Where blockchain stands after 2025

As we close 2025, and with this being our final TBV Weekly Satellite of the year, it feels timely to reflect on how markedly blockchain adoption has changed over the past twelve months. The narrative has shifted. What was once framed primarily through speculation is now increasingly defined by usage, integration, and institutional relevance.

Stablecoins now settle volumes comparable to Visa and ACH. Tokenized treasuries, equities, and money-market funds have moved from pilot projects to live financial products. Decentralized exchanges process trillions of dollars annually. These are no longer edge cases; they are signs of infrastructure taking hold.

This shift is reinforced by incumbent adoption. Firms like BlackRock, JPMorgan, Visa, Stripe, DTCC, and SWIFT are integrating blockchain rails into payments, settlement, custody, and issuance workflows. Over $175bn is now held in crypto ETFs and a growing class of publicly listed “digital asset treasury” companies are accumulating assets like BTC and ETH on balance sheets, bringing long-term capital into the asset class through familiar institutional vehicles. At the same time, onchain businesses have now generated north of $100bln of revenue, with several protocols now operating at hundreds of millions or even billions in annualized run-rate. Clear evidence that users are willing to pay for these services at scale.

The most illustrative moment of the transition came with SEC Chairman Paul Atkins’ remarks in July announcing Project Crypto: “I have directed the Commission staff to update antiquated agency rules and regulations to unleash the potential of on-chain software systems in our securities markets.” Regulatory clarity was always the critical unlock for institutional adoption, and its arrival has been both decisive and faster than many expected.

Stepping back, the picture at the end of 2025 is one of convergence. Dollars, securities, trading, lending, consumer applications like prediction markets, and increasingly AI-driven activity are beginning to share a common, global, programmable value layer. Blockchain is not replacing the financial system overnight, but it is quietly becoming part of its core plumbing.

We’ll be back in January with more musings on blockchain from the investor trenches, as this infrastructure phase continues to deepen and new layers of value begin to emerge.

Also this week

• Coinbase unveils prediction markets, stock trading and Solana DeFi integration
• Visa begins US stablecoin settlement via USDC on Solana
• J.P. Morgan launches tokenized Money Market Fund on Ethereum
• Ripple, Circle and BitGo secure conditional approval for US banking
• DTCC taps Canton Network to test tokenized treasuries
• YouTube now lets US Creators take earnings in PayPal's stablecoin

Relevant financial updates

• RedotPay*, a global payments platform and crypto card service that enables users to spend, send, and manage digital assets and traditional currencies in one unified ecosystem, has raised $107mln in a Series B funding round with investments from Pantera Capital, Circle Ventures, Blockchain Capital and Goodwater Capital
• Fuse Energy, a decentralized renewable energy services company that allows users to track energy use and adjust consumption based on renewable availability, has raised $70mln in a Series B funding round with investments from Balderton Capital and Lowercarbon Capital
• Kontigo, a stablecoin neobank focused on Latin America, has raised a $20mln Seed funding round with investments from Coinbase Ventures, Y Combinator, DST Global, and others
• DAWN*, a decentralized protocol designed to democratize internet access by transforming bandwidth into a tradable commodity, has raised $13mln in a Series B funding round with investments from Polychain Capital and Archetype
• ETHGas*, a project focused on transforming Ethereum’s gas and blockspace markets into a structured, tradable system to improve transaction speed and predictability, has raised $12mln in a Seed funding round with investments from Polychain Capital, Amber Group, Stake Capital Group, Node Capital, BlueYard Capital and 5 others
• YO Protocol, a non-custodial multi-chain DeFi yield optimizer operating across blockchains like Ethereum and Base, has raised $10mln in a Series A funding round with investments from Coinbase Ventures, Foundation Capital, Launchpad Capital and Scribble Ventures
• Worm.wtf*, a permissionless, community‑driven prediction markets platform on Solana, has raised $4.5mln in a Pre Seed funding round with investments from 6th Man Ventures, Alliance, and 8 other investors
• Strata*, a decentralized protocol that offers perpetual yield tranching on Ethena’s synthetic dollar, has raised $3mln in a Seed funding round with investments from Maven 11 Capital, Faction VC, Heartcore Capital, Halo Capital, Anchorage Digital and 2 others
• Sova*, a financial infrastructure platform enabling users to deposit BTC into vaults, earn yield, and participate in intent‑based settlement for moving Bitcoin across chains, has raised $1.25mln in a Pre Seed funding round with investments from Lemniscap, Castle Island Ventures and Asymmetric
• Hedgey*, a platform for token management and vesting services for blockchain projects, has been acquired by Anchorage Digital for an undisclosed amount

*Underlying TBV portfolio position | Prices as per 19/12

Interesting things to read

• Our manager Pantera explains how this year has delivered more structural progress than any in crypto’s history
• The real story behind the rise of stablecoins as told by Circle’s and Bridge’s co-fouders on the a16z crypto podcast

Upcoming events

• CFC St MoritzJan 14-16
• IPEM Wealth Awards in CannesFeb 3-5
• AVCJ Private Equity Forum Abu DhabiFeb 10th
• EthDenver 2026Feb 17-21
• I-Connections MiamiFeb 24-26