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Where Is Crypto Headed in 2025?
Despite macroeconomic challenges in 2024, crypto and financial markets saw opportunities and hurdles. A landmark event was the U.S. approval of Bitcoin Spot exchange-traded funds (ETFs), the most successful ETF launch in history a few months before the Halving event. Yet, summer selloffs driven by major liquidations and geopolitical tensions tempered market enthusiasm. More recently, macro conditions have improved with easing inflation and central banks worldwide cutting interest rates, giving a lift to assets like Bitcoin and pricing in the highly anticipated pro-crypto regulatory environment brewing for 2025.
While no one can predict the future with absolute certainty, we’ve developed 12 key predictions to outline our market outlook for 2025 – here are three of them, and you can read more in our full report just released yesterday!
Download the State of Crypto: Market Outlook 2025
1) Another nation-state will adopt Bitcoin as a strategic reserve asset The investor sentiment is evident in the chart below, displaying the accumulation of long-term Bitcoin holders, with assets unmoved for at least 155 days, hedging against monetary debasement and market turmoil. In 2025, we expect countries like Argentina to adopt Bitcoin as a strategic reserve asset. Argentina aims for a zero-debt budget by 2025; therefore, a crypto-forward agenda and President Milei’s collaboration with El Salvador’s President Nayib Bukele may signal broader Bitcoin adoption.
2) Ethereum’s revenue renaissance will begin in 2025, as its scalability solutions invite more demand for blob space: a storage area on Ethereum for large data chunks called “blobs,” helping Layer 2 (L2) solutions process transactions faster and cheaper by reducing the main blockchain’s workload. We explect L2s to drive the next wave of Ethereum’s adoption, funneling fees back to Ethereum’s mainnet and fueling its growth. Adjustments like raising BLOB fees and revenue-sharing agreements with L2s could further strengthen Ethereum’s economic sustainability.
3) Revenue-sharing will completely change the investment case for DeFi. The chart below highlights the trading volume trends of leading decentralized exchanges (DEXs), showing consistent activity in DeFi despite market volatility. Uniswap dominates the space, with occasional spikes likely tied to market events. The narrative emphasizes DeFi’s resilience and the potential for significant changes in 2025. Uniswap’s Unichain initiative could redefine its token utility, signaling a broader shift in DeFi towards fee-sharing mechanisms and enhanced token economics, particularly under a favorable regulatory regime.
As the year winds down and the holiday season begins, there’s no better time to dive into the transformative trends shaping blockchain’s future.
From Bitcoin’s bustling ecosystem of scalability solutions to the rise of protocols directly competing with existing infrastructure networks, the shifts in adoption and technology are impossible to ignore.
Grab a cup of cocoa, settle into a cozy spot, and explore our full report to uncover what’s next for DeFi, Layer 1 networks, and beyond. Let’s shape the conversation heading into 2025—happy reading!
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Stablecoins are digital currencies tied to assets like the U.S. dollar, offering the price stability needed for payments. They maintain their peg by being backed 1:1 by their underlying fiat currency, with issuers holding equivalent amounts in cash and cash equivalents, making stablecoins a digital representation of those reserves. Their market has doubled to over $235 billion, with daily usage nearly doubling in two years.
Why are stablecoins making headlines now?
Due to their clear product-market fit and growing mainstream adoption, stablecoins have become a top priority for regulation, with both industry leaders and policymakers calling for swift action.
On April 4, the Securities and Exchange Commission’s Division of Corporation Finance finally clarified that stablecoins are not securities if backed one-for-one by USD or similar assets and used for payments or value storage. These “Covered Stablecoins” are not marketed as investments, lack profit incentives, and include protections like reserves, making securities law registration unnecessary for issuance or redemption.
The GENIUS Act, introduced in February and advanced by the U.S. Senate Banking Committee in March, marks a major step toward creating a clear legal framework for stablecoin issuance and oversight. This clarity is driving momentum as Fidelity is set to launch its own stablecoin, and Bank of America is preparing to follow it once legislation is finalized.
Globally, the European Union’s Markets in Crypto Assets (MiCA) framework has already come into effect, reinforcing a broader shift toward formal integration of stablecoins into traditional finance. These developments reflect a growing consensus that stablecoins are emerging as essential infrastructure for global payments, treasury management, and digital asset adoption.
What are the benefits of stablecoins?
Stablecoins are digital currencies designed for fast, low-cost, and stable transactions. Since their launch in 2014, they’ve become a go-to tool for online payments, especially cross-border transfers. As they’re pegged to stable assets like the U.S. dollar or euro, they avoid the wild price swings seen in other cryptocurrencies.
They’re accessible to anyone with internet, making them especially valuable in regions with high inflation or limited banking access, like Argentina or Turkey.
With some built on public blockchains, stablecoins offer transparency, letting users track transfers and supply in real time. For institutions, they also simplify treasury management by acting as efficient digital cash that can be deployed instantly.
Who are the major players in the stablecoin race?
Tether (USDT) and Circle (USDC), the two largest stablecoin issuers, collectively hold over $204 billion in U.S. Treasuries, making them the 14th largest holders globally. Their combined treasury holdings surpass those of entire nations, including Norway and Brazil.
USDT leads with $144 billion in circulation; USDC, backed by Coinbase and known for compliance, has become a trusted digital dollar across global finance.
Why stablecoins matter: A revenue engine for blockchains
Stablecoins generate steady revenue for blockchains like Ethereum and Solana by driving transaction fees with each transfer. With trillions in annual volume, they help sustain network activity beyond speculation.
On Ethereum, for example, USDT and USDC transactions are major contributors to daily gas fees. Year to date, Tether ranks #3 and USDC ranks #5 in terms of total gas consumed. Tether and Circle also dominate daily transaction activity on Ethereum, averaging approximately 12 million and 6 million transactions per day, respectively, making them the top two entities on the network by daily transaction count.
Meanwhile, on Solana, stablecoin activity has surged, helping sustain validator rewards and strengthen protocol economics. In addition to the mainstream utility, stablecoins represent reliable, protocol-level cash flow, making them crypto’s killer use case.
Research Newsletter
Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com
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Stablecoins: The real powerhouse of crypto
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