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The following is a guest post and opinion from Anurag Arjun, Founder of Avail. The global stablecoin narrative is about to shift fast. What began as a US-dominated experiment in digital liquidity is morphing into a multipolar fight over who controls the rails of tomorrow’s monetary system. And the most consequential moves are unfolding in Asia—quietly, deliberately, and at increasing speed. For a decade, dollar-backed tokens (such as USDT and USDC) have dominated the market. But 2025 is the year that the reign begins to crack. Behind closed doors in Seoul, Tokyo, Hong Kong, Singapore, and Jakarta, a different plan is being built: stablecoins pegged to local currencies, issued under regulated frameworks, and designed for regional commerce, remittances, gaming, and ultimately, financial sovereignty. If the West remains fixated on the next U.S. stablecoin bill, Asia is scrambling to build a stablecoin empire of its own. Why 2025 is the Turning Point Because the changes are concrete, regulatory, and structural—not speculative. In Hong Kong, the Hong Kong Monetary Authority (HKMA) passed a landmark Stablecoins Ordinance in May 2025. As of August 1, any entity issuing fiat-referenced stablecoins or marketing a stablecoin pegged to HKD must have a license from the HKMA, abide by reserve and redemption regulations, and undergo AML/auditing oversight. The licensing race has begun in earnest. Dozens of firms—from fintechs to banks to Web3 companies—are reported to be preparing applications, all vying to become early-licensed issuers. But the real inflection point is not just regulatory. It’s strategic. Global firms are finally realizing they cannot build a worldwide business on USD-only rails without alienating major markets. Exchanges, payment apps, Web3 gaming companies, and fintechs operating across Asia have started to understand the risk: A USD-only offering signals misalignment with local regulators. It caps user adoption in markets where domestic currencies dominate on-the-ground commerce. It creates dependency on U.S. regulatory and banking bottlenecks. It limits participation in Asia’s fast-emerging digital payment ecosystems. Asia isn’t rejecting the dollar outright. It’s building alternatives—quietly and with increasing coordination. What Asia Is Building Instead Hong Kong is only the start. South Korea is now in the advanced stages of developing a legal framework for won-pegged stablecoins, with regulators preparing legislation for submission by the end of 2025, and debates intensifying over the distinction between bank- and non-bank-issued stablecoins and their respective oversight. Major financial institutions and tech firms are already positioning ahead of formal rules. Japan is embracing stablecoin innovation on both the institutional and private fronts: its largest banks are collaborating on stablecoin initiatives for corporate settlements, while private yen-pegged tokens such as JPYC operate under a clear regulatory framework and are gaining traction. Singapore continues to support digital payment tokens and multi-currency stablecoin infrastructure under a calibrated, compliance-first framework that emphasizes risk controls and regulatory standards. See, what’s emerging in Asia isn’t just a collection of local stablecoins. It’s the early formation of an alternative settlement layer—one that reduces reliance on U.S.-centric banking rails, correspondent networks, and dollar-clearing choke points. Digital trade corridors are the endgame. This is where Western narratives begin to fall apart. In the U.S., the debate remains stuck on how to regulate dollar-backed stablecoins domestically. In Asia, the question is already more advanced: how should digital currencies move between jurisdictions, under whose rules, and on whose terms? That is not a crypto question. It is a geopolitical one. Meanwhile in Europe… A Late Awakening Europe’s response adds another twist. In Europe, a consortium of major banks, including ING, UniCredit, and BNP Paribas, formed a company named Qivalis. The emergence of Qivalis (a euro-backed, bank-controlled stablecoin set for 2026) is being spun as a response to U.S. dominance. Wrong. It’s a response to Asian acceleration. Europe doesn’t want a future where the two major non-EU digital currencies are: USD stablecoins, and Asia’s new wave of regulated FX stablecoins. For the first time, Europe is being pulled into a currency-rail arms race it did not expect to fight. These developments show that stablecoins are no longer niche digital assets. They are being woven into the future fabric of regulated, sovereign, or supra-sovereign money systems. Stablecoins Are Becoming State-Adjacent New research focus and hybrid monetary systems—combining CBDCs + stablecoins—signal where this is all going: Stablecoins are becoming state-adjacent. Not anti-state. Not post-state. But parallel-state financial tools. And this is where the questions get uncomfortable: What happens when a KRW or JPY stablecoin becomes more trusted in Southeast Asia than local fiat? What happens when a Singapore-approved multi-currency stablecoin becomes the de facto settlement asset for APAC regional trade? What happens when Western regulators realize they’ve lost the narrative they thought they controlled? What does “dollar dominance” mean when the world’s liquidity moves through programmable, multi-currency rails that no single country controls? What happens when USD stablecoins become just one option—not the default? These are not hypothetical questions anymore. They are emerging realities, forming in slow motion, while geopolitical institutions pretend this is still “crypto.” The Shift Is Already Underway Asia isn’t racing to build stablecoins. Asia is racing to build strategic monetary optionality. And the West is still arguing over definitions. That distinction matters. The future of stablecoins will not be won by the loudest protocol or the largest issuer, but by the jurisdictions that design credible, regulated, interoperable currency rails first. In that race, Asia is already several steps ahead. And by the time the shift becomes obvious, the rules of digital money may have already been rewritten with a logic that America did not write. The post Asia is quietly building a counterweight to the dollar stablecoin empire, and the West isn’t ready appeared first on CryptoSlate.

