Coming off a transformative 2024 with the launch of ETFs and Wall Street diving deeper into blockchain, the cryptocurrency industry is preparing for an eventful 2025.
Seven leading crypto executives weigh in on what lies ahead, from the DeFi resurgence to regulatory changes and emerging markets adoption.
Michael Harvey, head of franchise trading at Galaxy Digital, predicts that decentralized finance (DeFi) will experience a major revival. After explosive growth in 2020 and subsequent dormancy, DeFi is now gaining traction with improved regulations and user experiences. Next-gen protocols like Spark and Ethena are also on the way, as are key players like Uniswap, Aave, and Compound.
Harvey noted Solana’s growing dominance, noting that decentralized exchange (DEX) volumes frequently exceed Ethereum’s. Bitcoin is also joining the DeFi wave, and efforts are underway to leverage its security for programmable use cases, including Ordinals and the expanding BTCFi ecosystem.
Amar Kuchinad, global CEO of Copper.co, predicts that 2025 will be a pivotal year for traditional financial institutions experimenting with blockchain. He predicts a rise in fragmented asset baskets such as tokenized government bond funds like BlackRock’s BUIDL.
Kuchinad predicts that public blockchains will evolve from real-time consensus layers to periodic clearing systems, while private and hybrid chains will handle day-to-day operations. These changes could lead to faster payments, reduced risk, and increased capital efficiency.
With Donald Trump in office, VALR CMO Ben Caselin expects nations to increasingly embrace Bitcoin as a strategic reserve asset despite resistance. However, Caselin warns of an impending collapse due to speculative token issuance, likening it to reckless central bank money printing.
Caselin also sees regional consolidation, with licensed national and continental exchanges leading the way in emerging markets, while unregulated global exchanges could decline.
Morgan Krupetsky, head of corporate and capital markets at Ava Labs, predicts a surge in tokenized stocks, fixed income securities and other assets as businesses seek more efficient and transparent financial instruments. He believes regulatory changes like the repeal of SAB 121 could empower banks to adopt public blockchain infrastructure.
Krupetsky also predicts that traditional companies will further blur the lines between traditional and digital finance by integrating blockchain technology, particularly in payments and supply chain management.
Norris Wang, co-founder of Balance.fun, predicts that the stablecoin market will exceed $250 billion by the end of 2025, which will happen once stablecoins are recognized by regulators as hybrid instruments. Wang expects a balance between strict regulation of onshore stablecoins and pragmatic policies for offshore instruments.
Wang also sees DeFi innovation accelerating, deeper integration between DeFi and fintech, and a resurgence of crypto talent in the US, solidifying New York’s role as a global crypto hub.
Plume CEO Chris Yin noted the growing intersection of AI and crypto, noting that AI agents are driving new use cases, and he expects real-world assets like tokenized real estate and stablecoins to remain at the center of the crypto space and appeal to institutional adopters.
Mohammad Raafi, CEO and co-founder of Fasset, points to high-growth markets like Indonesia and Pakistan as drivers of crypto adoption. Tokenized real estate and decentralized financial solutions are enabling global real estate investment and financial inclusion in regions with limited banking access.
Raafi notes that more than 60% of new crypto wallets in 2024 will be created in emerging markets, and this trend is expected to increase in 2025.
*This is not investment advice.
