Hyperliquid, one of the largest decentralized perpetual futures exchanges, is facing mounting pressure as rivals Aster and Lighter continue to capture market share. Recent data from multiple industry trackers shows that while Hyperliquid still commands a strong lead in open interest, its daily and monthly trading volumes have experienced a marked decline. The trend signals a shift in competitive dynamics across decentralized derivatives markets, where fast-moving incentives and user adoption can quickly alter the balance of power. Rivals surpass Hyperliquid in daily volumes On September 23, CoinDesk reported that Hyperliquid’s share of perpetual futures trading collapsed to around 38 percent, down sharply from the levels it held earlier this year. The drop coincided with aggressive user acquisition campaigns by competitors Aster and Lighter, both of which have leveraged liquidity incentives and community-driven trading events to draw market participants. By September 24, Cointelegraph confirmed that Aster had overtaken Hyperliquid in daily trading volumes. However, Hyperliquid remained ahead on longer time frames, retaining leadership in seven-day and 30-day average trading activity. Yahoo Finance coverage reinforced the point, noting that Aster’s rising popularity reflects a growing appetite for alternatives in the decentralized trading ecosystem. Bitget News also echoed the figure of 38 percent market share for Hyperliquid, suggesting that its decline is not an isolated statistic but part of a wider industry reshuffle. The emergence of these competitors has shifted attention toward the sustainability of Hyperliquid’s growth model. Monthly data shows deeper contraction Monthly statistics illustrate a more significant shift in volumes. CryptoRank reported that in September, Aster closed with approximately $420 billion in trading volume, securing the top spot among decentralized exchanges. Hyperliquid, in contrast, processed $282.5 billion, representing a month-on-month decline of nearly 29 percent compared to August. The numbers underscore how quickly market sentiment can pivot in the face of rising competition. Despite the decline in raw trading volumes, Hyperliquid continues to dominate open interest, a key metric reflecting the total value of active contracts. Analysts, including Patrick Scott, point out that Hyperliquid’s sustained open interest of more than 60 percent demonstrates deeper liquidity and ongoing trader confidence. This suggests that while the platform’s headline volume figures have been challenged, its role as a primary venue for larger, more sophisticated traders remains intact. The shifts in market share highlight the volatility and competitive intensity of decentralized derivatives markets. Exchanges such as Aster and Lighter are demonstrating that targeted incentives, strong liquidity programs, and innovative user experiences can rapidly attract market share. For Hyperliquid, the challenge will be balancing its dominance in open interest with the need to recapture growth in trading volumes. As the decentralized finance sector continues to evolve, the contest between Hyperliquid and its rivals illustrates a broader theme: leadership in decentralized exchanges is far from static. Market participants will be watching closely to see whether Hyperliquid can rebound or if Aster and Lighter will consolidate their momentum in the months ahead.

Binance Coin (BNB), the native token of the Binance ecosystem, surged to a new all-time high on Friday, crossing $1,108 before stabilizing slightly below that level. The record-setting performance highlights BNB’s growing influence in the cryptocurrency market and raises speculation about its ability to push toward the $1,200 threshold in the coming weeks. Strong rally past $1,100 The price surge followed a period of consolidation earlier in the week, where BNB successfully reclaimed support around $1,024. Once the $1,050 resistance level was cleared, momentum traders accelerated buying pressure, pushing the token to an intraday peak of $1,111. The rally not only cemented BNB’s position among the top digital assets by market capitalization but also underscored rising confidence in Binance’s broader ecosystem. Analysts suggest that if bullish sentiment persists, BNB could target $1,200 as the next psychological milestone. Technical charts indicate sustained strength, with moving averages and volume trends supporting the upward trajectory. Market observers caution, however, that short-term profit-taking could cause temporary pullbacks before any further advances. Network growth supports bullish sentiment BNB’s rally has been supported by strong fundamentals on the BNB Chain, the blockchain that powers a wide range of decentralized applications and financial products. Recent reports show increased wallet activity, higher transaction volumes, and expanding adoption of decentralized finance (DeFi) projects on the chain. The growth in user activity and transaction demand has reinforced BNB’s value proposition, as the token is central to powering and securing the network. In addition, Binance’s expanding global presence and the continued development of its ecosystem have contributed to sustained demand for BNB. The token’s role in reducing trading fees on the Binance exchange and facilitating cross-chain activity has helped solidify its position as one of the most versatile assets in the crypto sector. The surge to new highs also comes amid a broader wave of institutional interest in cryptocurrencies. Several market analysts point to increasing professional adoption of BNB-linked products and strategies, driven by its strong performance and deep liquidity. Retail traders have also played a significant role, with rising activity on both centralized and decentralized platforms fueling momentum. BNB’s resilience during recent market pullbacks has further boosted investor confidence. Unlike many other tokens that saw sharp corrections, BNB maintained relative strength and quickly rebounded to fresh highs. This resilience has positioned the token as a core holding for both long-term investors and short-term traders seeking exposure to Binance’s growing ecosystem. Looking ahead, the key question is whether BNB can sustain its rally beyond $1,100 and establish a firm base toward $1,200. While technical indicators remain favorable, analysts caution that volatility remains a defining feature of crypto markets. A period of consolidation may precede further gains, but the broader outlook remains optimistic. As BNB continues to break records, its trajectory reflects both the strength of Binance’s global ecosystem and the growing role of blockchain adoption. With momentum building, traders and investors alike are watching closely to see whether BNB can sustain its climb and solidify its place as one of the leading digital assets in the market.

BTCUSD resumes seven-day winning streak Price settles above key SMAs amid government shutdown uncertainty Momentum indicators reflect bullish bias Bitcoin (BTCUSD) extended its rally for the seventh consecutive session, climbing to its highest level in nearly two months with an intraday spike above 119,000. The move follows the US government shutdown, which has triggered expectations of a positive liquidity impulse. The leading cryptocurrency has gained over 7% week-to-date, posting a breakout from a symmetrical triangle pattern and confirming the prevailing bullish bias, which is also being supported by the momentum indicators. The MACD has crossed above both its zero line and the red signal line, the RSI is trending higher from the neutral 50 level, and the stochastic oscillator has entered the overbought territory. The price is currently hovering near the seven-week high of 118,600, its highest level since August 14, when Bitcoin began correcting from its all-time high. A decisive break above this level could encounter strong resistance at 120,000, which has intermittently capped gains since mid-July. A sustained move beyond this barrier could clear the way for a retest of the July and August record peaks at 123,225 and 124,480 respectively. However, should momentum begin cooling again, initial support lies at the intraday low of 117,500, a level that has acted as both support and resistance since May. Further below, the 20- and 50-day simple moving averages (SMAs) in the 113,200–114,200 range may offer additional support, followed by a stronger floor at 112,000. In brief, Bitcoin’s upward momentum remains well-supported, with the price approaching the critical 120,000 threshold. However, for the breakout to be fully validated and for the uptrend to resume, the ‘crypto king’ must close consecutive daily candles between 118,000 and 120,000 above the symmetrical triangle formation.  

Cryptocurrency market maker GSR has agreed to acquire Equilibrium Capital Services, a Portland-based broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority (FINRA). The deal, which is subject to regulatory approval, will give GSR a licensed entry point into U.S. securities markets. The company did not disclose financial terms. Expanding Regulated Access Equilibrium’s registration allows it to provide brokerage services under U.S. securities laws. By bringing the firm under its umbrella, GSR plans to broaden its ability to serve institutional clients who want regulated exposure to digital assets. “This acquisition reflects our focus on serving both entrepreneurs and large investors seeking compliant access to crypto markets,” GSR chief executive Xin Song said in a statement. For GSR, best known for its global market-making and liquidity operations, the deal marks a step toward offering products that fall under U.S. securities oversight at a time when regulators continue to refine the rules governing digital assets. To manage the acquisition process, GSR worked with Compliance Exchange Group (CXG) for regulatory guidance and tapped BrokerDealerForSale.com to arrange the transaction. The move follows a series of initiatives by GSR to expand its footprint in regulated markets. In recent months, the firm partnered with Singapore-based DigiFT to open institutional access to tokenized real-world assets. It has also invested in Maverix Securities, a broker-dealer focused on developing structured products. GSR has been active in digital-asset treasury management as well, running strategies for Nasdaq-listed companies including MEI Pharma and Upexi. The Equilibrium acquisition adds a U.S.-regulated broker-dealer license to that portfolio, positioning GSR to offer clients more direct market access while operating under established compliance frameworks. Industry Context The deal comes as crypto firms seek ways to integrate into traditional regulatory systems amid heightened scrutiny from U.S. agencies. With the Securities and Exchange Commission stepping up enforcement actions and Congress weighing new rules on tokenized products, market participants are looking to broker-dealer and alternative trading system licenses to bridge digital assets with securities law. For GSR, the purchase strengthens its U.S. presence at a time when institutional investors are showing greater interest in digital assets beyond Bitcoin and Ethereum, particularly in tokenized funds and real-world asset products. Founded in 2013, GSR has grown into one of the largest digital-asset market makers, providing liquidity services to exchanges, protocols and token issuers. Adding a U.S. broker-dealer under its structure could accelerate its push to design regulated investment products for American institutions. The transaction is pending approval from U.S. regulators.

