5 essential crypto lessons from 2025: what I learned

Mirela Ciobanu, Lead Editor at The Paypers, shares her top 5 essential crypto lessons learned in 2025. Discover key insights to navigate the evolving Web 3 payments landscape.

At the beginning of 2025, The Paypers set out to bridge a growing knowledge gap between traditional finance and decentralised finance.

The goal was not to pick sides, but to create understanding. To explain Web 3 payments in a way that made sense to traditional financial institutions, while also helping crypto-native players better understand how payments, banking, and regulation actually work.

We did this through articles, interviews, reports, webinars, news coverage, podcasts, social media activity, and video interviews. The intention was to build a shared knowledge base. A virtual library shaped by experts from both sides of finance. Judging by the conversations we had, the questions we received, and the engagement we saw, the effort worked.

What became clear over the year is that curiosity flows in both directions. Traditional institutions are actively exploring crypto, while Web 3 players are increasingly interested in how TradFi rails, compliance, and payments function.

Where it all began

There is no single moment when DeFi or Web 3 began, but the intention behind fintech innovation has always been clear. To move money faster, cheaper, and more openly than the legacy systems built decades ago.

Much of today’s financial infrastructure is over 50 years old. Payments technology remains slow, opaque, fragmented, and in many cases inaccessible. This affects people in emerging markets most, but also businesses operating globally. Stablecoins, for example, allow individuals to hold and move US dollars without needing a traditional bank account.

Sometimes the barrier is not technology, but mindset. The tendency to defend existing systems instead of questioning whether they still serve today’s needs.

Money itself is evolving. It must reflect how we live and work now. Always connected, mobile, instant, and global.

I often think of this evolution like growing up. We inherit tools and behaviours that once helped us survive. Over time, we realise some still serve us, while others hold us back. Payments infrastructure is at a similar stage. Built for the past, refined over time, but now in need of fundamental upgrades to address present challenges.

2025 was the year stablecoins came of age

Stablecoins moved from promise to practice in 2025.

They proved value across payments, from cross-border transfers and remittances to FX, B2B payments, treasury management, and humanitarian aid. Regulatory clarity improved, particularly in the US, and stablecoins began integrating into mainstream financial workflows.

The year began with Stripe acquiring stablecoin infrastructure provider Bridge for USD 1.1 billion, followed by its acquisition of Privy. Banks entered the space more openly, with institutions like Bank of America and Citibank exploring their own stablecoin initiatives. Payments experts increasingly agreed that every business now needs a stablecoin strategy.

Stablecoins are being used to accept payments globally, manage payouts, streamline treasury operations, and enable access to global commerce. In emerging economies, they often function as a digital substitute for the US dollar. BVNK research highlighted strong demand driven by the so-called stablecoin premium, with users willing to pay more to hold dollar-pegged digital assets.

For large corporates, stablecoins offer a programmable rail for intercompany treasury flows, enabling near-instant settlement with transparency and control.

The conclusion became hard to ignore. Institutions that delay risk losing relevance as customers migrate to faster, more flexible solutions.

2025 brought regulatory clarity

Regulation finally started to catch up.

In July 2025, the US passed the GENIUS Act, creating the first federal framework for stablecoins. This followed the implementation of MiCA in the EU at the end of 2024 and early 2025, making this a pivotal year for regulatory clarity.

MiCA acts as an enabler for large institutions, offering clarity and certainty. For smaller firms, however, compliance costs can be restrictive. The UK sits between the EU and the US, with regulatory proposals aimed at balancing innovation and oversight. Asia and the Middle East also made decisive moves, with Hong Kong and the UAE introducing licensing regimes for stablecoin issuers and digital asset firms.

Globally, organisations like the IMF and FSB continued to call for regulatory alignment, warning that fragmentation remains a key risk.

Institutional adoption accelerated

Historically, banks kept crypto at arm’s length. In 2025, that distance shrank fast.

Most major global banks now have dedicated digital asset teams, complete with heads of digital assets and defined strategies. JPMorgan, Deutsche Bank, Standard Chartered, and Société Générale are no longer testing the waters. They are building infrastructure, issuing tokens, and experimenting with stablecoins in live environments.

At the same time, neobanks and fintechs accelerated their crypto integration. Revolut and Nubank enabled stablecoin transfers for millions of users. Infrastructure providers like FIS and Fiserv partnered with Circle to embed USDC into existing payment networks. Kraken launched a debit card in partnership with Mastercard, further blurring the line between crypto-native and traditional financial products.

What stood out most was how traditional institutions began using blockchain infrastructure not to reinvent themselves, but to optimise what they already do. BlackRock’s BUIDL fund and Franklin Templeton’s BENJI fund brought tokenised treasuries and money market instruments on-chain. Robinhood selected Arbitrum for tokenised stock trading in Europe and is building a custom chain to align performance, fees, and user experience with its product goals.

This is not about abandoning regulation. It is about improving settlement, reducing operational friction, extending market hours, and expanding access, all while staying within a familiar regulatory perimeter.

Web 3 applied for a banking licence

Another clear signal of convergence came from crypto firms pursuing banking licences.

This move is not simply about compliance. It is about legitimacy, access, and integration. Licences unlock payment rails, institutional partnerships, and trust, while bringing crypto firms closer to the core of the financial system.

