If 2024 is the year of the cryptocurrency revival, then 2025 will be a key year for the industry to gain regulatory recognition, with public opinion shifting from speculation to financial market infrastructure.
Here are the core winners of 2025:
The United States and Trump: Shifting the industry's focus by defining stablecoins through the "GENIUS Act," issuing an executive order on Bitcoin reserves, and promoting leadership changes at the SEC/CFTC to clear regulatory hurdles.
Spot ETFs: IBIT ranks among the top 10 ETFs in the U.S. for inflows, surpassing traditional giants; the SEC approves universal listing standards to simplify approvals, leading to the emergence of ETFs for Ethereum, Solana, XRP, and others.
Solana: Shedding the "beta" label, on-chain trading volume ranks at the top for three consecutive months, transforming into a global liquidity layer, shifting from competing with Ethereum to benchmarking against Nasdaq.
Ripple: Ending the long-standing lawsuit with the SEC, the narrative shifts to "liquidity engine" and launching a spot ETF; Ripple invests $4 billion to acquire traditional financial infrastructure, transforming into a full-stack institutional payment giant.
RWA: Transitioning from pilot projects to key infrastructure, BlackRock's BUIDL fund becomes an over-the-counter collateral, with tokenized asset scale exceeding $20 billion, as traditional financial giants enter the space.
Stablecoins: Market capitalization surpasses $300 billion, with holders reaching a historic high of 200 million, becoming the global fintech settlement layer; the "GENIUS Act" provides legal clarity for banks to enter the market.
Hong Kong: The ETP market ranks third globally, with an average daily trading volume of HKD 37.8 billion; the VATP licensing system is well-established, and stablecoin regulations attract over 30 applicants.
Base: Leveraging Coinbase's large user base, it becomes the preferred platform for consumer applications and stablecoin experiments, bridging the on-chain world with a compliant environment.
Zcash and Privacy: Zcash leads privacy coins in shedding the "illegal" stigma, becoming one of the best-performing sectors of the year, accelerating Ethereum's privacy protection process, with the SEC discussing compliance frameworks with it.
Perpetual DEX: On-chain derivatives break the trust gap, successfully capturing trading volume from CEXs, with the rise of DEXs like Hyperliquid marking the maturity of the DeFi market structure.
Prediction Markets: Platforms like Kalshi and Polymarket set records, with traditional institutions like Gemini and Coinbase entering the space alongside crypto companies, bridging the gap between speculation and finance.
Early Believers: Having endured the industry's winter and regulatory pressure, they ultimately gain validation, entering the market ahead of institutions like BlackRock.
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