The digital asset landscape is constantly evolving, and a standardized framework is essential for professional analysis. The latest mid-year review of the Digital Asset Industry Classification Standard (DAICS®) provides a transparent system for categorizing cryptocurrencies and asset-backed tokens. This update reflects significant shifts in the top 50 digital assets by market capitalization over the past 90 days, offering a clear snapshot of the current market structure.
This classification system is vital for investors, analysts, and developers seeking to navigate the complex digital economy. It brings much-needed clarity and standardization to an often-opaque market.
Key Changes in the 2025 DAICS® Mid-Year Review
The latest review introduces several important modifications to the classification standard, impacting both the listed assets and the structure of the categories themselves.
Cryptocurrency Membership Changes
The DAICS® framework covers the top 50 digital assets by market capitalization, representing approximately 97.53% of the entire digital asset market. This mid-year review sees a reshuffling of constituents, with several new entrants and departures.
New Additions to the DAICS® 50:
- Hyperliquid (HYPE)
- Pi (PI)
- Bitget Token (BGB)
- Mantra (OM)
- Ondo (ONDO)
- Gate Token (GT)
- Official Trump (TRUMP)
- Ethena (ENA)
Assets Removed from the DAICS® 50:
- Artificial Superintelligence Alliance (ASI)
- Stacks (STX)
- Dogwifhat (WIF)
- Arbitrum (ARB)
- ImmutableX (IMX)
- Injective Protocol (INJ)
- Optimism (OP)
- Fantom (FTM), which has been renamed to Sonic (S)
These changes are based on rigorous 90-day market capitalization rankings and will take effect on July 18, 2025. 👉 View real-time market data and rankings
Structural Updates to the Classification Framework
The core structure of DAICS® remains robust, maintaining five top-level industries for cryptocurrencies. However, a significant new sector has been introduced to reflect emerging market trends.
Industry Weightings:
- Payment (110): 78.35%
- Infrastructure (120): 15.78%
- Financial Services (130): 4.17%
- Technology and Data (140): 0.24%
- Media and Entertainment (150): 1.46%
The number of sectors within these industries has increased from 16 to 17. The key addition is a new sector under Financial Services (130) called Financial Asset Tokenization (13040).
This new sector encompasses first or second-layer network protocols focused on the tokenized issuance and management of financial assets. This includes real-world assets like government bonds, real estate, stablecoins, and synthetic financial instruments. The emphasis is on compliance, institutional integration, fractional ownership, and financial product innovation. It is important to note that the cryptocurrencies in this sector are not directly pegged to the underlying physical assets.
Spotlight on Sustainable "Green Coins"
A notable feature of the DAICS® standard is its identification of "Green Coins." These are cryptocurrencies recognized for their energy efficiency, specifically those whose energy consumption per transaction falls within the top 20% of the lowest-consuming assets in the DAICS® 50. The current threshold is 0.005 Watt-hours (Wh) or less per transaction.
The following cryptocurrencies are classified as green in this review:
| Industry | Low Energy Consumption (≤ 0.005 Wh per transaction) |
|---|---|
| Payment (110) | DAI (G), USDe (G), KAS (G), FDUSD (G) |
| Financial Services (130) | LEO (G), OKB (G), AAVE (G) |
| Technology and Data (140) | TAO (G) |
| Media and Entertainment (150) | PEPE (G) |
This focus on sustainability helps highlight projects that are prioritizing energy-efficient consensus mechanisms, which is a growing concern for institutional and environmentally-conscious investors.
The State of Asset-Backed Tokens (ABTs)
While a framework exists for Asset-Backed Tokens (ABTs) within DAICS®, which categorizes them into six asset classes (Cultural, Real Estate, Financial, Entertainment, Natural Resources, and Green Economy), no specific ABTs have been classified in this review cycle.
The market share of ABTs, while growing, remains a small fraction of the total digital asset ecosystem. As of June 6, 2025, ABTs represented just 0.67% of the total digital asset market capitalization, a notable increase from 0.11% in the second half of 2024. This indicates a nascent but expanding segment of the market.
Frequently Asked Questions
What is the DAICS® classification standard?
DAICS® is a comprehensive classification system for digital assets. It categorizes assets into two main types: cryptocurrencies and asset-backed tokens. Each type is further broken down into a three-tier system of industries, sectors, and subsectors, providing a standardized framework for analysis.
How often is the DAICS® list updated?
The DAICS® classification is reviewed semi-annually. The changes announced in the mid-year 2025 review are based on 90-day market capitalization data and will become effective on July 18, 2025.
What are "Green Coins" in the DAICS® system?
"Green Coins" are cryptocurrencies that rank in the top 20% of the DAICS® 50 for energy efficiency. The current benchmark is a consumption of 0.005 Wh or less per transaction. This designation helps identify projects with more sustainable operational models.
Why was a new Financial Asset Tokenization sector added?
The new sector was added to reflect the rapid growth and institutional interest in tokenizing real-world financial assets like bonds and real estate. It creates a dedicated category for protocols focused on the compliant issuance and management of these tokenized assets, separating them from other financial services.
What is the difference between a cryptocurrency and an asset-backed token (ABT) in DAICS®?
Cryptocurrencies are primarily native digital assets used for payments, utilities, or governance within a blockchain network. Asset-Backed Tokens (ABTs) are digital representations of ownership or debt backed by a tangible underlying asset from the real world, such as real estate, commodities, or financial securities.
Where can I find the full technical details and definitions?
The complete methodology, including principles and detailed classification guidelines for all industries, sectors, and asset classes, is available on the index provider's official website. 👉 Explore more strategies and detailed frameworks