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In 2025, the most influential narratives in crypto shifted away from hype toward utility and systems delivering measurable, real-world impact. The year marked a transition to production-ready systems that enhance the global movement and settlement of value. Experts from SynFutures, Brickken, and Cake Wallet said that stablecoins, privacy, tokenized assets, and applied AI shaped adoption through genuine demand rather than speculation. The Year Crypto Became Infrastructure In many ways, 2025 was an exceptional year. It marked the first time crypto reached this level of institutional integration, with users often interacting with crypto rails without consciously engaging with crypto as a product. While the sector remained shaped by volatility, only a few crypto narratives stood out for their practical utility. By contrast, those driven primarily by hype and sensationalism faded quickly. In conversations with BeInCrypto, industry representatives offered a consistent assessment: narratives grounded in integration and execution endured, while novelty-driven stories steadily lost relevance. Despite a wide range of narratives, stablecoins consistently emerged as the most frequently cited theme. Stablecoins Became Cryptos Core Use Case Stablecoins have helped bridge the gap between risk-tolerant crypto participants and more cautious users seeking limited exposure to an industry long associated with volatility. By maintaining a peg to assets such as the US dollar or gold, stablecoins positioned themselves as a more reliable alternative to other types of digital assets. Their borderless nature also gave them particular appeal over fiat currency. Our 2026 Infra Year Ahead Report is out now!Stablecoins have become the most important infrastructure story in crypto.Every fintech wave promised to fix payments but just layered better UX on the same infrastructure. Revolut and Nubank delivered better experiences while pic.twitter.com/zEhC6sndmv Delphi Digital (@Delphi_Digital) December 17, 2025 Regulatory milestones, including the passage of the GENIUS Act, further strengthened confidence in stablecoins, allowing their utility and infrastructure efficiency to stand on their own merits. Stablecoins solved a very concrete, everyday problem: moving and settling money efficiently across borders without relying on slow, fragmented, and expensive banking rails, said Brickken CEO Edwin Mata. For users, they provided access to digital dollars and euros in jurisdictions where banking access is limited, costly, or unreliable, he added. The impact was concrete, not theoretical, as Stripe and Visa integrated stablecoins into settlement and treasury operations. At the same time, Circle enabled businesses to use USDC as working capital rather than as a speculative asset. As stablecoins matured into dependable settlement tools, they enabled the expansion of tokenized real-world assets (RWAs). Tokenization Advanced Beyond Pilot Programs According to SynFutures CEO Rachel Lin, RWAs managed to bridge the gap between traditional finance and crypto. However, the way this was achieved wasnt comprehensive. The success of RWAs was actually much more selective than previously anticipated. Tokenized treasuries, funds, and yield products showed real traction because they offered tangible benefits: better settlement, composability, and broader access, Lin told BeInCrypto, adding, However, 2025 also clarified that RWAs only work when legal clarity, liquidity, and credible issuers are in place. The narrative moved from experimentation to execution, but its still early. The evidence spoke for itself, with large banks and asset managers relying on tokenization to improve efficiency. Earlier this week, JPMorgan launched a tokenized money market fund on Ethereum, marking a move beyond internal testing or pilot programs. Meanwhile, asset managers such as BlackRock expanded tokenized fund offerings, and banks integrated stablecoins into treasury and settlement workflows. Another narrative that drew widespread attention across industries, particularly within the crypto sector, was artificial intelligence (AI). Where AI Delivered Measurable Value Early AI hype centered on fears that autonomous agents would replace human decision-making, a narrative that quickly lost momentum. What endured was a more practical focus on how AI could enhance the user experience by helping individuals understand exposure and manage risk. AI added real value where it reduced cognitive and operational complexityparticularly in trading interfaces, risk controls, and decision support. Products that used AI to help users understand exposure, automate execution within guardrails, or avoid costly mistakes delivered tangible improvements, Lin explained. The rise of AI agents also generated significant attention, though expectations became more measured over the year. Their success depended less on autonomy and more on trust, auditability, and user-defined limits. Use cases such as liquidity management, automated strategy execution, and treasury optimization demonstrated potential when clear guardrails were in place. Yet, as AI became more deeply embedded in crypto products, it also sharpened long-standing concerns around data exposure. This convergence pushed privacy from a niche concern into a central narrative of 2025. Why Privacy Could No Longer Wait Privacy emerged as one of the most consequential crypto narratives of the year, driven by growing awareness of how financial systems expose user information and