Given the strength of the support level 2.625, Toncoin cryptocurrency can be expected to rise to the next round resistance level 3.0000.   Toncoin reversed from the powerful support level 2.625 Likely to rise to resistance level 3.0000 Toncoin cryptocurrency continues to rise sharply after the price failed to break below the powerful support level 2.625 (which has been reversing the price from the start of March, as can be seen from the daily Toncoin chart below). The price created multiple Japanese candlesticks reversal patterns near the support level 2.625 in the last few trading sessions (multiple daily Doji and a daily Hammer) – highlighting the strength of this support level.  The upward reversal from the support level 2.625 stopped the previous medium-term impulse wave C from the start of August. Given the strength of the support level 2.625, Toncoin cryptocurrency can be expected to rise to the next round resistance level 3.0000. Toncoin Technical Analysis The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff. The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.    

Avalanche Treasury Co. (AVAT) aims to reach $1 billion in AVAX holdings and secure a Nasdaq listing by the first quarter of 2026. They have already secured a $675 million business combination with Mountain Lake Acquisition Corp., marking Avalanche’s first time on the public market —a significant milestone for the company.  It’s also a hint that massive blockchain projects are becoming more complex and appealing to Wall Street investors. The agreement grants AVAT an 18-month priority window to purchase AVAX tokens at a 23% discount, equivalent to a 0.77x multiple of net asset value.  These reduced tokens, which are available before most institutional investors can access them, could alter the way treasury managers consider risk and reward when seeking compliant, on-chain exposure. For the larger crypto market, this kind of large-scale, discounted accumulation is almost unheard of. It shows a shift away from fragmented, ETF-style vehicles and toward actively managed, strategy-driven treasury funds. Changing The Way Institutions Use Crypto Galaxy Digital, VanEck, ParaFi, and Kraken are all financing AVAT with $460 million. Unlike passive ETF vehicles, AVAT will actively distribute capital across staking, validator infrastructure, and direct protocol-level support, putting Avalanche as a leader in smart contract and DeFi innovation.  The company wants to go beyond just holding assets and instead validate infrastructure and support Layer 1 launches.  This will give it a more active role in creating value and growing the ecosystem. The advisory panel comprises well-known professionals in finance and blockchain, including Bart Smith (CEO), Laine Litman (COO), Budd White (Chief Strategy Officer), and Emin Gün Sirer, all of whom are well-established board members. This gives the project both legitimacy and a lot of technical knowledge. Structural Momentum Boosts AVAX Following the SPAC news, AVAX rose to an intraday high of $31.32 before settling at around $30.23. This indicates that people are enthusiastic about AVAT’s approach and that the market is shifting its perspective on Avalanche’s new institutional support.  Source: CoinGeko The derivatives market experienced a similar phenomenon, with open interest in AVAX futures increasing from $1.45 billion to $1.62 billion in under 24 hours. This showed that traders were becoming increasingly confident, and money was flowing in. In September, the decentralized exchange (DEX) volume on Avalanche reached $17.43 billion, the highest it had been in almost three years. These jumps in volume, along with high open interest and a bullish technical setup, indicate that the market is poised for further price action, particularly as more institutional money enters the market. Technical Analysis and AVAX Price Outlook for the Near Future AVAX’s price action is now backed up by a strong technical base, as the coin is trading above its 200-week exponential moving average of $29.08. Fibonacci retracement levels show that $28.60 is a significant support level and $33.48 is a key resistance level. If AVAX can break through the $33.48 barrier, it could have enough momentum to reach the next resistance level around $41.91. Indicators are positive, with the Relative Strength Index (RSI) at 58 and rising, which means there is still potential for AVAX to go up before it becomes too expensive. The MACD (Moving Average Convergence Divergence) is also bullish, which means that there is good momentum behind the scenes that could lead to more increases in the next several months. Ecosystem Catalysts: What Makes AVAT’s Model Unique AVAT’s structure allows money to be directed directly into ecosystem growth, whether that means supporting validators, sponsoring decentralized applications, or building infrastructure and tools for new Layer 1 launches.  This method gives Avalanche long-term liquidity that will last, and it also offers AVAT more ways to make money. Passive methods only follow the values of assets, but AVAT can have an impact on and benefit from active ecosystem growth, collaborations, and protocol updates. Another significant benefit is that the rules are clear. The SPAC road gives compliance-focused institutions the openness they need, which could bring in more cautious investors who were previously put off by unclear regulations in the crypto space. Risks: Execution, Competition, And Market Uncertainty There are problems, but the future seems reasonable. To complete the public listing by the first quarter of 2026, AVAT must obtain regulatory approvals and meet the expectations of its shareholders.  Ethereum, Binance Smart Chain, and other Layer 1 platforms are all fighting for control of the DeFi and NFT markets. Many of them already have larger TVL and user bases. AVAT’s capacity to manage capital efficiently and maintain governance alignment as the fund grows may be its most important asset. If the approach becomes too passive or fails to demonstrate outperformance, investors may lose interest just as soon as they gained it. Price Prediction: What Will Happen to AVAX Next? In the short term, AVAX is likely to stay between $30 and $35 until it debuts on the AVAT Nasdaq. The price will be volatile in the meantime because of the speed at which treasury holdings are growing and the overall cycles in the crypto market.  If the market stays good and institutional flows keep coming in, a verified break over $33.48 would lay the stage for a move toward $41.91. Technical support at $28.60 and $24.43 should help mitigate the risk of a decline until the overall situation worsens significantly. If AVAT follows through on its strategy and raises $1 billion, keeps subsidized access, and encourages organic ecosystem growth, AVAX might not only reach old highs again but also set new ones by 2026. For this to happen, institutions need to keep using it, regulations need to get better, and a virtuous cycle of capital deployment needs to keep going, which will make the protocol more useful. Conclusion: Avalanche Is Starting A New Era For Institutions The AVAT SPAC acquisition and the $1 billion treasury plan are more than simply news stories; they reflect a turning moment in the structure of Avalanche and the crypto market as a whole. Avalanche might become a major participant in the drive for institutional adoption by combining clear rules, discounted accumulation, and finance on a large scale. There are always risks, but if this method works, it might start a long period of price increase and technological progress for AVAX and its community.

