with tangible business use cases may also gain traction, enabling strategic alignment and operational benefits.
As companies grow accustomed to managing and transacting with tokens on-chain, they will be better positioned to embrace real-world asset tokenization. This expands the spectrum of assets corporates can hold, while accelerating the mainstream adoption of RWAs.
For investors, the opportunity is clear: position early in compliant stablecoin ecosystems and identify utility tokens with true business value, to capture advantage ahead of a mature RWA market.