behavior. spent last night deep in the a16z state of crypto 2025 reportand wow, privacy is quietly becoming the next trillion-dollar narrative google searches for crypto privacy and financial privacy are up 10x since january total flows through railgun passed $200M zcashs https://t.co/zv36Kcgi10 pic.twitter.com/T8p3EsR9Hn Pix🔎 (@PixOnChain) October 24, 2025 As a result, long-standing concerns around data visibility moved to the forefront. In parallel, privacy, once treated as a niche preference, increasingly appeared as a structural requirement. One of the biggest narrative shifts in the industry to date happened this year, where people woke up to the need (and market demand) for simple, approachable privacy for their money, Seth for Privacy, Vice President of Cake Wallet, told BeInCrypto. Rising usage of Monero, increased global media attention on Zcash, and a broader shift toward privacy features across stablecoin and Layer 2 networks reinforced this pivot. All of that solves one of the biggest painpoints of crypto for users how do I retain privacy that I have today in the financial system or with cash, with the decentralization and power of crypto? Seth added. The rise of privacy solutions, alongside other successful narratives of the past year, reinforced that crypto adoption increasingly hinges exclusively on utility. As crypto continues to mature, success may be defined not by how loudly it announces itself, but by how reliably it works. Read the article at BeInCrypto

JPMorgan analysts reiterated that they do not expect the stablecoin market to reach a trillion-dollar scale over the next few years, arguing that growth is likely to track the broader crypto market rather than accelerate far beyond it. The analysts, led by managing director Nikolaos Panigirtzoglou, noted in a Wednesday report that the stablecoin universe has expanded by about $100 billion this year to over $300 billion, with growth concentrated among the two largest coins. Tether’s USDT added around $48 billion in supply, while Circle’s USDC grew by about $34 billion, accounting for the majority of the increase. The analysts said this reinforces their long-held view that stablecoin growth is still driven mainly by activity within the crypto ecosystem. As they noted in a July report, most demand comes from using stablecoins as cash or collateral for crypto trading — including derivatives, DeFi lending and borrowing — as well as for holding idle cash by crypto-native firms such as venture funds. This year alone, derivatives exchanges increased their stablecoin holdings by roughly $20 billion, fueled by a surge in perpetual futures trading, the analysts noted. That activity, they suggested, remains the dominant driver of stablecoin supply growth. As a result, “the stablecoin universe is likely to continue to grow over the coming years broadly in line with the overall crypto market cap, perhaps reaching $500 billion–$600 billion by 2028, far lower than the most optimistic expectations of $2 trillion–$4 trillion,” the analysts wrote. In their July report, the analysts had projected a more moderate expansion to around $500 billion by 2028. In May, the analysts separately said projections of a trillion-dollar stablecoin market by others are “far too optimistic.” Citi analysts have projected the stablecoin market could reach $1.9 trillion by 2030 in a base scenario, or up to $4 trillion in a bullish case, while Standard Chartered estimates the market could grow to $2 trillion by 2028. While payments-related use cases are expanding, the JPMorgan analysts cautioned that this does not necessarily translate into a much larger stablecoin market cap. As stablecoins become more integrated into payment systems, their velocity — the rate at which they circulate — becomes more important than the absolute stock of stablecoins outstanding, the analysts said. "As payment adoption increases, on-chain activity and velocity will likely rise, reducing the need for a large stock of stablecoin holdings," the analysts wrote. "For example, USDT’s annual velocity on the Ethereum blockchain is around 50. This implies that in a hypothetical scenario where stablecoins facilitate 5% (or around $10 trillion) of global cross-border payments volume annually, the required stablecoin stock would only be $200 billion." Tokenized deposits gain steam The analysts also emphasized that banks are not standing still as stablecoins gain traction. Instead, they are increasingly exploring tokenized deposits — digital representations of traditional bank deposits that remain within the regulated banking system and are backed by deposit insurance. Last month, JPMorgan itself, through its blockchain unit Kinexys, launched its U.S. dollar-denominated deposit token, JPM Coin (ticker JPMD), for institutional clients on Base, the Ethereum layer 2 network incubated by Coinbase, following a successful proof of concept. “JPM Coin provides JPMorgan’s institutional clients with the option to make onchain native digital payments, which serve as a digital representation of a bank deposit on public blockchain,” the bank said at the time, adding that the initiative is aimed at meeting demand from both crypto-native and traditional firms seeking faster and more efficient money movement. Tokenized deposits can be bearer (transferable) or non-bearer (non-transferable), though regulators tend to favor non-transferable designs to preserve the “singleness of money” and reduce financial stability risks, the analysts noted. "Tokenized deposits aim to mitigate risks associated with