Crypto prices were a mixed bag in 2025, but behind the scenes and away from the market volatility, so-called “structural pillars” like user access, settlement rails and regulations improved, says Binance.
Prices across the crypto market fluctuated significantly throughout 2025, with Bitcoin (BTC) swinging between a low of $76,000 in April and a new all-time high of over $126,000 in October.
Binance Research said in a report on Thursday that market movements aside, regulatory clarity with legislation like the GENIUS Act in the US and Europe’s MiCA framework, helped establish stablecoins as “essential global settlement infrastructure.”
“The optimistic narrative is straightforward: stablecoins are increasingly a default medium of exchange inside crypto markets and an increasingly practical rail for cross-border settlement, payments, and fintech applications,” Binance said.
“In many cases, stablecoins allow users and businesses to access crypto rails while abstracting the volatility that makes newcomers hesitant,” they added.
Corporations, banks moved further into crypto
At the same time, regulated investment vehicles such as exchange-traded funds expanded in “breadth and structure, reinforcing ETFs as the preferred institutional access route,” and opening up more pathways for user access, Binance said.
Corporations spent 2025 accumulating crypto for balance sheets, with over 190 public companies adopting digital asset strategies, increasing overall adoption and investor exposure to crypto through shares.
Binance said banks also moved closer to mainstream crypto-backed lending, and five major US banks — the Bank of America, JPMorgan, BNY Mellon, Wells Fargo and Citibank —are launching or piloting Bitcoin-backed credit products.
“These offerings allow clients to borrow cash while holding their Bitcoin long-term, thereby avoiding taxable sales. The integration of institutional-grade custody and compliance frameworks marks a significant milestone for mainstream crypto finance,” they added.
Related: Coinbase CEO expects market structure bill markup ‘in a few weeks‘
Network more secure, monthly on-chain addresses grow
There were also signs of quiet growth. The number of active on-chain addresses peaked above 300 million in June, before coming back down to a base of around 230 million by year-end, “reflecting steady and sustained user engagement worldwide,” according to Binance.
Meanwhile, sustained miner investment helped strengthen the Bitcoin network’s security, with the hash rate growing and mining difficulty rising 36% year-on-year.
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