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JPMorgan analysts reiterated that they do not expect the stablecoin market to reach a trillion-dollar scale over the next few years, arguing that growth is likely to track the broader crypto market rather than accelerate far beyond it. The analysts, led by managing director Nikolaos Panigirtzoglou, noted in a Wednesday report that the stablecoin universe has expanded by about $100 billion this year to over $300 billion, with growth concentrated among the two largest coins. Tether’s USDT added around $48 billion in supply, while Circle’s USDC grew by about $34 billion, accounting for the majority of the increase. The analysts said this reinforces their long-held view that stablecoin growth is still driven mainly by activity within the crypto ecosystem. As they noted in a July report, most demand comes from using stablecoins as cash or collateral for crypto trading — including derivatives, DeFi lending and borrowing — as well as for holding idle cash by crypto-native firms such as venture funds. This year alone, derivatives exchanges increased their stablecoin holdings by roughly $20 billion, fueled by a surge in perpetual futures trading, the analysts noted. That activity, they suggested, remains the dominant driver of stablecoin supply growth. As a result, “the stablecoin universe is likely to continue to grow over the coming years broadly in line with the overall crypto market cap, perhaps reaching $500 billion–$600 billion by 2028, far lower than the most optimistic expectations of $2 trillion–$4 trillion,” the analysts wrote. In their July report, the analysts had projected a more moderate expansion to around $500 billion by 2028. In May, the analysts separately said projections of a trillion-dollar stablecoin market by others are “far too optimistic.” Citi analysts have projected the stablecoin market could reach $1.9 trillion by 2030 in a base scenario, or up to $4 trillion in a bullish case, while Standard Chartered estimates the market could grow to $2 trillion by 2028. While payments-related use cases are expanding, the JPMorgan analysts cautioned that this does not necessarily translate into a much larger stablecoin market cap. As stablecoins become more integrated into payment systems, their velocity — the rate at which they circulate — becomes more important than the absolute stock of stablecoins outstanding, the analysts said. "As payment adoption increases, on-chain activity and velocity will likely rise, reducing the need for a large stock of stablecoin holdings," the analysts wrote. "For example, USDT’s annual velocity on the Ethereum blockchain is around 50. This implies that in a hypothetical scenario where stablecoins facilitate 5% (or around $10 trillion) of global cross-border payments volume annually, the required stablecoin stock would only be $200 billion." Tokenized deposits gain steam The analysts also emphasized that banks are not standing still as stablecoins gain traction. Instead, they are increasingly exploring tokenized deposits — digital representations of traditional bank deposits that remain within the regulated banking system and are backed by deposit insurance. Last month, JPMorgan itself, through its blockchain unit Kinexys, launched its U.S. dollar-denominated deposit token, JPM Coin (ticker JPMD), for institutional clients on Base, the Ethereum layer 2 network incubated by Coinbase, following a successful proof of concept. “JPM Coin provides JPMorgan’s institutional clients with the option to make onchain native digital payments, which serve as a digital representation of a bank deposit on public blockchain,” the bank said at the time, adding that the initiative is aimed at meeting demand from both crypto-native and traditional firms seeking faster and more efficient money movement. Tokenized deposits can be bearer (transferable) or non-bearer (non-transferable), though regulators tend to favor non-transferable designs to preserve the “singleness of money” and reduce financial stability risks, the analysts noted. "Tokenized deposits aim to mitigate risks associated with stablecoins, such as concentration risk and rapid withdrawal during stress events," they wrote. JPMorgan also pointed to initiatives such as SWIFT’s blockchain-based payment experiments as another factor that could reinforce the role of commercial banks in cross-border payments, potentially limiting stablecoins’ long-term share in institutional settlement flows. In addition, the analysts highlighted regional central bank digital currency or CBDC projects, including the digital euro and digital yuan, as another competitive force. These initiatives aim to provide regulated digital payment alternatives that could curb reliance on privately issued stablecoins, particularly in institutional and cross-border use cases. "In all, we continue to anticipate stablecoin growth broadly in line with the overall crypto market universe over the coming years," the analysts concluded. "Greater usage of stablecoins in payments does not necessarily imply a large increase in the required stock of stablecoins. Moreover, blockchain initiatives for institutional payments could reinforce commercial banks’ role in payments via non-bearer (non-transferable) tokenized deposits at the expense of stablecoins." Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