Story Highlights Galaxy Digital says stablecoins are already handling half of ACH’s transaction volume. Regulatory clarity in 2026 could push stablecoins deeper into everyday U.S. payments. Banks, payment firms, and institutions are moving on-chain faster than many expected. Stablecoins are no longer just a tool for crypto traders. They are on track to challenge one of the most important payment systems in the U.S. financial system. Advertisement --> In its latest annual predictions report, Galaxy Digital said stablecoins could surpass the ACH in transaction volume by 2026, pointing to rapid growth in both usage and adoption. ACH currently powers everyday payments like payroll, bill payments, and bank transfers. Galaxy believes stablecoins are now close enough in scale to seriously compete. Stablecoin Transactions Are Already Closing the Gap Galaxy’s research shows that stablecoin activity has grown quickly over the past few years. Stablecoins already process more transaction volume than major credit card networks like Visa and now handle roughly half of ACH’s volume. “Stablecoin velocity remains remarkably high compared to its traditional counterparts,” said Thad Pinakiewicz, Vice President of Research at Galaxy Digital. “We have seen a continued 30%-40% CAGR in stablecoin supply growth, with transaction volume increasing in tandem.” According to DefiLlama data, the stablecoin market is now valued at around $309 billion, led by Tether’s USDT and Circle’s USDC. Regulation Could Speed Up Growth Galaxy highlighted regulation as a key driver behind its 2026 prediction. The GENIUS Act, expected to be finalized in early 2026, would establish clear rules for stablecoin issuance under FDIC supervision. The framework would require full reserve backing and strong governance standards, giving banks a regulated path to issue dollar-backed stablecoins. “With the GENIUS Act definitions to be solidified in early 2026, we could easily see stablecoin growth accelerate beyond its historical average CAGR,” Pinakiewicz said. Also Read : US Government Shutdown in January Risk Hits 38% Amid Budget Deadlock , Institutions Are Moving In Stablecoins are already gaining traction in traditional finance. Visa has expanded its stablecoin settlement program for U.S. banks using USDC on Solana, allowing faster, around-the-clock transactions. Outside the banking sector, companies like Western Union and Sony Bank have announced plans to launch their own stablecoins, signaling broader acceptance beyond crypto-native firms. Why This Matters If stablecoins overtake ACH, it could change how money moves across the U.S. economy especially for payments, settlements, and cross-border transfers. One thing is clear: stablecoins are moving steadily toward the center of the financial system. Never Miss a Beat in the Crypto World! Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more. Subscribe to News FAQs Could stablecoin growth affect consumer protections for everyday payments? Yes. As stablecoins move closer to mainstream use, consumer protection rules around error resolution, fraud recovery, and disclosures may need to expand beyond current banking frameworks. What happens if regulation lags behind stablecoin adoption? A regulatory gap could slow institutional participation or create uneven oversight, increasing risk for users and prompting stricter enforcement actions later rather than gradual integration. Who stands to benefit most if stablecoins scale further? Businesses handling high-volume payments, gig workers needing faster payouts, and cross-border users could see lower costs and quicker settlement compared to traditional systems. Tags Crypto news

In a detailed analysis that has captured the blockchain community’s attention, Jay Yu, a research analyst at the prominent crypto investment firm Pantera Capital, has laid out a comprehensive vision for the cryptocurrency landscape in 2026. Released via social media platform X, Yu’s twelve distinct predictions map a future where artificial intelligence, prediction markets, and stablecoins undergo transformative growth, fundamentally reshaping how users interact with digital assets and decentralized finance. This forecast, emerging from one of the industry’s most established investment voices, provides a crucial roadmap for developers, investors, and regulators navigating the next phase of blockchain evolution. Core Crypto Trends for 2026: Efficiency, Specialization, and Automation Jay Yu’s analysis identifies three primary vectors for growth in the coming years. First, he highlights the rise of capital-efficient on-chain credit. Currently, many DeFi lending protocols require over-collateralization, locking up substantial capital. Yu anticipates new financial primitives and layer-2 solutions will dramatically improve capital efficiency, enabling more sophisticated lending and borrowing mechanisms that rival traditional finance. This evolution could unlock