In July 2025, the United States enacted the GENIUS Act (The Guiding and Establishing National Innovation for US Stablecoins Act), the first comprehensive federal framework for regulating stablecoin payment tokens. A stablecoin is essentially a digital dollar (or any other currency) on a blockchain, designed to keep its value steady by being backed 1:1 with traditional assets such as US dollars or Treasuries. It is a landmark piece of legislation that not only brings long-awaited clarity to the market but also positions the dollar as the dominant currency of the digital era. By setting strict rules around reserves, licensing, and transparency, the law legitimises stablecoins as digital payment instruments while safeguarding financial stability. The Act answers a simple but crucial question: how do you allow innovation in digital money without losing trust in the financial system? In many ways, it achieves that balance.

After several years of volatility, the European listed real estate market appears to have reached a turning point in 2025. Fundamental indicators have stabilised, financing costs have decreased, and valuations remain attractive from a historical perspective. All of this creates a favourable environment for a new growth cycle.

We previously highlighted the conundrum of European value stocks, particularly banks, trading near their lowest valuations despite boasting their strongest fundamentals in over two decades. Despite continued outperformance, there remains significant potential for a valuation catch-up as investors reassess banks' strategic role in the energy transition.