#交易平台业务 2025 is really a different ballgame; the ways of the crypto world are quietly changing. We used to obsess over narratives around public chains and technological cycles, but now we understand that the core logic has long shifted—funding sources have expanded from a single on-chain leverage to a combination of ETFs, stablecoins, corporate treasuries, and stock IPOs.

The most astonishing thing is that stablecoins have surged from 20.5 billion to over 300 billion, with USDT and USDC firmly holding the cash layer—who would have thought? Even crazier, nine crypto companies have gone public in the US, raising a total of $7.74 billion. Circle’s IPO was priced at $31, soaring to a peak of $298, with an incredible increase that feels almost unreal. But this isn’t just a bubble; fundamentally, mainstream funds are participating in crypto financial infrastructure for the first time using familiar "stock" methods. Traditional metrics like compliance moats, risk management, and cash flow quality are now quantifiable.

On-chain derivatives are also evolving. Platforms like Hyperliquid, Lighter, and Aster have open interest contracts in the tens of billions, with monthly trading volumes surpassing one trillion dollars. This indicates that the blockchain can now support genuinely large-scale transactions. Prediction markets are even more impressive—Polymarket’s annual trading volume hits 21.5 billion, Kalshi reaches 17.1 billion, and trading covers sports events, political happenings, and economic data. These methods are expanding from niche crypto circles into mainstream society.

Interestingly, all of this hinges on the US stock market’s more open attitude toward crypto. SAB 121 was revoked, reducing accounting burdens; the SEC has established a crypto task force; stablecoin legislation is advancing. In other words, it’s not that the crypto industry has created these opportunities out of thin air, but that regulatory boundaries have actually moved back a step. Those previously impossible financing paths are now becoming feasible.

The key highlight for 2026 is whether this IPO relay can continue. If potential candidates like Kraken, OKX, Ledger, and Tether go public one after another, crypto will no longer be an isolated "virtual asset" realm but will be fully integrated into traditional risk asset frameworks. At that point, market fluctuations will be more driven by macro liquidity and interest rate trends rather than technological breakthroughs or community sentiment.

Honestly, from an outsider’s perspective, this shift feels a bit like a deviation—more like Wall Street’s style, with less wildness. But if the system can stay stable without major crashes, it’s definitely a sign that the mainstream is entering the scene.