trillions in currently idle digital asset value. Secondly, Yu predicts a bifurcation of prediction markets. These platforms, which allow users to bet on future events, will split into specialized segments. One segment will focus on high-stakes financial prediction markets, covering areas like corporate earnings, commodity prices, and election outcomes with deep liquidity. Another will cater to cultural prediction markets, centered around entertainment, sports, and social trends, potentially becoming a new form of social engagement and community building. The third core trend is the proliferation of agent commerce, referred to internally as ‘x402’. This concept envisions autonomous software agents, powered by AI and funded by crypto wallets, executing complex economic transactions on behalf of users. For instance, an agent could automatically rebalance a DeFi portfolio, negotiate the best price for a digital service, or manage a small business’s cash flow, all without direct human intervention after initial setup. The AI Interface Revolution and Real-World Asset Tokenization A particularly striking prediction positions artificial intelligence as the primary interface for crypto. Instead of navigating complex wallet addresses and smart contract interactions, users will increasingly converse with AI assistants. These assistants will execute trades, provide portfolio advice, explain transactions in plain language, and enhance security by identifying risks. This shift could make blockchain technology accessible to billions of non-technical users, acting as the ultimate abstraction layer. Concurrently, Yu forecasts the emergence of tokenized gold as a key real-world asset (RWA). While tokenized U.S. Treasuries have gained traction, gold represents a universal, inflation-resistant store of value. Blockchain-based gold tokens, fully backed by physical bullion in audited vaults, could become a cornerstone of decentralized finance, offering a stable, yield-bearing asset for lending protocols and a hedge within crypto-native portfolios. This bridges the ancient value of gold with modern digital finance. Bitcoin’s Evolving Narrative and Corporate Consolidation The analysis also provides specific insights into Bitcoin’s trajectory. Yu expects discussions around quantum computing risks to Bitcoin’s cryptography to intensify significantly by 2026. As quantum technology advances, media and analyst focus will grow. However, Yu offers a calming perspective, noting the actual threat remains limited in the near term. The Bitcoin development community is already researching post-quantum cryptographic solutions, and any transition would be carefully coordinated, requiring broad consensus. Furthermore, Yu observes a trend toward corporate consolidation regarding Bitcoin treasuries. Following the lead of companies like MicroStrategy, many firms have added Bitcoin to their balance sheets. The prediction suggests this space may consolidate around two or three dominant corporate holders, potentially through mergers, acquisitions, or the outsized growth of early adopters. This could create new, influential entities in the Bitcoin ecosystem. Another fascinating forecast is the continued blurring of lines between tokens and stocks. Security tokens representing equity, revenue-sharing DeFi tokens, and tokenized real estate will create hybrid assets. These assets offer the programmability and 24/7 trading of crypto with the cash-flow characteristics of traditional securities. Regulatory clarity, particularly in jurisdictions like the EU with its MiCA framework, will be a key driver for this convergence. Hyper-Liquid Trading and Stablecoin Infrastructure For decentralized exchanges (DEXs), Yu predicts a reorganization. Perpetual decentralized exchanges, which allow leveraged trading without expiry dates, will coalesce around hyper-liquid models. This likely involves deeper cross-chain liquidity pools, more efficient oracle networks for price feeds, and innovative mechanisms to reduce slippage for large trades. The goal is to achieve parity with, or even surpass, the liquidity found on centralized exchanges. Perhaps the most wide-reaching prediction concerns stablecoins. Yu envisions them expanding beyond a tool for crypto trading to become a genuine global payment infrastructure/strong. Stablecoins like USDC and USDT, operating on fast, low-cost blockchains, are already used for cross-border remittances and business payments. By 2026, this use case could scale massively, challenging traditional correspondent banking networks by offering near-instant, low-cost settlement for everything from freelance wages to international trade invoices. Conclusion Jay Yu’s twelve crypto predictions for 2026 paint a picture of a maturing industry moving beyond speculation toward utility, efficiency, and global integration. The intertwined rise of AI interfaces, specialized prediction markets, and robust stablecoin payment rails