KEY TAKEAWAYS In 2025, play-to-earn gaming combines entertainment with financial opportunities through the use of blockchain and NFTs. Titles like Axie Infinity and Illuvium lead with strong ecosystems and accessible entry points. New genres emerge, from shooters like Shrapnel to metaverses like The Sandbox and space sims like Star Atlas. Earnings range from daily micro-rewards to full-time income for skilled or dedicated players. P2E economies now encompass staking, governance, esports, and guild sponsorships, offering multiple income streams. Players should diversify across multiple games to reduce volatility and maximize opportunities. The year 2025 marks a new era in the evolving world of play-to-earn (P2E) crypto games, where blockchain-powered interactive experiences not only entertain but also offer real financial rewards. As the blockchain gaming ecosystem matures, the quality, variety, and economic sustainability of play-to-earn (P2E) games have improved significantly. Next-generation titles are blending immersive gameplay with tokenized economies and NFT ownership models that empower players and investors alike. The Rise and Evolution of Play-to-Earn Play-to-earn gaming emerged as a revolutionary concept where players earn cryptocurrency or digital assets by participating in games. Unlike traditional gaming economies restricted by centralized control, P2E games leverage blockchain technology to grant actual ownership of in-game items, tokens, and virtual real estate through non-fungible tokens (NFTs) and smart contracts. In 2025, the sector will have advanced beyond early speculative models, moving toward stable ecosystems that reward skilled play and community engagement. Modern P2E games integrate several revenue streams, including staking, governance participation, trading, and competitive play, providing multiple incentives for players to stay active and invested in these virtual worlds. Next-Generation P2E Games to Watch Several exciting play-to-earn titles are defining the future of crypto gaming. These games deliver engaging gameplay, innovative earning mechanisms, and active player communities, making them worth following for both gamers and crypto enthusiasts. Axie Infinity Axie Infinity remains one of the best-known blockchain-based P2E games, boasting over a million active players. The game centres on collecting, breeding, and battling NFT creatures called Axies. Players earn $SLP (Smooth Love Potion) and $AXS (Axie Infinity Shards) tokens through daily quests, battles, and governance roles. Significantly, recent updates focus on lowering entry barriers by offering free starter Axies, making the game more accessible. Axie Infinity operates on the Ronin sidechain, enabling low transaction fees while maintaining security. Earnings for skilled players range from $2 to $20 per day, depending on activity and in-game performance. The game’s vibrant economy is supported by guilds that pool resources and offer scholarships to newcomers, creating a cooperative ecosystem where players and investors can thrive. Illuvium Illuvium offers a cutting-edge play-to-earn experience combining open-world exploration and auto-battler gameplay. With high-end graphics and a rich storyline, it appeals to mainstream gamers seeking high production values within a blockchain environment. Players capture creatures called Illuvials and earn the $ILV token as they complete quests and battles. The game has attracted over 150,000 early registrants, with top players earning between $100 and $300 per week. Illuvium is notable for its robust tokenomics and comprehensive long-term roadmap, which includes features such as land ownership and player-driven economies. Gods Unchained Gods Unchained is a skill-based collectable card game with a free-to-play model, making it accessible to a broad audience. Players compete in ranked matches and tournaments to earn $GODS tokens and trade NFT cards. With over 50,000 active players, the game fosters esports-level play and provides a competitive platform where skilled players translate their wins into tangible crypto rewards. Earnings can reach $5 to $50 per week for dedicated players, with a strong emphasis on trading and strategic gameplay. My Pet Hooligan My Pet Hooligan stands out as a third-person multiplayer shooter offering NFT weaponry and character collectibles. Available on iOS and Android, it targets mobile gamers who enjoy PvP battles. Early users have seen daily earnings of $1 to $10 by engaging in matches and completing challenges. The game’s unique art style and competitive gameplay add fresh variety to the P2E ecosystem. Expanding its user base will be crucial for broadening earning potential. Big Time Big Time transports players through different historical eras in a multiplayer action RPG setting. It incorporates blockchain to reward players with NFTs and tokens as they explore diverse worlds and complete timed challenges. This title is gaining traction for combining rich gameplay narratives with play-to-earn elements. It encourages cooperative and competitive tasks, with rewards distributed based on participation and achievement. The Sandbox The Sandbox is an influential virtual metaverse where players buy, sell, and build on blockchain-backed virtual land parcels. Users create games, build experiences, and monetize NFTs within this decentralized world. It exemplifies how blockchain gaming extends beyond traditional gameplay into digital real estate and user-generated content economies. Ownership and monetization give players control to generate passive income from their creations. Star Atlas Star Atlas is one of the boldest attempts to build a massively multiplayer on-chain economy in a space sim setting: ships, planets, resource extraction, and player corporations all interact with tokenized assets. Its developers have launched seasonal, holosim, and creator campaigns that aim to enable players to earn rewards through exploration, crafting, and competitive missions.  The project is notable for its complex economic design. If the token flows and liquidity structures hold up, Star Atlas could show how ambitious, simulation-style P2E worlds generate sustainable player earnings without relying solely on speculative token appreciation.  Shrapnel Shrapnel flips the usual fantasy or card game approach: it’s an extraction first-person shooter built with next-gen visuals and a studio pedigree. The core loop of the game involves entering a map, extracting valuables, and competing. This plot is naturally compatible with P2E mechanics (loot, operator cosmetics, weapon NFTs).  This Neon Machine’s title has been through development hurdles and chain migrations, but remains a high-profile attempt to bring AAA shooter sensibilities to blockchain economies. If Shrapnel can deliver solid matchmaking, fairness (no pay-to-win), and a well-balanced item economy, it could attract mainstream FPS players and demonstrate how action genres handle tokenized rewards.  Innovation in Earning Mechanisms and Game Economics Modern P2E games integrate more than just reward tokens for gameplay. These include: Staking tokens to earn passive income Participating in governance to influence game decisions Trading rare NFTs and virtual land on decentralized marketplaces Earning from tournaments, guild sponsorships, and esports competitions Leveraging multi-chain interoperability to diversify assets These inputs create layered earning opportunities that appeal to a range of players, from casual gamers seeking supplemental income to professional crypto gamers treating their digital assets as investment portfolios. How to Get Started with New P2E Titles For players interested in exploring next-gen P2E crypto games, a few tips emerge: Research the game’s tokenomics and community feedback for sustainability. Start with free-to-play or low-cost entry games to mitigate risk. Join active guilds or communities for collaboration and support. Secure digital wallets compatible with the game’s blockchain. Diversify participation across multiple games to balance volatility. Early engagement with promising new titles could position players to benefit from future growth, both financially and through unique gaming experiences. Next-Gen Play-to-Earn: Building the Future of Gaming and Digital Economies The future of play-to-earn crypto games in 2025 is vibrant, diverse, and increasingly sophisticated. Games like Axie Infinity, Illuvium, Gods Unchained, My Pet Hooligan, Big Time, and The Sandbox exemplify how blockchain technology is reshaping interactive entertainment with genuine earning potential. Staying informed about these next-generation games presents exciting opportunities for players and investors to participate in the rapidly growing crypto gaming revolution. FAQ What is play-to-earn (P2E) gaming? Play-to-earn gaming lets players earn cryptocurrency, NFTs, or tokenized assets by playing, trading, and engaging with blockchain-based games. How is P2E different from traditional gaming? Unlike traditional games, where items are owned only in-game, P2E games utilise blockchain and NFTs to grant players actual ownership of digital assets. Which P2E games are leading in 2025? Notable titles include Axie Infinity, Illuvium, Gods Unchained, My Pet Hooligan, Big Time, The Sandbox, Star Atlas, and Shrapnel. Can players actually make money from these games? Yes. Earnings vary by game and skill level, ranging from small daily rewards ($1–$10) to hundreds of dollars weekly for top performers. How do players earn in modern P2E ecosystems? Earnings come from gameplay rewards, staking, NFT trading, governance participation, tournaments, guild sponsorships, and esports competitions. What are the risks of P2E gaming? Risks include volatile token values, unsustainable economies, high entry costs in some games, and uncertain long-term developer support. How can beginners get started safely? Start with free-to-play or low-entry games, research tokenomics, use secure wallets, and join active gaming communities or guilds for support.

Market Share Drops Below 84% Tether’s USDT and Circle’s USDC, the two largest stablecoins by capitalization, have seen their combined dominance fall by more than five percentage points in the past year despite continued growth in absolute terms. Data from DefiLlama and CoinGecko show their joint share has dropped from 91.6% in March 2024 to 83.6% as of early October 2025. At their peak in March 2024, the two tokens accounted for nearly the entire market. USDT had a capitalization of $99 billion and USDC $29 billion, out of a $140 billion total. That grip has loosened as new entrants launch yield-bearing models and banks prepare regulated offerings. Industry analyst Nic Carter, a partner at Castle Island Ventures, described the trend in a post on X as evidence that “the stablecoin duopoly is ending.” He attributed the decline to “new assertiveness by intermediaries, a race to the bottom with yield, and new regulatory dynamics post-GENIUS.” Investor Takeaway The decline in USDT and USDC dominance suggests investors are moving toward yield-bearing and regulated alternatives. A more fragmented market could impact liquidity and pricing. Ethena’s USDe Leads Yield-Bearing Surge The most striking shift has been the rise of Ethena’s USDe, which passes along returns from basis trades. Its supply has surged to $14.7 billion, making it the standout “success story of the year,” according to Carter. Yield-bearing stablecoins, while facing tighter oversight under the U.S. GENIUS Act, continue to attract capital by offering passive income streams on otherwise static assets. Carter also pointed to other entrants such as Sky’s USDS, PayPal’s PYUSD, World Liberty’s USD1, Ondo’s USDY, Paxos’ USDG and Agora’s AUSD. He expects more products from both fintechs and banks to appear in the coming year, predicting “many other new stablecoins — including bank-issued ones — will be entering the industry soon.” Circle itself has been working with Coinbase to introduce yield options on USDC, underscoring the pressure on incumbents to adapt to investor demand for income-bearing designs. Bank Consortia Enter the Field Alongside fintech-led competition, banks are preparing their own initiatives. Carter highlighted a collaboration between JPMorgan and Citigroup and argued that bank consortia “make by far the most sense,” given no single institution can provide the necessary distribution to rival Tether at scale. In Europe, momentum is already building. On Sept. 25, Dutch lender ING announced a joint venture with Italy’s UniCredit and seven other banks to develop a euro-denominated stablecoin. The product is designed to comply with the EU’s Markets in Crypto-Assets Regulation (MiCA) and is expected to launch in the second half of 2026. Bank-issued stablecoins are being positioned as lower-risk, regulated instruments that could appeal to institutional investors, even as concerns about bank deposit runs and liquidity mismatches remain. Investor Takeaway Bank-backed stablecoins could challenge Tether’s dominance if consortium models succeed, but their rollout is tied to regulatory approval and slower timelines. From Duopoly to Fragmentation The combined market share of USDT and USDC, once near-total, is now eroding. DefiLlama and CoinGecko figures show a 5.4% decline since October 2024 and a 3.4% slide in 2025 to date. Analysts see the trend as part of a broader shift toward a multipolar stablecoin market, shaped by yield-bearing models, regulatory intervention and the entry of global banks. Whether incumbents adapt successfully or lose further ground depends on how quickly they integrate yield features and respond to regulatory changes. Meanwhile, new players are betting that compliance and innovation will draw capital away from USDT and USDC, reshaping the market structure that has held for much of the past decade.