In a significant expansion of its ecosystem, decentralized prediction market platform Kalshi has announced support for the Tron network. This strategic integration allows users to deposit and withdraw both TRX and Tron-based USDT directly on the platform. For cryptocurrency enthusiasts and prediction market participants, this move represents a substantial step toward greater interoperability and accessibility in decentralized finance. What Does Kalshi’s Tron Network Integration Mean for Users? The addition of Tron network support transforms how users interact with Kalshi’s prediction markets. Previously limited to other blockchain networks, Kalshi now embraces one of the most active ecosystems in cryptocurrency. This integration means traders can leverage Tron’s high throughput and low transaction costs when participating in prediction markets. The platform specifically supports TRX, Tron’s native token, and USDT issued on the Tron network, which accounts for a substantial portion of all Tether transactions globally. From a practical standpoint, this development eliminates the need for cross-chain bridges or conversions when using Tron-based assets. Users can now directly utilize their TRX holdings to participate in markets predicting everything from election outcomes to cryptocurrency price movements. The streamlined process reduces friction and potentially lowers costs, making prediction markets more accessible to a broader audience. Why Is This Integration Important for Decentralized Prediction Markets? Kalshi’s decision to integrate the Tron network reflects several important trends in the cryptocurrency space. First, it acknowledges Tron’s growing dominance in stablecoin transactions, particularly for USDT. Second, it demonstrates how prediction markets are evolving beyond simple betting platforms into sophisticated financial instruments. The integration with Tron provides: Enhanced liquidity through access to Tron’s substantial user base Reduced transaction costs compared to some other networks Faster settlement times for predictions and payouts Greater accessibility for users already operating in the Tron ecosystem This move also positions Kalshi more competitively against other prediction platforms. By supporting multiple networks, including now Tron, Kalshi offers users flexibility in how they interact with prediction markets. The platform essentially becomes network-agnostic, allowing participants to choose the blockchain that best suits their needs and preferences. How Does This Benefit the Broader Cryptocurrency Ecosystem? The integration between Kalshi and the Tron network creates positive ripple effects throughout the cryptocurrency space. For Tron holders, it provides new utility for their TRX tokens beyond simple transfers and DeFi protocols. They can now use their assets to gain exposure to real-world events through prediction markets. This utility could potentially increase demand for TRX as more users recognize its expanded functionality. For the prediction market sector, this development represents continued maturation. As platforms like Kalshi integrate with major networks like Tron, they gain legitimacy and attract more sophisticated participants. This could lead to more accurate predictions as market depth increases, benefiting everyone who relies on these markets for information or hedging purposes. Moreover, the integration demonstrates how different cryptocurrency sectors can synergize. DeFi platforms, prediction markets, and layer-1 networks like Tron can create value together that exceeds what they could achieve separately. This collaborative approach may become increasingly common as the cryptocurrency industry matures. What Challenges Might This Integration Face? While the Kalshi Tron network integration offers numerous benefits, potential challenges exist. Regulatory uncertainty continues to surround prediction markets in many jurisdictions. Different countries may classify these platforms differently, potentially creating compliance complexities for users across borders. Additionally, technical integration between platforms always carries some risk, though established protocols like Tron’s TRC-20 standard help mitigate these concerns. Another consideration is market fragmentation. With prediction markets available on multiple networks, liquidity might become divided. However, Kalshi’s approach of supporting multiple networks could actually help aggregate liquidity rather than fragment it, as users from different ecosystems can participate in the same markets. Finally, user education remains crucial. Many cryptocurrency users may not fully understand how prediction markets work or how to use them effectively. Platforms like Kalshi will need to provide clear guidance to help Tron network users navigate these new opportunities safely and profitably. Conclusion: A Strategic Step Forward for Decentralized Prediction Kalshi’s integration of the Tron network represents more than just another technical feature—it signals the continued convergence of different cryptocurrency sectors. By bridging prediction markets with one of the most active blockchain networks, Kalshi expands possibilities for traders, enhances utility for TRX