suggests a future where blockchain technology becomes seamlessly embedded in both digital and real-world economies. While forecasts inherently involve uncertainty, analysis from experienced firms like Pantera Capital provides a valuable framework for understanding the potent forces—technological, financial, and social—shaping the next chapter of cryptocurrency. The coming years will test these visions, but the direction points toward a more accessible, efficient, and interconnected financial system. FAQs Q1: What is Pantera Capital’s role in the cryptocurrency industry?Pantera Capital is one of the first and largest institutional investment firms focused exclusively on blockchain and digital assets. Founded in 2013, it manages venture capital, hedge funds, and early-stage token funds, making its analysts’ insights highly regarded within the sector. Q2: How could AI become the primary interface for crypto?AI could act as an intermediary that understands natural language commands. Instead of manually signing complex transactions, a user might say, “AI, swap 10% of my ETH for a top-yielding stablecoin on the safest available protocol.” The AI would then find the best route, explain the costs and risks, and execute the transaction upon confirmation. Q3: What are prediction markets in a crypto context?Crypto prediction markets are decentralized platforms where users trade tokens whose value is tied to the outcome of future events. For example, a token might be worth $1 if a certain candidate wins an election and $0 if they lose. They harness the “wisdom of the crowd” for forecasting. Q4: Why is tokenized gold considered an important Real-World Asset (RWA)?Gold is a globally recognized, physical store of value uncorrelated to traditional financial markets. Tokenizing it on a blockchain makes it easily divisible, transferable, and usable as collateral in DeFi protocols, combining gold’s stability with crypto’s programmability and accessibility. Q5: Is quantum computing an immediate threat to Bitcoin?Most experts, including Jay Yu, agree it is not an immediate threat. Breaking Bitcoin’s current encryption (ECDSA) requires a powerful, fault-tolerant quantum computer that does not yet exist. The network would likely implement a post-quantum cryptographic upgrade long before such a machine becomes operational, safeguarding user funds. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

In brief Circle and Bullish finally went public in 2025 after past failed SPAC attempts, with both seeing strong initial investor interest despite Circle's later momentum slowdown. Trading platform eToro reached a $5.4 billion valuation at its May Nasdaq debut, while Kraken filed for IPO in November following an $800 million raise that valued it at $20 billion. The year marked a turning point for crypto companies accessing public markets, driven by renewed retail interest, political tailwinds, and improved market conditions. Decrypt’s Art, Fashion, and Entertainment Hub. Discover SCENE This year has arguably been the biggest and most consequential on record for crypto IPOs. A surge in retail interest, renewed political tailwinds, and a reopened U.S. IPO market helped push a wave of crypto firms onto public exchanges. Reuters described a “rush to Wall Street IPOs” driven by the year’s crypto resurgence, while Barron’s reported that crypto flotations were “making Wall Street go wild.” Against that backdrop, companies from exchanges to stablecoin issuers raced to tap public markets—setting the stage for an unusually crowded IPO calendar. For a long time, the industry’s one big IPO win was Coinbase’s Nasdaq debut in 2021. The years since then were filled with crypto firms trying—but not always succeeding—to go public via SPAC, or special purpose acquisition companies. A SPAC is a publicly traded shell company that raises money from investors and then merges with a private firm to take it public without a traditional IPO. amp;amp;lt;span data-mce-type="bookmark" style="width:0px;overflow:hidden;line-height:0" class="mce_SELRES_start"amp;amp;gt;amp;amp;lt;/spanamp;amp;gt;amp;amp;lt;span data-mce-type="bookmark" style="width:0px;overflow:hidden;line-height:0" class="mce_SELRES_start"amp;amp;gt;amp;amp;lt;/spanamp;amp;gt; Two notable 2025 IPOs, USDC issuer Circle and crypto exchange Bullish, were preceded by such attempts. Circle first tried to go public in 2021 through a merger with Concord Acquisition Corp. The deal would have valued the company at up to $9 billion, but it was terminated in late 2022 after repeated delays and changing market conditions. When Circle did finally make its debut on the New York Stock Exchange this year, it was so popular with investors that NYSE halted trading three times within the first hour. But the company has seen its momentum slow as the Federal Reserve lowers interest rates and investors fret that it’ll impact interest earned on the cash reserves that back USDC stablecoins. “I