These significant events and trends will collectively drive the normalization, technological innovation, and mainstream adoption of the market, accelerating the deep integration of the cryptocurrency industry with the global financial system.
Written by: Lei, Golden Finance
The year 2025 is considered a crucial year for the cryptocurrency industry to mature and normalize. A series of major events and technological breakthroughs will push the market into a new phase while having a profound impact on the global financial system. Here are eight major events in the cryptocurrency industry to watch in 2025, along with their background and implications.
1. Trump's New Government Takes Office: A Turning Point for Cryptocurrency Market Regulation
Trump's second term is expected to bring a new direction to U.S. financial regulation, particularly in the policy-making of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The new leadership may adopt a more open and flexible regulatory attitude, promoting market development.
Background
1. CFTC's Advancement
More commodity-like crypto assets included in the regulatory scope: The CFTC may classify more mainstream crypto assets (such as Solana and Polygon) as commodities, clarifying its regulatory framework.
Promoting the expansion of the crypto derivatives market: The CFTC may accelerate the approval of more crypto futures and options trading, providing institutional investors with a wider range of hedging tools.
Global cooperation: By strengthening cooperation with regulatory agencies in other countries, it will promote compliance and standardization of cross-border transactions.
2. SEC's Shift
Expansion of spot ETFs: Following the approval of Bitcoin and Ethereum spot ETFs, more mainstream asset ETFs (such as Solana and Hedera) may be approved, further driving capital inflow.
Implementation of a stablecoin regulatory framework: Stablecoins may be included in the "payment tool" framework, facilitating the integration of mainstream payment and settlement systems.
3. Joint Action by CFTC and SEC
Launching a unified classification standard for crypto assets.
Facilitating smoother entry of institutional funds into the crypto market.
Implications
Increased market transparency: A clear regulatory framework will reduce market uncertainty, attracting massive institutional capital.
Industry reshuffling: Stricter compliance requirements may eliminate some small and medium-sized projects, leading the market towards a more concentrated and mature direction.
2. Ethereum Dencun Upgrade and Pectra Technological Innovation
Ethereum will undergo several technological upgrades in 2025, including the full implementation of Danksharding and an upgrade called "Pectra." These technological improvements will significantly enhance Ethereum's scalability and user experience.
Background
Account abstraction (EIP-7702): Simplifying user operations and supporting complex decentralized applications (DApps).
Zero-knowledge proof support (EIP-2537): Enhancing privacy and scalability.
Increase in validator staking limits (EIP-7251): Improving network efficiency and facilitating institutional participation in staking.
Data availability sampling (PeerDAS): Reducing Layer-2 transaction costs and promoting ecosystem expansion.
Implications
Attracting more developers and users into the Ethereum ecosystem.
Further promoting the development of decentralized finance (DeFi) and the NFT market.
3. Global Stablecoin Regulatory Framework Implementation
In 2025, the G20 is expected to complete a unified global regulatory framework for stablecoins, which will have a significant impact on the issuance, reserve requirements, and cross-border payment applications of stablecoins.
Background
Financing dynamics: In 2024, financing in the stablecoin sector reached $1.86 billion, with Stripe acquiring Bridge Network for $1.1 billion.
Entry of traditional institutions: PayPal's PYUSD market capitalization has surpassed $1 billion, promoting the integration of stablecoin payments with traditional payments.
Regional regulation: The EU's MiCA regulations and Hong Kong's stablecoin sandbox plan will be fully implemented in 2025.
Implications
Accelerated international payment adoption: Stablecoins will play an important role in high-inflation areas and international trade.
Market size expansion: The market capitalization of stablecoins is expected to exceed $40 billion, becoming the fastest-growing sector in the cryptocurrency field.
4. Deep Integration of AI and Blockchain
The combination of artificial intelligence (AI) and blockchain is leading technological innovation, particularly in the fields of AI wallets, decentralized AI agents, and AI training networks. In 2025, this integration will give rise to multiple new technologies and applications.
Background
Decentralized Autonomous Chatbots (DACs): Blockchain-based AI chatbots can autonomously manage assets and complete complex tasks.
AI Wallets: AI agents will support autonomous investment and payment functions.
Authentication and Privacy Protection: The combination of AI technology and blockchain ensures the authenticity and privacy of interactions.
AI Agent: Virtual, as a new generation of AI and blockchain protocol, promotes the application of AI in the metaverse and Web3 through rapid deployment, autonomous agents, and plug-and-play infrastructure, attracting widespread community participation and investment support. Eliza, as the world's first chatbot, laid the theoretical foundation for human-computer interaction, providing important inspiration and historical accumulation for the logic and functions of modern AI agents.
Tech giants like Google and Apple launch AI agent products. Decentralized AI networks (such as Fetch.ai) become market hotspots.
Implications
- The combination of AI and blockchain helps lower the technical barriers of Web3, enhances user privacy and security, and promotes the integrated development of the virtual and real economies. It is expected to give rise to more mainstream applications and technological breakthroughs by 2025, leading the industry towards maturity.
5. Global Expansion of Bitcoin and Ethereum ETFs
The approval of spot Bitcoin and Ethereum ETFs has brought capital inflow and mainstream recognition to the cryptocurrency market, and more assets may enter the ETF space in 2025.
Background
Capital inflow: As of December 2024, the management scale of Bitcoin ETFs has exceeded $100 billion.