holders, and contributes to the overall maturation of decentralized finance. As prediction markets grow in sophistication and accessibility, integrations like this will likely become increasingly common, ultimately benefiting the entire cryptocurrency ecosystem through greater innovation and utility. Frequently Asked Questions What exactly is Kalshi? Kalshi is a decentralized prediction market platform where users can trade on the outcomes of future events, from politics to financial markets to sports. How do I deposit TRX into Kalshi? After the integration, you can deposit TRX directly from your Tron-compatible wallet to your Kalshi account using the Tron network, similar to how you would send TRX to any other Tron address. Can I use other Tron-based tokens on Kalshi? Currently, Kalshi supports TRX and Tron-based USDT. Support for additional Tron tokens may be added in the future based on user demand and technical considerations. Are there advantages to using Tron network over others on Kalshi? The Tron network typically offers lower transaction fees and faster confirmation times compared to some other networks, which can be advantageous for active prediction market trading. Is my TRX safe on Kalshi? Kalshi employs standard security practices for cryptocurrency platforms, but as with any decentralized platform, users should practice good security hygiene with their private keys and wallets. Can I withdraw my winnings to the Tron network? Yes, the integration supports both deposits and withdrawals, so you can receive your prediction market winnings directly to your Tron wallet. Found this analysis of Kalshi’s Tron network integration helpful? Share this article with fellow cryptocurrency enthusiasts who might benefit from understanding this important development in decentralized prediction markets! To learn more about the latest cryptocurrency trends, explore our article on key developments shaping decentralized finance and blockchain integration across different sectors. Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Cryptocurrency analytics company Santiment has revealed the crypto assets with the highest number of active wallets on their networks. The data reveals which blockchains have larger and more active user bases, while also offering important signals about market dynamics. According to the latest data shared by Santiment, Ethereum topped the list with approximately 167.96 million active wallets. Bitcoin followed with 57.62 million active wallets. On the stablecoin front, Tether (USDT) reached 9.63 million active wallets, while USD Coin (USDC) reached 4.39 million. Other prominent networks include Dogecoin (8.13 million), XRP Ledger (7.41 million), Cardano (4.54 million), and Chainlink (819 thousand). Santiment notes that this metric is one of the key indicators reflecting long-term network usage and investor interest. Related News BREAKING: Bitwise Files Spot ETF Application for Surprise Altcoin On the other hand, Santiment also provided assessments regarding Bitcoin price movements and risks in derivative markets. According to the analysis, Bitcoin recently experienced a rapid rise to approximately $90,087 on Coinbase, before quickly retreating to around $86,580. The company argued that rising positive funding rates on exchanges indicate an increase in leveraged long positions, which has historically led to sharp liquidations and periods of high volatility. Such periods typically result in local peaks and sudden pullbacks. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!

Bitfinex, a cryptocurrency exchange and sister company of Tether, has cut its maker and taker trading fees to zero in a long-term competitive strategy to grow its market share. Zero trading fees will apply to a diverse set of products and this change has no defined date to end. According to a “Zero Fees QA” published by the company on Dec. 18, this new “default” for Bitfinex will apply to spot trading, margin trading, derivatives trading, securities trading on Bitfinex Securities, and OTC trading carried out through Bitfinex. --> When questioned on how the company would profit without this revenue source, Bitfinex declared having multiple revenue streams other than maker and taker trading fees, including withdrawal fees and fees for specific capital markets activities. “Removing trading fees creates a competitive position. Being recognized as a major exchange that charges no maker or taker fees will encourage increased trading from existing customers, attract new customers who value both low cost and professional infrastructure, support higher volumes and deeper liquidity in key markets, and revenue from lending and other services will rise as customers benefit from lower trading costs.” Despite the explanations, comments below a reporting post by Colin Wu on X show skepticism on the model and mention potential hidden fees to compensate for this cut. The company however, has already addressed this concern, mentioning that there will be no hidden fees added to its products. smart play. zero fees will tighten spreads, but expect hidden costs in funding, withdrawals or flow fees. — LeeThang.Base.Eth .ink 🌊RIVER 🍊,💊 🫎 (❖,❖) (@minhthang1987) December 18, 2025 Crypto Exchange Competition Intensifies With DEXs Competition around cryptocurrency