KEY TAKEAWAYS NFT gaming in 2025 is maturing, focusing on sustainability, gameplay quality, and real-world value. Popular games include Axie Infinity, Illuvium, Gods Unchained, The Sandbox, Big Time, Alien Worlds, and Star Atlas. Players can own, trade, and monetize digital assets across marketplaces without intermediaries. NFT games are driving cultural and financial shifts, blending entertainment, investment, and digital innovation. Beginners should secure wallets, use trusted marketplaces, and start with low-cost or free-to-play titles.   The NFT gaming landscape is evolving faster than ever in 2025, delivering a diverse range of immersive experiences where players can own, trade, and earn real rewards through blockchain-based digital assets. Non-fungible tokens (NFTs) empower gamers by granting true ownership of in-game items, characters, and virtual land, ushering in a new era known as “play-to-earn” or “play-and-earn” gaming. From competitive card battlers to open metaverses, the coming years promise exciting advancements that will shape how players engage with games, socialize, and generate value. This article explores the top NFT games that are defining the future of blockchain gaming today and what to look forward to beyond 2025. Why NFT Gaming Matters in 2025 NFT games combine decentralized blockchain technology with traditional and innovative gaming genres. The NFT’s unique property is its proof of ownership and scarcity secured through the blockchain, enabling players to: Own exclusive digital assets that can be bought, sold, or traded on open marketplaces without intermediaries. Participate in transparent economies with provably fair mechanics. Influence game development via decentralized governance. Earn tangible rewards via tokenized incentives. As Web3 gaming ecosystems mature, games are moving beyond speculative hype. The industry now focuses on delivering high-quality gameplay, sustainable tokenomics, interoperability between ecosystems, and real player utility. This evolution is attracting both skilled gamers and investors seeking new participation models. The Top NFT Games to Watch in 2025 and Beyond Several standout NFT games combine engaging gameplay, active communities, and innovative economic models. These titles have demonstrated impressive growth and showcase the sector’s diverse approaches to blockchain gaming. Axie Infinity: The Play-to-Earn Pioneer One of the most iconic NFT games, Axie Infinity, continues to lead the market with its unique monster-breeding and battling mechanics. Players collect, train, and battle digital creatures called Axies, each represented as an NFT. Still popular in 2025, Axie Infinity has expanded with “Axie Infinity: Origins,” an updated version that enhances gameplay while lowering entry barriers for new players through free starter packs. Players earn tokens like $AXS and $SLP by completing battles, crafting items, or participating in governance activities. Axie’s layered economy features guilds, scholarships, and staking, fostering community-driven growth while rewarding active players. Its Ronin sidechain ensures fast and low-cost transactions, critical for scalability. Illuvium: AAA-Quality RPG on Blockchain Illuvium is a visually stunning open-world RPG combined with auto-battler mechanics, designed to attract mainstream gamers with high production values. Players explore a sci-fi world, capturing creatures called Illuvials, and engage in strategic battles to earn $ILV tokens. Illuvium’s interoperable blockchain framework allows cross-market trading of NFTs and emphasizes fairness, accessibility, and participation incentives. Its ambitious roadmap includes land ownership, staking, and DAO governance, pushing the envelope for high-end NFT gaming. Gods Unchained: Competitive Card Battler Gods Unchained offers a deeply tactical collectible card game where every card is an NFT. With true ownership of cards, players trade, sell, or use them competitively in ranked battles or tournaments to earn rewards in $GODS tokens. The game’s free-to-play model and esports-driven focus have built an active, skill-focused player base. It continues innovating with new card sets, gameplay modes, and seasonal events, emphasizing player-to-player competition and economic sustainability. The Sandbox: User-Generated Metaverse The Sandbox illustrates how NFT gaming expands into virtual metaverses where users buy, sell, and build on blockchain-backed land parcels. Players create games, art, and experiences, monetizing NFTs and tokenized land under decentralized governance. This virtual world ecosystem offers layers of creativity and economic opportunity, allowing users and creators to earn via virtual real estate, game assets, events, and social interactions. Sandbox’s integration with multiple blockchains and partnerships with major brands position it as a long-term metaverse leader. Big Time: Time-Travelling Multiplayer Action RPG Big Time stands out by blending action RPG gameplay with blockchain incentives. Players embark on multiplayer missions across historical eras, earning NFTs and $BIG tokens for completing quests and challenges. With immersive storytelling, cooperative play, and robust token rewards, Big Time appeals to both action gamers and blockchain enthusiasts. Its roadmap envisions expanding worlds, NFT customization, and cross-platform access. Alien Worlds: Space Exploration and Mining Alien Worlds combines sci-fi exploration with mining and land management mechanics. Players own plots as NFT lands, mine for resources, and engage in battles for planetary control. Its multi-chain design and accessible gameplay make it popular for both casual and strategic players seeking mining rewards and NFT ownership benefits. Play-to-earn rewards include $TLM tokens and rare digital assets traded on open markets. Star Atlas: Space Strategy and MMO Star Atlas focuses on a futuristic space exploration MMO that integrates NFTs representing ships, equipment, and land assets. It combines strategic governance, combat, and economic simulation set in a vast virtual universe. Players can buy land, build fleets, form alliances, and trade NFTs, earning tokens through combat, crafting, and governance. Star Atlas targets dedicated gamers and crypto collectors interested in a deep sci-fi metaverse experience. Emerging Contenders and Innovative Concepts Besides these headline titles, many innovative NFT games are gaining momentum with fresh takes on blockchain gaming: Guild of Guardians: A mobile RPG emphasizing team-building and NFT crafting. Shrapnel: A tactical shooter with NFT guns and gear. Decentraland: A mature metaverse with events, social hubs, and immersive experiences. CryptoMines: A sci-fi mining strategy game built around worker NFTs. War of Ants: An Android-focused strategic battle game leveraging NFTs for units and resources. These games explore new niches and mechanics, broadening the NFT gaming market and enhancing player choice. Trends Shaping NFT Gaming Beyond 2025 Looking forward, several key trends will define the growth and evolution of NFT games: Interoperability: Games will increasingly allow NFT and token transfers across multiple blockchains and titles, creating connected economies. Layer 2 Scaling: Fast, low-cost transactions via Layer 2 solutions enhance accessibility and reduce entry barriers. Play-to-Own and Social Gaming: Community governance, co-op gameplay, and social features will deepen player engagement. Real-World Integration: NFT games will link more closely to real-world events, brands, and physical products. Sustainable Tokenomics: Game developers will focus on long-term sustainability to curb speculative crashes and ensure player rewards. These innovations aim to make NFT gaming not only profitable but also fun, fair, and culturally relevant. How to Get Started and Stay Secure Entering the NFT gaming ecosystem requires some preparation: Set up a secure crypto wallet compatible with the game’s blockchain. Join official communities and read whitepapers to understand tokenomics. Start with free or low-cost games to learn mechanics risk-free. Use trustworthy marketplaces like OpenSea or game-specific platforms for trading NFTs. Be cautious of scams and always verify sources before investing. NFT Gaming 2025: Where Blockchain, Play, and Real Rewards Converge 2025 is a landmark year for NFT gaming as blockchain games solidify their place in mainstream entertainment. Titles like Axie Infinity, Illuvium, Gods Unchained, The Sandbox, and Big Time exemplify how NFT ownership and innovative gameplay merge to empower players. Emerging games and evolving technology trends promise a vibrant future where gaming and blockchain intersect to create rewarding, immersive experiences for millions worldwide. For both gamers eager to play and investors scouting new digital frontiers, watching these top NFT games provides exciting opportunities and insights into the evolving digital entertainment landscape. FAQ What makes NFT gaming different from traditional gaming? NFT games utilise blockchain technology to provide genuine ownership of in-game assets, allowing players to trade, sell, or earn rewards that extend beyond the game itself. What are the top NFT games to watch in 2025? Key titles include Axie Infinity, Illuvium, Gods Unchained, The Sandbox, Big Time, Alien Worlds, and Star Atlas. Can players really earn money from NFT games? Yes. Players earn through token rewards, NFT sales, land ownership, and in-game achievements that can be monetized on open marketplaces. Are NFT games only for crypto investors? No. Many games offer free-to-play options, focusing on fun gameplay and attracting both traditional gamers and crypto enthusiasts. What risks exist in NFT gaming? Risks include volatile token values, scams, unsustainable tokenomics, and potential loss of investment if games fail to maintain active communities.

The Securities and Exchange Commission of Thailand plans to expand the availability of crypto ETFs, adding Ethereum, Solana, and other altcoins. This move follows the debut of Thailand’s first Bitcoin ETF in early 2024 and addresses investors’ call for broader portfolio diversification. For the first time, Thai mutual funds and institutions can issue ETFs tracking top cryptocurrencies beyond Bitcoin, further diversifying the nation’s crypto investment landscape. New Government Keeps Same Policies There were concerns that Thailand‘s pro-crypto stance would change when Anutin Charnvirakul became Prime Minister in 2025, given his lack of a fintech background. Despite leadership changes, continued support from Finance Minister Pichai Chunhavajira ensures Thailand’s unwavering commitment to expanding its digital asset sector. New ETFs underline this forward-looking approach. SEC Actions Encourage Investors to Spread Out Their Money SEC Secretary-General Pornanong Budsaratragoon says regulatory standards are nearly ready for Thai institutions to launch ETFs tracking groups of cryptocurrencies, including Ethereum and Solana. These changes aim to make digital asset investing safer and easier for Thais, moving investment options away from foreign ETFs toward local, regulated solutions. Thailand’s SEC aims to attract millennials and Gen Z, who are seeking digital assets in their portfolios. Diverse crypto ETFs make it easier and safer for young investors to diversify, aligning with global investing trends and increasing Thailand’s crypto market liquidity. Future Prospects: New Ideas and Growth The rollout of new crypto ETFs is central to Thailand’s digital asset ecosystem strategy, progressing in tandem with initiatives such as G-Tokens and regulatory enhancements. Thailand’s strategy aims for a safe, innovative, and balanced environment that protects investors. Expanding crypto options will solidify Thailand’s role as a regional hub for digital assets.