stablecoins, such as concentration risk and rapid withdrawal during stress events," they wrote. JPMorgan also pointed to initiatives such as SWIFT’s blockchain-based payment experiments as another factor that could reinforce the role of commercial banks in cross-border payments, potentially limiting stablecoins’ long-term share in institutional settlement flows. In addition, the analysts highlighted regional central bank digital currency or CBDC projects, including the digital euro and digital yuan, as another competitive force. These initiatives aim to provide regulated digital payment alternatives that could curb reliance on privately issued stablecoins, particularly in institutional and cross-border use cases. "In all, we continue to anticipate stablecoin growth broadly in line with the overall crypto market universe over the coming years," the analysts concluded. "Greater usage of stablecoins in payments does not necessarily imply a large increase in the required stock of stablecoins. Moreover, blockchain initiatives for institutional payments could reinforce commercial banks’ role in payments via non-bearer (non-transferable) tokenized deposits at the expense of stablecoins." Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

JPMorgan and Benchmark see Coinbase's sweeping product expansion as sharpening the bull case for shares of the crypto exchange, arguing that the breadth of new offerings unveiled on Wednesday could expand the company’s addressable market and drive engagement in ways that are not yet fully reflected in current expectations. In notes following Coinbase's Dec. 17 system update, analysts pointed to the company’s push to combine crypto, equities, derivatives, prediction markets, payments and onchain services within a single platform — an effort Coinbase has branded as its "everything exchange." Benchmark reiterated its buy rating on COIN and maintained a $421 price target, saying the product showcase marked a shift from marketing language to a clearer execution roadmap. The firm described the rollout as a step-change in Coinbase’s ambition to operate a unified financial platform that can diversify revenue beyond spot crypto trading cycles. JPMorgan, which rates COIN at overweight, said the announcements meaningfully add to the ways users can transact and engage within the app. While the presentation was geared toward customers rather than investors and did not spell out economics, the bank said it sees a growing revenue opportunity across transaction-based and subscription-style products as engagement deepens. Both firms highlighted Coinbase's move into stock trading and prediction markets as particularly important. Benchmark said U.S. stock and ETF trading funded with dollars or USDC expands the platform’s daily use cases and positions Coinbase closer to multi-asset retail platforms. The exchange's management also framed the equity rollout as an early step toward tokenized stocks through its new Coinbase Tokenize platform, which Benchmark said could allow the company to participate in issuance and secondary trading if adoption accelerates. Incoming features and products Prediction markets, initially sourced from Kalshi, were flagged as another high-engagement product that could broaden the reasons users open the Coinbase app beyond crypto price movements. Analysts also pointed to derivatives and decentralized trading as longer-term tailwinds, citing simplified futures and perpetuals inside the main app and the expansion of Solana DEX trading via Jupiter. The bullish outlook also echoes a recent note from Deutsche Bank, which earlier this week initiated coverage of COIN shares with a buy rating and a $340 price target, citing the company's push to become an everything exchange as a key driver of longer-term upside. Coinbase's stock has fallen in recent months alongside a stalling crypto market and now trades near seven-month lows around $243, according to The Block’s price data. Coinbase (COIN) stock price chart. Source: The Block/TradingView Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Cryptocurrency analytics company Santiment has revealed the crypto assets with the highest number of active wallets on their networks. The data reveals which blockchains have larger and more active user bases, while also offering important signals about market dynamics. According to the latest data shared by Santiment, Ethereum topped the list with approximately 167.96 million active wallets. Bitcoin followed with 57.62 million active wallets. On the stablecoin front, Tether (USDT) reached 9.63 million active wallets, while USD Coin (USDC) reached 4.39 million. Other prominent networks include Dogecoin (8.13 million), XRP Ledger (7.41 million), Cardano (4.54 million), and Chainlink (819 thousand). Santiment notes that this metric is one of the key indicators reflecting long-term network usage and investor interest. Related News BREAKING: Bitwise Files Spot ETF Application for Surprise Altcoin On the other hand, Santiment also provided assessments regarding Bitcoin price movements and risks in derivative markets. According to the analysis, Bitcoin recently experienced a rapid rise to approximately $90,087 on Coinbase, before quickly retreating to around $86,580. The company argued that rising positive funding rates on exchanges indicate an increase in leveraged long positions, which has historically led to sharp liquidations and periods of high volatility. Such periods typically result in local peaks and sudden pullbacks. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!