exchanges has been intensifying lately with the rise of decentralized alternatives, dividing the industry into two categories: CEXs (centralized exchanges) and DEXs (decentralized exchanges). Bitfinex is a centralized exchange owned by iFinex Inc., the same parent company who owns Tether, the leading stablecoin issuer and controller of USDT USDT $1.00 24h volatility: 0.0% Market cap: $186.24 B Vol. 24h: $83.94 B that dominates the ever-growing stablecoin market, as Coinspeaker reported earlier this week. The sister companies also share the same CEO, Paolo Ardoino. Bitfinex faces competition in the CEX category from major players like Binance, Coinbase, Kraken, Upbit, OKX, Bybit, Bitget, Gate, Kucoin, MEXC, and many others. On that note, the competition has intensified with the surge of solid decentralized alternatives like Uniswap, NEAR Intents, Raydium, PancakeSwap, Rhea Finance, Curve Finance, Aerodrome, and many others. Data Coinspeaker retrieved from DefiLlama shows how the daily volume in these protocols have grown from nearly zero in 2020 up to a $50 billion peak in January 2025, now consolidating at $11.63 billion as market activity is more conservative during a bear market. DEX volume (24 hours) as of Dec. 18, 2025 | Source: DefiLlama Therefore, it is understandable that companies like Bitfinex now need to review their strategies and make bold moves to earn a significant share of this highly competitive market. Other centralized exchanges are also exploring new revenue streams, like Kraken launching xStocks on the TON blockchain. next Vini Barbosa has covered the crypto industry professionally since 2020, summing up to over 10,000 hours of research, writing, and editing related content for media outlets and key industry players. Vini is an active commentator and a heavy user of the technology, truly believing in its revolutionary potential. Topics of interest include blockchain, open-source software, decentralized finance, and real-world utility. Vini Barbosa on X Share:

The so-called DEX are decentralized crypto exchanges, meaning those that are managed by a protocol (technically an on-chain smart contract) and not by real-life individuals. They differ from CEX, or centralized exchanges, in several aspects, but their usage has now become quite similar. However, there is one significant difference regarding their use. Summary The Problem with Fiat Currencies Other Differences Purchasing Crypto on DEX First Step: The Non-Custodial Wallet Second Step: The Deposit Third Step: The Purchase The Problem with Fiat Currencies In fact, DEXs, operating on-chain, are completely incompatible with real traditional fiat currencies, such as dollars and euros, due to the simple fact that real fiat currencies do not exist on-chain. In the future, the so-called CBDCs (Central Bank Digital Currencies) might also land on major public blockchains, but for now, they are not present, and it’s not even certain that they will be in the future.In fact, CBDCs will very likely be based on their own ledger, managed directly by the central bank that issues them, and they might not have any need to also land on public blockchains. Although fiat currencies are not present on DEXs, there are stablecoins, such as USDT and USDC, which can be considered in every respect as on-chain versions of the fiat dollar. Therefore, on DEXs, one does not operate—and cannot operate—directly in fiat currency. Transactions are conducted in stablecoins, which inevitably means that anyone wishing to enter or exit in fiat currency must rely on CEXs to convert fiat into stablecoins and vice versa. Other Differences Another significant difference between DEX and CEX is that decentralized exchanges do not require any user identity verification and are completely anonymous. To be honest, since they are based on public blockchains, nowadays there are tools that in several cases allow tracing the name of the owner of an anonymous account on a DEX, but in the vast majority of cases, they can be used not only freely but also anonymously. However, when using a CEX to exchange fiat for stablecoins, anonymity is often compromised. Another crucial difference lies in the fact that on CEXs, the custodian of users’ funds is the exchange operator, whereas on DEXs, it remains the user themselves.However, it should be noted that when funds are deposited on a DEX for use, they are actually deposited into a smart contract which, in case of issues, might no longer allow the user to access those funds, or in the event of theft, cannot return the stolen assets. Purchasing Crypto on DEX Buying crypto on a DEX essentially means “swapping” one token for another thanks to liquidity pools managed by smart contracts. This is often a very simple action, comparable to that on traditional CEX, but technically it has significant differences. The first step, however, is to deposit the funds on the decentralized exchange. It is not necessary to deposit stablecoins, as many DEXs support trading pairs in the native crypto of the blockchain they are based on. For example, DEXs on Ethereum support various trading pairs in ETH. In the event that you wish to deposit stablecoins, you must first purchase them on a CEX using fiat currency, if you do not already have them in your wallet. First Step: The