Telegram is teaming up with xStocks operator Backed and US crypto exchange Kraken to bring tokenized stocks and ETFs to its Wallet app. This will open up new possibilities for trading in digital assets. This partnership will enable people to trade and invest in tokenized versions of more than 60 US stocks, including well-known companies such as MicroStrategy (MSTR) and Nvidia (NVDA), directly from their Telegram Wallet interface. The first offering, which begins in October, will comprise 35 tokenized assets, including Circle (CRCLX), Coinbase (COINX), and Robinhood (HOODX). The goal is to make these assets increasingly accessible throughout the year. Gradual Rollout and Compliance Focus Telegram’s Wallet will launch initially in select markets, ensuring compliance and an optimal user experience before a global rollout, with a focus on developing economies. By the end of 2025, over 60 fully collateralized US stocks and ETFs are planned to be offered, each backed 1:1 by underlying securities and governed by a clear, compliant prospectus. No Bitcoin ETFs, but Crypto Stays Available A new “Stocks and ETFs” section will soon appear in the Wallet app. Bitcoin ETFs won’t be offered at launch, but direct Bitcoin purchases will remain available via the custodial Crypto Wallet. This distinction clarifies Telegram’s separation of tokenized stocks and direct crypto trading on the platform. Focus on Emerging Markets and Accessibility Emerging economies will have first access to tokenized equities, aligning with Backed’s aim to promote financial inclusion in underdeveloped countries. Specific countries have not been announced.  Previous xStocks integrations excluded the US and sanctioned regions but were available in over 170 countries through partners like Alchemy Pay. This approach reflects a commitment to enhancing financial market access, particularly where traditional equities are limited. Commission-Free Trading and Regulatory Transparency All trades of tokenized stocks and ETFs in Telegram’s Wallet will be commission-free until the end of 2025 to encourage early use. Standard withdrawal fees still apply. The project highlights full collateralization, compliance, and transparency as key advantages over other tokenized equity offerings. ​Telegram’s decision to do this, together with the platform’s growing involvement in financial services and the vocal backing of cryptocurrencies by its founder, Pavel Durov, marks the start of a new era of messaging and economic integration for a global, digitally native audience.

KEY TAKEAWAYS Global crypto ownership reached 12.4% in 2025, showing steady mainstream growth. India ranks #1 globally, with over 100 million users and dominance across all key adoption metrics. Nigeria leads Africa, with 32% ownership, driven by inflation and banking challenges. Latin America utilises cryptocurrency as a hedge against inflation, particularly in Brazil, Argentina, and Venezuela. US adoption thrives on regulatory clarity and ETF approvals, supporting retail and institutional users. Regulation shapes growth: clear frameworks encourage adoption, while restrictions push grassroots peer-to-peer usage.   The global cryptocurrency market is expected to continue its rapid expansion in 2025, driven by a diverse set of factors, including technological innovation, economic necessity, and regulatory developments.  Understanding the growth of the cryptocurrency market requires examining adoption rates across countries and regions, which reveal telling patterns about where and why cryptocurrencies are being adopted. This article explores the latest data on crypto adoption by country in 2025, highlighting key regional leaders, emerging trends, and the unique drivers behind the widespread use of digital currencies. Global Landscape of Crypto Adoption in 2025 According to the latest 2025 Global Crypto Adoption Index, which combines on-chain blockchain data with real-world economic metrics, the Asia-Pacific (APAC) region leads the world in grassroots crypto activity, followed by North America and certain areas of Latin America and Africa.  APAC countries, such as India, Pakistan, and Vietnam, have reported staggering year-over-year growth rates of 69% in on-chain transactions, reflecting both retail and institutional participation across all levels of the market. Retail adoption, defined as use by individual consumers rather than purely institutional investors, remains highest in countries facing economic challenges such as inflation or banking access issues. Globally, the average ownership rate of cryptocurrency is around 12.4%, indicating a slow but increasing mainstream acceptance as digital assets move beyond early adopters. The diversity of adoption drivers is also notable: from remittances and gaming in Southeast Asia to inflation protection in Latin America and financial inclusion in Africa, cryptocurrencies serve multiple practical purposes. Leading Countries by Adoption Rate Here’s a look at the top countries leading by adoption rate: India  India ranks first overall in global crypto adoption, with over 100 million users reported as of 2025. The widespread adoption can be attributed to rising smartphone penetration, a large young population familiar with digital payments, and the expansion of fintech infrastructure. Both retail and institutional sectors participate heavily, and India leads in all subcategories of the adoption index, including retail centralized services, decentralized finance (DeFi), and institutional involvement. Nigeria  Nigeria leads the African continent, with approximately 42% of its population actively engaging in cryptocurrency transactions. Factors driving this adoption include persistent inflation, currency devaluation of the naira, limited access to conventional banking, and the need for secure financial services for the unbanked.  For many Nigerians, cryptocurrencies offer a practical alternative for store-of-value, remittances, and peer-to-peer payments, turning crypto into a necessity rather than speculation. Vietnam  Vietnam occupies a top spot in the Asia-Pacific region, with around 21-27% of the population owning digital assets, thanks to high mobile penetration and a growing freelance economy that leverages cryptocurrency for international payments without costly transfer fees. Vietnam’s substantial youth demographic engages dynamically with crypto, spanning use cases from gaming to financial services. United States  The US holds the second position globally, buoyed by regulatory clarity with multiple approved bitcoin ETFs and frameworks that encourage institutional participation. The country accounts for millions of active users and dominates Bitcoin ATM installations worldwide, signalling robust retail interest alongside growing institutional investment in decentralized finance and NFTs. Other Notable Countries Pakistan ranks third globally in adoption, driven by its young population and mobile technology. Brazil has seen a 50% increase in crypto users amid inflationary pressures, with around 16 million investors using digital assets as a hedge. Turkey, burdened by lira devaluation, shows high crypto adoption rates as residents turn to bitcoin and stablecoins for inflation protection. The United Arab Emirates and Singapore stand out as crypto hubs with adoption rates exceeding 24%, supported by clear regulations, fintech innovation, and crypto-friendly policies. Regional Trends and Drivers Here’s a look at some key regional trends and drivers: Asia-Pacific Region The Asia-Pacific region leads global adoption, with approximately 43% of the population engaged in cryptocurrency activities. This region’s rapid growth is grassroots-based and intersects with mobile payments, remittance needs, and a high rate of retail users experimenting with DeFi and NFTs. Countries like India, Vietnam, and Indonesia are hotspots of activity, supported by improving infrastructure and a growing regulatory acceptance. Africa’s Emerging Market Africa’s crypto adoption rate of 19% among internet users is remarkable, given the continent’s financial inclusion challenges. Nigeria and Kenya spearhead this growth, leveraging crypto primarily for remittances, inflation protection, and access to banking alternatives. The continent’s young, tech-savvy population, combined with a lack of trust in traditional financial institutions, makes cryptocurrencies a vital tool for economic participation. Latin America’s Inflation Hedge Countries such as Argentina and Venezuela illustrate how macroeconomic instability drives crypto adoption. Latin America saw a 40% increase in crypto transaction volumes, as citizens use bitcoin and other digital assets to hedge against severe inflation and currency volatility. El Salvador’s pioneering adoption of bitcoin as legal tender has also attracted global attention to the region. Europe and North America Stability Europe’s crypto market growth is steady, with approximately 17% of the population owning crypto assets, supported by regulatory clarity in the European Union, which fosters trust and institutional engagement. North America follows closely with 16% adoption, driven by active retail users and significant institutional inflows, including ETFs and DeFi products. Middle East and Oceania Adoption The Middle East, led by the UAE and Saudi Arabia, is reporting a 12% growth rate, driven by government policies that encourage innovation in crypto and fintech. Oceania, primarily Australia, exhibits steady adoption, with approximately 10% of the population owning cryptocurrencies. Practical Uses vs. Speculation One of the most significant trends revealed in 2025 adoption data is the distinction between speculative-driven use and practical financial adoption. Many of the highest adoption rates occur in countries where cryptocurrency is not just an investment but a critical economic tool to mitigate currency devaluation, inflation, and inaccessibility of traditional banking. For instance: Nigerians use cryptocurrency for daily remittances and as a store of value. Vietnamese freelancers receive international payments. Brazilians and Turks utilise digital assets to safeguard their wealth. El Salvadorers transact daily with bitcoin as legal tender. Adoption Metrics Breakdown The 2025 data offers granular insight into adoption through key metrics such as retail centralized service value, decentralized finance (DeFi) activity, institutional centralized service involvement, and overall user engagement. Country Overall Rank Retail Centralized Value Rank Centralized Service Value Rank Defi Value Rank Institutional Rank India 1 1 1 1 1 United States 2 10 2 2 2 Pakistan 3 2 3 10 3 Vietnam 4 3 4 6 4 Brazil 5 5 5 5 5 Nigeria 6 7 8 3 8 Indonesia 7 9 7 4 7 This tabulation underscores India’s dominance across all categories and highlights the diversity of countries leading in individual segments, such as Nigeria’s strength in DeFi and Pakistan’s retail service activity. Cryptocurrency Ownership Rates by Country By mid-2025, global cryptocurrency ownership averaged approximately 12.4%, but this varies widely by country. Key ownership statistics include: Nigeria: 32% of adults own or use crypto. Vietnam: Around 27% ownership. UAE and Singapore: Over 24%. Turkey: Approximately 23%. United States: 16-17% ownership of crypto. India: Over 100 million owners (approx. 7-8% of population). These figures demonstrate the significant penetration of crypto in both emerging and developed markets. Institutional Participation and Regulatory Impact The regulatory environment has a significant impact on adoption rates and market stability. In countries such as the US, Singapore, and the UAE, clear regulatory frameworks have encouraged institutional players to enter the market, thereby fostering trust and innovation. The acceptance of Bitcoin Exchange Traded Funds (ETFs), formalized crypto tax guidelines, and licensing regimes have supported retail adoption by reducing uncertainty and risk. Conversely, in countries with restrictive policies but pressing economic needs, such as Russia or China, crypto use persists through decentralized or peer-to-peer platforms despite challenges, reflecting strong grassroots demand. Crypto Adoption in 2025: A Global Shift Toward Digital Finance The 2025 cryptocurrency market is marked by substantial growth, with adoption rates reaching unprecedented levels globally. The pattern of adoption reveals a dual narrative: while developed economies embrace crypto through institutional frameworks and investment vehicles, emerging markets adopt it as a vital financial tool for economic survival. The Asia-Pacific and African regions lead in terms of growth momentum, while Latin America exemplifies crypto’s role in combating inflation and economic instability. As governments and institutions increasingly engage with digital assets and as broader populations gain access to blockchain technology, the crypto market is poised for continued expansion. The diversity of adoption rates by country underscores crypto’s global impact and potential to reshape the financial landscape. FAQ Which region leads global crypto adoption in 2025? The Asia-Pacific region leads globally, with countries such as India, Vietnam, and Pakistan demonstrating strong grassroots adoption across retail, institutional, and DeFi activities. Why is crypto adoption high in emerging markets? Economic instability, inflation, and lack of traditional banking access drive people in countries like Nigeria, Turkey, and Argentina to adopt crypto for remittances, payments, and wealth preservation. How many people own cryptocurrency globally in 2025? Approximately 12.4% of the global population owns cryptocurrency, with higher penetration rates in countries such as Nigeria (32%) and Vietnam (27%). What role does regulation play in adoption? Clear regulations in countries such as the US, Singapore, and the UAE encourage institutional adoption and investor trust, while restrictive policies push users toward peer-to-peer platforms in places like China. Which country ranks first in global crypto adoption? India tops the Global Crypto Adoption Index in 2025, with over 100 million users and leadership in every adoption metric, from retail use to institutional participation. What are the most common uses of crypto worldwide? Crypto is used for remittances, gaming, cross-border payments, inflation hedging, and financial inclusion, depending on regional needs.