see the Circle IPO as a bellwether for the IPO markets this year,” New York Stock Exchange President Lynn Martin said at the time, “not just for crypto listings.” Bullish also saw its share price skyrocket when it went public in August. The crypto exchange has a SPAC backstory similar to Circle’s. The company announced it was going public in 2021, but called the deal off at the end of 2022 citing “time constraints and market conditions.” Trading platform eToro, not strictly a crypto company, saw its valuation soar to $5.4 billion after its Nasdaq debut in May. The company had scaled back its crypto offerings after a 2024 settlement with the SEC. But it now lists 82 different crypto assets as of this writing. Not every company that explored going public this year got over the finish line, however. Crypto prime brokerage FalconX is rumored to be mulling an IPO, unnamed sources told Decrypt. But as the year winds down, there’s been no official acknowledgement of those plans and no paperwork filed with the SEC. Kraken, meanwhile, filed for its IPO following the close of an $800 million raise in November. The crypto exchange is now valued at $20 billion. The company has already signaled that it wants to get its shares trading quickly, saying it plans to make its debut as soon as the SEC completes its review process and subject to market conditions. There are others making their way to the starting line. BitGo, Grayscale, Blockchain.com, and others explored or openly discussed IPO plans as market conditions improved. If 2025 marked the industry’s return to public markets, it may also have set the stage for an even larger class of crypto IPOs in the coming year.

SEC and CFTC redefine rules for cryptocurrencies in the US. Stablecoins gain legal clarity with the GENIUS Act. Bitcoin advances with institutional support and financial integration. The United States will end 2025 with a clearer and more structured regulatory approach to cryptocurrencies, marking a significant shift in how the sector is treated by the federal government. Under the administration of current President Donald Trump, authorities have begun integrating digital assets into the traditional financial system, abandoning the predominantly punitive view that characterized previous years. According to market analysesThe strategy adopted does not seek to replace traditional finance, but to allow cryptocurrencies to operate within already known regulatory frameworks. This change became evident in the coordinated actions of bodies such as the SEC, the CFTC, and the OCC, which began to offer more objective guidelines for companies and investors. At the SEC, Gary Gensler's departure opened the way for a new regulatory direction. During his tenure, the agency's actions were marked by lawsuits against companies like Ripple, Coinbase, and Binance, with little regulatory clarity. With the new leadership, the SEC launched Project Crypto, an initiative aimed at objectively defining which digital tokens can be classified as securities. The proposal represents a transition from litigation-based oversight to a more predictable regulatory model. Related Stories Cryptocurrency market awaits US GDP figures with Bitcoin in key areas. 23/12/2025 SP 500 leads gains on Wall Street; gold hits new record high amid tensions in Venezuela. 22/12/2025 The CFTC also expanded its involvement in the sector by formally recognizing Bitcoin and Ethereum as commodities. Furthermore, the agency authorized the use of BTC, ETH, and USDC as collateral in derivatives markets, within the Digital Asset Collateral Pilot Program. The application of traditional risk control mechanisms brought cryptocurrencies closer to conventional financial practices. Another significant change came from the Office of the Comptroller of the Currency. Until recently, companies in the sector faced barriers to operating nationally. This changed when the OCC conditionally approved national fiduciary banking licenses for companies like Circle and Ripple, allowing them to operate throughout the U.S. without the need for individual state licenses. In the legislative field, the GENIUS Act brought greater clarity to the stablecoin market. The new legislation requires full reserves, prohibits rehypothesizing, and establishes federal oversight, consolidating these currencies as digital instruments pegged to the dollar within the legal framework. This more defined regulatory environment contributed to the market's evolution in 2025. Bitcoin showed strong appreciation throughout the year, driven by institutional adoption and greater regulatory predictability. Even with periods of volatility linked to macroeconomic factors and trade policy decisions, the integration of cryptocurrencies into the US financial system has sustained the sector's growth and expanded its presence in traditional market structures. Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss. Tags: Donald Trump EUA