Expansion to other assets: Several institutions have submitted applications for Solana ETFs, including Bitwise, VanEck, 21Shares, and Canary Capital. These applications were mainly submitted in November 2024, with the final approval deadline expected in early August 2025. At the same time, institutions like Canary Capital and Bitwise have submitted applications for spot XRP ETFs to the SEC.
Implications
Accelerated mainstream adoption: The popularity of ETFs will enhance market liquidity and transparency.
Increased institutional participation: Traditional institutional capital will flood in on a large scale.
6. Breakthroughs in Tokenization of Real-World Assets (RWA)
Tokenization of real-world assets (RWA) achieved significant results in 2024, and the market size may further expand in 2025.
Background
2024 locked value: The total value of the RWA market has reached $60 billion.
Major projects: Ondo Finance, Maple Finance, and Centrifuge are driving asset tokenization.
Stablecoin market capitalization: As of March 2024, stablecoins, as the largest segment of RWA, have a market capitalization exceeding $150 billion.
Tokenized financial products: Institutions like BlackRock, Franklin Templeton, and Ondo Finance have launched their own tokenized financial products.
Implications
Market size breakthrough: The locked value of RWA is expected to exceed $200 billion.
More asset classes: The tokenization of assets including stocks, real estate, and commodities will accelerate.
7. NFT Renaissance
NFTs (non-fungible tokens) are gradually transforming from initial art collectibles and speculative tools into more practical on-chain tools. In 2025, with the development of blockchain technology and the expansion of the Web3 ecosystem, the potential of NFTs in practical applications will be more widely explored.
Background
Practicality becomes the core driver: NFTs are no longer limited to collectible value but are gradually integrated into practical application scenarios, such as on-chain identity (DID), in-game assets, memberships, and consumer rewards.
Emerging markets and cross-industry collaborations: Projects like Sofamon combine NFTs with the emoji market to realize the economic value development of digital identities and on-chain wearable devices.
Technical and industry support: NFTs demonstrated higher technical flexibility in 2024, being used to mark, transfer, and evaluate digital and real-world assets.
Implications
Promoting the maturity of the Web3 ecosystem: The practicality of NFTs injects new vitality into the Web3 ecosystem by integrating identity management, membership rights, and cross-industry innovative applications.
Reshaping brand-consumer relationships: The involvement of traditional brands (such as IWC) indicates that NFTs have become an important tool for brands to redefine user experience and brand loyalty.
Promoting the protection and monetization of intellectual property: Projects like Story Protocol demonstrate that NFTs can become important tools for protecting intellectual property, especially in combating counterfeit products and empowering creators.
Accelerating the integration of on-chain and off-chain economies: Through the tokenization and evaluation capabilities of NFTs, the connection between crypto assets and the real economy will become closer, providing higher transparency and liquidity for capital markets.
Active and normalized investment market: The NFT market in 2025 will be more regulated, with NFTs no longer being mere speculative tools but asset classes with long-term value support.
8. DeFi 2.0: Enhanced Capital Efficiency and Compliance
DeFi protocols will further develop in 2025 by enhancing capital efficiency, introducing on-chain credit, and integrating RWAs.
DeFi protocols significantly improved capital efficiency in 2024 by optimizing funding utilization through innovative mechanisms. Traditional DeFi protocols (such as Aave and Compound) rely on high collateralization rates, leading to low capital efficiency, while emerging protocols adopt a Protocol-Owned Liquidity (POL) model, reducing dependence on external capital by holding liquidity pool assets or introducing locking mechanisms. For example, Balancer and Curve's "liquidity locking rewards" significantly enhance liquidity stability.
The introduction of on-chain credit is an important direction for DeFi development in 2024, assessing credit based on users' on-chain behaviors (such as transaction and repayment records), thereby lowering collateral requirements and releasing more capital liquidity. For instance, credit scoring protocols like Arcx and Spectral have begun to be applied across multiple lending platforms, while mainstream protocols like Aave and Maple Finance are testing low-collateral or no-collateral lending models, bringing new paths for capital release in the DeFi space.
The integration of real-world assets (RWA) is another highlight of DeFi development in 2024, enhancing capital efficiency by tokenizing traditional assets such as bonds, real estate, and receivables. For example, MakerDAO has added U.S. Treasury bonds and corporate bonds as collateral, resulting in a more than 20% increase in its Dai stablecoin supply. Additionally, Ondo Finance focuses on the tokenization of U.S. Treasury bonds, with its locked value surpassing $600 million.
Hyperliquid's innovative token standards HIP-1 and HIP-2 enhance the utility and liquidity of tokens. HIP-1 allows users to create fungible tokens directly linked to on-chain spot order books, elevating tokens to specialized financial instruments. Compared to the ERC-20 standard, it ensures instant tradability and high performance, specifically designed for financial assets.
Implications
Improved capital efficiency: POL and dynamic lending rates will attract more capital inflow, driving the total value locked in DeFi to exceed $300 billion in 2025.
On-chain credit reshapes lending: The widespread adoption of on-chain credit lowers collateral thresholds, promoting a doubling of low-collateral lending scales and attracting more users and capital participation.
RWA tokenization expands asset classes.
Compliance and institutional participation accelerate: The introduction of compliance frameworks attracts institutional capital, promoting diversified development in DeFi and strengthening its deep integration with traditional finance.
Summary
2025 will be a year of maturity and diversification for the cryptocurrency industry. These significant events and trends will collectively drive the normalization, technological innovation, and mainstream adoption of the market, while attracting more traditional institutions and retail users, accelerating the deep integration of the cryptocurrency industry with the global financial system.
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