CME Group said it plans to roll out around-the-clock trading for its cryptocurrency futures and options markets, bringing the regulated U.S. derivatives venue closer in line with the nonstop nature of digital asset markets. The Chicago-based exchange said on Thursday the service could begin in early 2026, subject to regulatory approval. The model would allow clients to trade CME’s bitcoin and ether futures and options at any hour of the day through its Globex platform, apart from a brief weekly maintenance window. “Client demand for around-the-clock cryptocurrency trading has grown as market participants need to manage their risk every day of the week,” said Tim McCourt, CME’s global head of equities, FX and alternative products. “Ensuring that our regulated cryptocurrency markets are always on will enable clients to trade with confidence at any time.” From business hours to continuous trading CME currently pauses trading in its crypto contracts on weekends and outside business hours, a structure that contrasts with the constant activity in spot crypto markets and offshore derivatives venues. Under the proposed system, trades executed on weekends and holidays would still settle on the next business day, preserving consistency in clearing and reporting. By offering near-continuous access, CME is betting it can attract more institutional volume from investors who want the safeguards of a regulated exchange without the time restrictions that push some activity toward less-regulated offshore platforms. CME has become the leading regulated marketplace for institutional crypto derivatives. According to CoinGlass, its bitcoin futures are the largest globally by open interest with contracts worth $16.8 billion outstanding, while ether futures account for $9.8 billion. That presence has been built despite the limited hours. Offshore rivals, including Binance and Bybit, have long provided uninterrupted trading but lack CME’s oversight by U.S. regulators and clearing infrastructure. Expanding hours could give CME a sharper edge against those platforms by combining institutional safeguards with crypto’s always-on liquidity. The change is aimed squarely at money managers and trading firms that have integrated bitcoin and ether into their strategies. For hedge funds, pension allocators and corporates, managing exposure often requires the ability to adjust positions when markets move outside New York or London trading hours. Regulatory review will determine how quickly CME can move forward. U.S. watchdogs have scrutinized crypto derivatives in recent years, weighing investor protection concerns against demand from institutions for more transparent venues. If approved, the around-the-clock model would mark one of the biggest structural adjustments since CME launched bitcoin futures in 2017. The exchange added ether futures in 2021 and has steadily expanded its suite of options contracts. The upgrade reflects how crypto markets, once dismissed as a weekend casino, are becoming integrated into the broader financial system. For CME, it is a chance to reinforce its standing as the dominant regulated venue for institutional crypto trading—this time, on crypto’s own schedule.

KEY TAKEAWAYS In February 2025, North Korea’s Lazarus Group stole $1.5 billion from ByBit, the largest crypto theft ever recorded. Hackers laundered $160 million in the first 48 hours using mixers and DeFi platforms. North Korea has stolen over $3.4 billion in crypto to fund its sanctioned nuclear and missile programs. Tactics include phishing, malware, fake job offers (“Contagious Interview”), and targeting personal wallets. The ByBit hack triggered a 20% drop in Bitcoin prices, underscoring the vulnerability of the crypto market. The hacks carry serious geopolitical risks, strengthening Pyongyang’s military and complicating diplomatic stability.   In early 2025, the world witnessed one of the largest cryptocurrency heists in history, a staggering $1.5 billion theft from the Dubai-based exchange ByBit. This breach, attributed to North Korean state-backed hacker groups, underscores the growing role of cryptocurrencies in the secretive regime’s strategies to bypass international sanctions and fund its military ambitions.  Behind these operations lies a sophisticated and relentless cybercrime apparatus that has stolen billions in crypto over recent years. This article examines North Korea’s cryptocurrency hacking campaigns, its methods for laundering stolen funds, and the broader implications for global security and regulation. The ByBit Heist: A Record-Breaking Crypto Theft On February 21, 2025, a coordinated cyberattack by the infamous Lazarus Group, an elite North Korean hacking collective linked to the country’s Reconnaissance General Bureau, successfully infiltrated ByBit, one of the world’s leading cryptocurrency exchanges. Exploiting vulnerabilities in software and employing advanced phishing tactics, the hackers moved approximately $1.5 billion worth of Ethereum tokens to a complex network of blockchain addresses. This event marked the most significant theft of digital currency ever recorded, surpassing all previous breaches in magnitude. Notably, about $160 million was laundered within the first 48 hours, demonstrating the group’s speed and sophistication in obscuring the financial trail.  Despite ByBit’s lack of operations in the United States, the hack sent shockwaves throughout the global crypto market, contributing to a 20% drop in Bitcoin prices and raising fresh concerns about the security of decentralized exchanges and wallets. North Korea’s Expanding Crypto Crime Portfolio The Lazarus Group, active since the mid-2000s, has evolved from traditional cyber espionage and sabotage into a prolific operation targeting cryptocurrency platforms and users worldwide. Since emerging in the crypto hacking scene, the group is estimated to have stolen over $3.4 billion in digital assets, making it a critical source of revenue for Pyongyang’s sanctioned nuclear weapons and ballistic missile programs. North Korean cybercriminals operate at a scale unmatched by other nation-state groups, responsible for nearly two-thirds of crypto hacks worldwide in 2024 alone. Their methods extend beyond direct hacking, encompassing deceptive recruitment campaigns within the crypto industry, where fake job offers and intricate interview ruses are used to gain insider access to company systems.  This campaign, dubbed the “Contagious Interview” by cybersecurity firms, has targeted hundreds of cryptocurrency professionals globally, indicating a shift toward blending social engineering with traditional hacking techniques. Weapons of the Shadow Economy: Bypassing Sanctions with Crypto Cut off from the international banking system and heavily sanctioned, North Korea relies on these illicit cryptocurrency operations to sustain its economy and military endeavours. Unlike traditional monetary theft, crypto assets are attractive due to their decentralized nature, relative anonymity, and global accessibility, allowing the regime to sidestep financial restrictions imposed by the United Nations and Western powers. The stolen funds support the regime’s nuclear and missile development programs, potentially funding procurement of materials and technology otherwise blocked. Experts assess that a dedicated team, possibly working around the clock, uses advanced laundering techniques, including converting stolen cryptocurrencies to other digital assets and dispersing funds across thousands of blockchain addresses to evade detection. Laundering Stolen Cryptocurrencies: The Race Against Time Once cryptocurrencies are stolen, laundering becomes critical for converting digital assets into usable fiat currency without being traced. North Korean groups invest heavily in automation and operational secrecy to move stolen funds rapidly through mixers, decentralized finance (DeFi) platforms, and peer-to-peer networks. Approximately 20% of the ByBit heist funds have “gone dark,” meaning they are currently untraceable and unrecoverable. This indicates the perpetrators’ success in deploying effective obfuscation strategies, making recovery efforts by authorities exceedingly difficult. The urgency of laundering is underscored by the fact that the faster stolen crypto is moved, the lower the chances of interception by law enforcement and blockchain monitoring firms. Additional Hacks and Persistent Threats in 2025 The ByBit hack is not an isolated incident. In the first half of 2025 alone, North Korean hackers are believed to have been responsible for over $2 billion in stolen cryptocurrencies, marking the worst year-to-date record for crypto thefts. Their targets go beyond exchanges to include personal wallets, decentralized finance projects, and protocols with vulnerabilities. For example, in late September 2025, SBI Crypto reportedly suffered a $21 million hack attributed to Lazarus Group, reaffirming the ongoing threat posed by North Korean cyber operatives. Additionally, these hackers continuously adapt their tactics, including the use of coercion (the so-called “wrench” attacks) to gain control of crypto holders’ assets. Global Response: Sanctions, Cyber Defence, and Regulation The United States and its allies have taken an increasingly aggressive stance against North Korean cybercrime, imposing sanctions on individuals and entities linked to the Lazarus Group and enhancing crypto market regulation to prevent money laundering.  The Federal Bureau of Investigation (FBI) publicly named North Korea as responsible for the ByBit hack and has dubbed the specific cyber activity “TraderTraitor,” emphasizing the state’s central role in these attacks. Moreover, international cooperation in blockchain analysis has improved, with firms like Chainalysis, Elliptic, and SentinelOne playing vital roles in tracking illicit flows of digital funds and exposing North Korean laundering techniques. Regulatory efforts are also underway to enhance operational security in cryptocurrency exchanges, strengthen know-your-customer (KYC) protocols, and expedite the development of laws targeting ransomware and illicit proceeds.  The Trump administration’s push to make the U.S. “Crypto capital of the planet” includes balancing innovation with security, a task made more urgent by high-profile heists such as the ByBit incident. Economic and Geopolitical Implications North Korea’s ability to steal and launder billions in cryptocurrency has significant repercussions beyond financial crime. It fuels the regime’s capacity to sustain and expand weapons of mass destruction programs, destabilizing regional security in East Asia and complicating diplomatic talks. Moreover, the blending of cybercrime, espionage, and geopolitical strategy exemplifies the challenges modern states face in controlling digital assets that transcend borders. Cryptocurrencies, by design, provide difficult-to-police avenues for money movement, raising urgent questions about the resilience of the global digital financial architecture. The Road Ahead: Challenges in Combating North Korean Crypto Crime Despite mounting efforts, North Korean cybercrime continues to evolve with agility, exploiting gaps in global cyber defence coordination and the technical complexities of blockchain. Their recruitment schemes, combined with advanced malware, deploy an operational sophistication rarely matched in the cybercrime world. Looking forward, combating these threats will require enhanced intelligence sharing, stronger industry collaboration, and technological advances in blockchain forensics. As North Korea continues to innovate its cyber and financial tactics, the international community’s response must be equally adaptive to mitigate the financial flows enabling the regime’s malign activities. FAQ  What happened in the ByBit hack of 2025? On February 21, 2025, North Korea’s Lazarus Group stole $1.5 billion in Ethereum from ByBit, marking the most significant crypto theft in history. Who is behind the attack? The Lazarus Group, a state-backed North Korean hacking collective linked to the Reconnaissance General Bureau, carried out the heist using advanced phishing and software exploits. Why does North Korea target cryptocurrency? Cryptocurrency provides a means for Pyongyang to circumvent international sanctions, fund its nuclear and missile programs, and access global financial systems that are otherwise blocked. How do North Korean hackers launder stolen crypto? They use mixers, DeFi platforms, P2P networks, and rapid blockchain transfers, dispersing funds across thousands of wallets to obscure the trail. How much has North Korea stolen in total? Since entering the crypto crime scene, North Korean groups have stolen over $3.4 billion in digital assets, with 2025 marking their most active year.