Non-Custodial Wallet To use a DEX, a non-custodial wallet is required. This is a crypto wallet fully owned by the user alone, meaning it grants full and exclusive control of the private keys solely to the user and no one else. Before proceeding, it is advisable to thoroughly understand what non-custodial wallets are, how they work, and how to use them, as they have no equivalent in traditional finance. Generally, the most commonly used non-custodial wallet for interacting with DEXs, particularly those on Ethereum and Solana, is MetaMask, which can also be used on EVM-compatible chains like Arbitrum, Base, Optimism, and Polygon. It is available both as a browser extension and as a mobile app. Another widely used non-custodial wallet is Trust Wallet, also because it supports more than 100 blockchains. This wallet is now available both as a browser extension and as a mobile app. For DEX on Solana, Phantom is widely used. The non-custodial wallet should only be downloaded from the official website or official app stores, and once a new account is created, it is absolutely essential to carefully save the seed phrase in complete security.In fact, without it, it could be entirely impossible to recover your funds in case of issues. Moreover, anyone who possesses it has full and unrestricted access to all the wallet’s funds, so it must be protected as best as possible and never shared with anyone. Second Step: The Deposit After installing the non-custodial wallet, it is necessary to deposit funds into it. Some non-custodial wallets allow purchases in fiat currency as well, if connected with compatible centralized services. Alternatively, initial purchases can be made on CEX, and then the funds can be transferred to a non-custodial wallet. At this point, however, the funds should be moved to the DEX, but a problem arises. In fact, to transfer funds from the non-custodial wallet to the on-chain smart contract of the DEX, fees must be paid.The fees must be paid solely and exclusively in the native crypto of the blockchain on which the transaction is executed, and the transaction must be executed solely and exclusively on one of the blockchains supported by the DEX. Therefore, even before receiving funds in the non-custodial wallet, it is necessary to research which blockchain will be used, selecting it from those supported by the DEX intended for use (often DEXs support a single chain, plus its layer-2s). Once the blockchain you intend to use is selected, all on-chain operations must be conducted on that blockchain, including the initial deposit into the non-custodial wallet. It will also be necessary to ensure that the non-custodial wallet has sufficient funds in the native crypto of that blockchain to cover the fees for subsequent transactions. At that point, the second deposit, the one on the DEX, must always and only be made using that blockchain. The deposit on the DEX is made simply by sending funds from the non-custodial wallet to the DEX on the chosen blockchain and paying the fees in its native crypto. For DEXs on Ethereum, the native crypto used to pay fees is ETH, while for those on Solana, for example, it is SOL. Generally, however, to use your funds on a DEX, it is sufficient to connect your non-custodial wallet, thus making the second deposit much simpler. In fact, in several cases, once the non-custodial wallet is connected to the DEX, the funds already present in the wallet can be used directly on the DEX itself. Third Step: The Purchase Once the funds are deposited on the DEX, both those to be used for the purchase and those to pay the fees, you can proceed with the purchase. In reality, after connecting with the wallet, the purchasing process is often very straightforward. In other words, the main complications arise only during the initial setup phase, which is done only once. Once everything is configured and the funds are deposited on the exchange, the rest is quite straightforward and very similar to what is done on CEX. To make the purchase, it will be sufficient to select on the DEX the trading pair you wish to use, which must consist of the token you want to buy and the one you want to use for payment. At this point, the various interfaces of different DEXs change slightly, so the procedure is slightly different in detail from one DEX to another. However, the logic always remains the same. Enter the amount of the token you wish to purchase, and the DEX will automatically calculate the exchange rate based on the liquidity pool at that moment. Set the slippage tolerance (usually between 0.5% and 1%), which is the maximum acceptable price variation, to avoid losses in case of volatility. Ensure you have sufficient funds to cover the fees, and if everything is correct, click to initiate the transaction (i.e., the swap). From that point on, the DEX handles everything. An important clarification: fees can vary from time to time and also depend on the level of blockchain congestion.Therefore, it is always advisable to carefully check their amount before initiating the swap, as they can be particularly high at certain times and lead to unpleasant surprises. Once the swap is completed, the purchased tokens will be in the DEX account. If the DEX is connected to the non-custodial wallet, they will already be there as well.