2025 Crypto Market Transformation: After 19 billion in settlements, the market shifts from speculation to asset-driven.

In 2025, the crypto market experienced a deep reshuffle. Over $19 billion in Get Liquidated triggered a wave that directly eliminated the excessive leverage accumulated in the market. This is not just a numerical change, but a turning point in market sentiment—from the past speculative-led cyclical Fluctuation, gradually evolving into a rational structure driven by balance sheets.

The growth of stablecoins best illustrates this shift. The supply has surged by over 50% year-on-year, with more than $20 billion already allocated to interest-bearing stablecoins. In other words, an increasing amount of on-chain funds is seeking yields, rather than just being used for trading settlement—this marks a shift in the industry from being merely a payment tool to truly moving towards asset management.

More radical changes are occurring in the RWA (Real World Assets) sector. The scale has expanded from approximately $4 billion to $18 billion, more than quadrupling. At the same time, the proportion of derivatives trading in DEX and CEX has also surged to four times the original. The implications behind these figures are clear — the crypto market is rapidly improving infrastructure construction, gradually evolving into a financial system with credibility and maturity.