A steep drop rocked the Plasma ecosystem this week when XPL, its native token, plunged over 50% shortly after the highly anticipated launch of its mainnet beta and token. The price, which briefly surged to $1.70, quickly reversed and sank to $0.83 within days. This sudden loss triggered widespread conjecture and anger among retail investors, who began searching for explanations for the swift decline. Paul Faecks Answers Claims of Insider Selling After more and more people were worried, Plasma founder Paul Faecks spoke out about claims of insider selling. He strongly disputed that his team was involved in any recent token sales, emphasizing that both investors and team members must adhere to strict vesting timelines, which include a three-year lock and a one-year cliff. Faecks said, “No team members have sold any XPL,” to assuage the anxieties of the project’s fans. Community and On-Chain Investigators Look Into Token Movements Even after the project’s official reassurances, skepticism persisted among some community members, who began examining on-chain data, the public ledger of all token transactions, for signs of unusual activity. Observers speculated that time-weighted average price (TWAP) selling might be occurring, a practice where large sales are broken down into many small trades over time to reduce their impact on the token’s market price. Independent investigator ManaMoon noted that over 600 million XPL tokens were transferred from the team vault (a secure location for storing team-held tokens) to blockchain exchanges prior to the launch. This caused more community members, including defenders of decentralized finance (DeFi), to question the transparency of these activities. Ecosystem And Growth in Token Sales Are Causing A Lot Of Debate Community members also questioned whether other token allocations, especially those set aside for “ecosystem and growth,” may have been traded during the downturn, which added to the argument. Faecks’s public messages focused on team and investor tokens, but critics said there was still considerable uncertainty about what would happen to the other token reserves. Some others thought this was a purposeful omission, believing it might be an attempt to prevent people from considering how programmed or discretionary distributions could impact the market. Plasma’s Position on Market Makers and What Comes Next Accusations against the crypto market-making company Wintermute added to the controversy. Faecks completely rejected any formal tie, telling the community that neither Plasma nor its team had hired Wintermute for liquidity services. He made it clear that “We have the same information as the public on Wintermute’s ownership of XPL,” and he reiterated the company’s commitment to transparency and continued growth. ​As well-known X accounts and independent analysts continue to examine on-chain activity, Plasma’s founders have promised to keep their eyes on building the project’s vision. However, the sudden decline in the price of XPL, combined with ongoing concerns about token management, highlights the importance of continued openness and proactive communication in rebuilding trust within the community and reviving momentum.

The decentralized finance (DeFi) ecosystem has reached a major milestone as perpetual decentralized exchanges (Perp DEXs) collectively surpassed $1.14 trillion in trading volume in September 2025. This marks a 50% increase from August’s $762 billion and highlights the growing adoption of decentralized derivatives platforms, which are increasingly competing with traditional centralized exchanges. Who contributed to the growth September’s surge was largely driven by three key protocols—Aster, Hyperliquid, and Lighter—which together contributed more than $100 billion in trading volume, according to DeFiLlama. Aster, a decentralized perpetual exchange, led the market growth with an estimated $493 billion in trading volume over the past month. The platform’s native token, ASTER, also recorded an extraordinary rally, gaining more than 2,000% in the last 30 days and pushing its market capitalization to $2.96 billion. Hyperliquid also attracted substantial inflows, with trading activity generating approximately $280 billion in volume during the same period. However, unlike Aster, Hyperliquid’s token HYPE did not experience a major surge in September, posting only an 11% monthly gain. Despite this, HYPE remains one of the best-performing tokens in the market, delivering roughly 1,400% returns over the past year—an average monthly growth rate of about 116%. Its market capitalization currently stands at $16.5 billion, ranking it as the 11th most valuable crypto asset. Lighter, another decentralized perpetual exchange, also added to the momentum after completing its eight-month beta phase. The protocol recorded $165 billion in trading volume in September, reflecting strong investor demand and growing utility. Collectively, these three protocols accounted for 82% of the total perpetual trading volume in September. Other notable contributors in the category include Edgex and Pacifica. Industry outlook: ‘Just the beginning’ Industry leaders believe perpetual exchanges are only at the early stages of their rally, with October—often referred to by analysts as “Uptober”—expected to bring further momentum to the market. BitMEX CEO Stefan Lutz told CoinDesk that the current rally is not based on hype but rather on the structural evolution of the market. According to him, the industry is building a “self-sustaining” model that can scale over the long term. He explained:“The original goal of such platforms is to provide access to markets without intermediaries, but the current growth is driven mainly by artificial incentives. This is not fraud, but a transparent economic model in which all participants understand the rules of the game.”

In a recent commentary, David Duong, Head of Investment Research at Coinbase, predicted that the world of crypto treasury (digital asset treasury, or DAT) companies is poised for a wave of consolidation as the market matures. Duong argues that DAT firms, which are companies whose balance sheets primarily consist of cryptocurrencies, are entering a “player-vs-player” phase, where competition intensifies. Only the best capitalized or most innovative operators will survive.  As a leading example, he cites the recent all-stock acquisition of Semler Scientific by Strive Asset Management as an early marker in the trend. Why Consolidation Makes Sense Now One driver of this consolidation is the pressure on share valuations. Many DATs are now trading at or even below the net value of their crypto holdings, which is a red flag to investors and a signal that scale and differentiation are becoming key survival tools.  Beyond mere asset accumulation, Duong sees DATs increasingly adopting more crypto-native strategies such as staking, yield farming, or “DeFi looping” (borrowing and repositioning the same asset multiple times) as a way to enhance returns. That shift suggests the emphasis will move from passive hoarding to actively deploying assets in yield-generating ecosystems. Potential implications & challenges Here are the potential implications and challenges: Greater Concentration: Over time, only a handful of large DAT firms may dominate each major token (e.g., Bitcoin, Ethereum), leaving smaller players to be acquired or phased out. Sentiment Risks in Buybacks: Some firms are turning to share buybacks to prop up valuations. Duong warns that such manoeuvres are volatile and heavily dependent on investor confidence in the firm’s fundamentals. Regulation and Liquidity Sensitivity: The path forward depends heavily on regulatory shifts, liquidity conditions, and investor sentiment in the cryptocurrency market. Survival of the Fittest: Not all DATs will survive. Some will be forced into mergers, others will be bought out, and weaker or poorly managed firms may disappear entirely. Duong’s thesis thus positions the current phase of crypto treasuries not as an open frontier, but as a maturation cycle where capital, talent, strategy, and credibility will narrow winners from losers. A New Era for Crypto Treasuries The message from Coinbase’s research head is clear: the era of unchecked growth for digital asset treasury companies is coming to an end. As competition intensifies and valuations tighten, consolidation looks inevitable. For stronger players, mergers represent a path to scale, innovation, and long-term sustainability.  For those who are weaker, survival will depend on adaptability or the willingness to adapt. Either way, this new phase marks the transition of crypto treasuries from speculative experiments into a more mature and structured financial sector.

Secondary Sale Propels AI Firm to Record Level OpenAI has become the world’s most valuable startup after a secondary share sale lifted its valuation to $500 billion, Bloomberg reported Thursday, citing people familiar with the matter. Current and former employees sold $6.6 billion worth of stock to investors including Thrive Capital, SoftBank, Dragoneer, Abu Dhabi’s MGX and T. Rowe Price. The deal vaulted OpenAI ahead of Elon Musk’s SpaceX, valued at about $400 billion, and well above ByteDance at $220 billion and Anthropic at $183 billion. The transaction highlights the intensity of investor demand for artificial intelligence and its growing overlap with blockchain and digital assets. Investor Takeaway At $500B, OpenAI is now more valuable than the combined market caps of Coinbase, Ripple, Circle and Binance, underlining how far crypto lags behind AI in attracting capital. How AI Stacks Up Against Crypto Firms OpenAI’s valuation dwarfs the largest companies in digital assets. Coinbase, the top U.S.-listed crypto exchange, has a market capitalization of about $89 billion, according to Google Finance. Other high-profile firms such as Ripple, Circle and Binance remain below the $100 billion threshold. The only crypto player cited as a potential rival in size is Tether. On June 7, Artemis CEO Jon Ma argued that if the stablecoin issuer went public, it could be valued at $515 billion, ranking it among the 20 largest public companies. Tether CEO Paolo Ardoino pushed back, calling the figure “a bit bearish” given the firm’s Bitcoin and gold reserves. He added there was “no need” for Tether to pursue a listing. Stablecoins and AI Agents The convergence of AI and stablecoins is becoming more visible. Mike Novogratz, CEO of Galaxy Digital, said on Sept. 3 that AI agents will be the biggest users of stablecoins. His remarks come amid rising evidence that bots are already driving the sector: CEX.io Research reported that over 70% of stablecoin transactions in Q3 2025 were linked to automated activity. Galaxy Digital has also been building AI exposure. In August, the firm secured a $1.4 billion loan to accelerate construction of its Texas Helios AI data center, which is expected to generate more than $1 billion annually by supporting workloads for CoreWeave’s AI and high-performance computing operations. Investor Takeaway AI’s rise is fueling demand for stablecoins as machine-to-machine settlement tools, adding a new driver of growth to crypto beyond human retail and institutional adoption. Energy Strains Highlight Risks Ahead Rapid AI development has also raised concerns about sustainability. Greg Osuri, founder of decentralized cloud provider Akash, warned at Token2049 in Singapore that AI’s energy demands could soon overwhelm existing grids. He argued nuclear power may be required to support large-scale training models, while calling for decentralized approaches to reduce pressure on traditional infrastructure. The tension between explosive growth and resource constraints adds a risk dimension even as valuations climb. For investors in both AI and crypto, the intersection of capital, regulation, and energy will determine how durable this wave of enthusiasm proves to be.

In a surprising development, the United States Treasury has moved to exempt Bitcoin and certain cryptocurrencies from the proposed 15% crypto tax levied on unrealized gains by the Capital Assets Mark-to-Market (CAMT) laws. The move comes amid growing backlash over the potential burden of the crypto tax rule on long-term holders and the growing crypto industry. According to public reports, the Treasury’s revised guidance would exclude Bitcoin and other major crypto assets from automatic mark-to-market taxation. This will effectively protect investors from having to pay tax on paper gains every year. Eased Crypto Taxes Promises Relief  The CAMT proposal, a major component of recent tax reform discussions, initially required that certain high-value assets, including Bitcoin, be treated like business income. That meant that holders of such assets would be forced to pay tax on unrealized gains annually, even without selling their holdings. Under the revised guidance, Bitcoin and selected assets would be taken out of that crypto tax requirement, returning to the standard model where gains are taxed only when realized from sales. The announcement brings relief to many in the crypto community who viewed the initial CAMT crypto tax burden as a net negative to digital asset holders and the broader crypto economy.  Treasury officials cited concerns about administrative complexity, valuation disputes, and investor harm in fast-moving, volatile markets as key reasons behind the shift. For crypto investors and companies, exempting Bitcoin from CAMT alleviates a major bottleneck. It reduces the risk that they would owe crypto taxes on paper gains in high-volatility periods without realizing profits. That change supports capital allocation, encourages longer-term holding, and may promote further inflows into institutional-grade crypto. CAMT Crypto Tax Adjustment: Government and Industry Synergy Remains Non-Negotiable  This turnaround by the US Treasury on a major crypto tax is notable for its fiscal impact and signals the importance of the government’s synergy with the crypto sector. At a time when many jurisdictions are tightening crypto oversight, the US appears to be heeding the cries of industry players and has walked back one of the more aggressive tax proposals. Politically, the shift suggests pressure is working. The crypto industry, advocacy groups, and stakeholders had strongly opposed the CAMT crypto tax plan. The Treasury’s concession may reflect the recognition that overly burdensome rules risk pushing innovation offshore or pushing capital to more crypto-friendly jurisdictions. This development could influence global tax debates. Other countries considering aggressive crypto taxation will watch how the US handles backlash and adapts. However, the change is expected to apply only to core assets. There are questions about which smaller assets qualify. Plus, speculative coins may still face scrutiny under the CAMT regime, creating unequal treatment in the industry.  Overall, the balance between revenue generation and growth preservation will be tested in the US and beyond, so continuous regulatory vigilance remains crucial to all stakeholders. 

AI Video Marks Return to Memecoin Promotion U.S. First Lady Melania Trump has resumed promoting her Solana-based memecoin MelaniaMeme (MELANIA) after a 10-month hiatus, even as the project faces questions over millions of dollars in token sales. In an X post on Thursday, Trump shared an AI-generated video calling the MELANIA token a path “into the future” and tagged the coin’s official account. The post comes as blockchain analysts continue to raise concerns over the handling of community funds. Data published by analytics platform Bubblemaps highlighted that Trump’s renewed promotion ignored unresolved questions around large token sales by team wallets. Unexplained Token Sales Raise Red Flags In April, the MELANIA team moved $30 million of community tokens that were sold without explanation, according to on-chain data tracked by Bubblemaps. The sales prompted criticism from analysts who said the project lacked transparency. “Melania Trump won’t address the $10M of community tokens sold by team wallets. Just post an AI video after 10 months of silence,” Bubblemaps wrote on Thursday. Additional transactions in late April added to concerns. Blockchain intelligence firm Lookonchain reported that wallets linked to the team sold $1.5 million worth of tokens over three days after MELANIA gained 21% in a week. The pattern resembled a dollar-cost averaging strategy, where small amounts are liquidated at regular intervals. Neither the Office of the President nor the Office of the First Lady responded to requests for comment. Investor Takeaway MELANIA’s renewed promotion highlights the volatility of celebrity-linked tokens. Questions over $30 million in team wallet sales underscore transparency risks for retail traders. Token Down 98% From Peak The MELANIA token has shed nearly all its value since launch. It traded at $0.18 on Thursday, down more than 90% from launch and 98% below its all-time high of $13.73, according to CoinMarketCap. Market analysts say the collapse mirrors broader volatility in the 2025 memecoin cycle, where projects surged on hype before crashing as insider sales mounted. The founder network behind MELANIA has faced repeated controversies. Hayden Davis, co-creator of the token, also helped launch the Libra (LIBRA) memecoin and several other high-profile projects. In March, Davis rolled out a Wolf of Wall Street-themed token with an 80% insider allocation. That coin lost 99% of its value within two days of trading. Earlier this year, the Libra token collapsed after eight insider wallets cashed out $107 million in liquidity, wiping out $4 billion in market value almost instantly. Analysts said MELANIA has struggled to distance itself from those events, given the overlap in development teams and investor networks. Questions Over Celebrity Tokens Melania Trump’s involvement has drawn attention to the risks surrounding celebrity-branded digital assets. The use of an AI-generated video to re-launch promotional efforts raised eyebrows among analysts, who argued the campaign sidestepped material concerns over token governance and sales. The absence of official statements from the Trump family has further fueled speculation about accountability and oversight. For now, MELANIA remains a low-value, high-risk memecoin whose trading activity is overshadowed by allegations of insider enrichment. While celebrity endorsements have temporarily boosted visibility, the project’s trajectory suggests limited recovery unless transparency issues are addressed. Investor Takeaway Traders should treat MELANIA as a speculative play. With the token 98% below its high and linked to past insider cash-outs, its rebound prospects depend less on hype and more on accountability.