Throughout 2025, firms such as Circle, Coinbase, Ripple, Paxos, Fidelity Digital Assets, Crypto.com, Stripe, and Nubank either pursued or expanded regulated banking and trust structures. Established financial infrastructure providers like FIS began working with crypto players on deposit tokens and stablecoin infrastructure.

In early December, the Office of the Comptroller of the Currency took a decisive step by granting conditional approval for several crypto firms to move toward becoming national trust banks. Circle and Ripple received approval to establish new national trust banks, while BitGo, Fidelity Digital Assets, and Paxos were authorised to convert existing state trust companies into national trust banks.

This shift moves these firms from fragmented state-level oversight into a single federal supervisory framework focused on governance, custody, cybersecurity, and fiduciary responsibility. While they are not commercial banks and will not take deposits or make loans, they can now operate as federally supervised custodians of digital assets and stablecoin reserves.

The possibility of accessing a Federal Reserve master account adds another layer of significance. Direct settlement with the Fed would mark a major step toward integrating stablecoin infrastructure into the core of the US payment system.

This moment represents crypto infrastructure moving from the margins of finance into its regulated centre.

Mergers, acquisitions, and consolidation

Consolidation accelerated alongside adoption.

2025 became a record year for crypto mergers and acquisitions, with deal values exceeding USD 8.6 billion. Major exchanges and infrastructure providers were the most active acquirers, signalling a push to build full-stack financial ecosystems.

Coinbase acquired Deribit to expand into global derivatives. Kraken acquired NinjaTrader to support its multi-asset ambitions. Ripple acquired Hidden Road to strengthen its institutional brokerage and clearing capabilities, and later GTreasury to expand corporate payment and treasury services. Stripe’s acquisition of Bridge reinforced the importance of stablecoin infrastructure in global payments.

These deals were not opportunistic. They reflected a clear strategy to connect TradFi and crypto, expand regulated offerings, and reduce friction across trading, custody, payments, and treasury.

Circle’s IPO in June 2025 further reinforced this maturity phase. Its announcement of Arc, a blockchain designed specifically for stablecoin payments, underscored the shift toward enterprise-grade infrastructure for the internet financial system.

What this means for banks, merchants, and PSPs

These developments naturally raise a simple question: what does this mean for me?

For banks, the opportunity is clear but demanding. Millions of consumers already hold digital assets, often outside the banking system. To remain relevant, banks must go beyond adopting new technology and rethink how money moves, how services are delivered, and how programmable assets fit into their core offerings.

For merchants, crypto expands payment choice and geographic reach. For payment service providers, it opens new markets and use cases.

Crypto payments are increasingly used to reach high-spending users in crypto hubs, support freelancers in emerging markets, facilitate B2B payments through Layer 2 networks, expand access in underbanked regions, navigate high-risk jurisdictions, and provide stability in economies facing inflation and currency controls.

Fraud, transparency, and responsibility

Crypto’s openness brings risk, but also accountability. Scams, phishing, ransomware, and impersonation remain serious challenges. Yet the idea that crypto is anonymous and untraceable is outdated. Blockchain transparency allows funds to be tracked, patterns identified, and misuse investigated.

What enables abuse is often the same thing that enables innovation: speed, openness, and global access. This places greater responsibility on users, institutions, and educators to improve literacy, tooling, and safeguards.

Self-sovereignty requires understanding.

Conclusion

Looking back, 2025 was not defined by hype or speculation. It was defined by convergence. Traditional finance moved closer to Web 3. Web 3 moved closer to regulation, payments, and institutions. Stablecoins proved practical value. Regulation progressed. Infrastructure matured.

The gap between the two worlds did not disappear, but it narrowed meaningfully.

And after a year spent listening, explaining, and connecting people across both sides, that feels like real progress.

❄️ My winter reading & watching list for you

As I sign off for a short, relaxing holiday break, I want to wish you all the very best this festive season! I hope you find time to rest and enjoy what you love most. If you do find a quiet moment and want to keep a pulse on DeFi and TradeFi trends, here are some key reports and webinars I recommend checking out:

Must-Read Reports & Expert Views

• Web3 Payment Acceptance Report 2025 - https://thepaypers.com/crypto-web3-and-cbdc/reports/web-3-payment-acceptance-report-2025
• Crypto payment infrastructure explained: rails, PSPs, and latest developments - https://thepaypers.com/crypto-web3-and-cbdc/expert-views/crypto-payment-infrastructure-explained-rails-psps-and-latest-developments
• Wallets & Custody Solutions explained - securing the digital assets - https://thepaypers.com/crypto-web3-and-cbdc/expert-views/wallets-custody-solutions-explained-securing-the-digital-assets
• Explainer: tokenization of RWA demystified - https://thepaypers.com/crypto-web3-and-cbdc/explainers/explainer-tokenization-of-rwa-demystified

Recommended Webinars

• Stablecoins and banks: opportunities and challenges

https://youtu.be/kxez4VObHaI

• Web 3 payments: unlocking faster, cheaper, borderless transactions

https://youtu.be/7OEi1h1lQ6Q

• Stablecoin payments in action: adoption & use cases

https://youtu.be/P01KZUjfB8E

• From Crypto to Checkout: Stablecoins and the Future of Payments

https://youtu.be/nk4afKHthek

 

Thank you for your engagement this year. I look forward to connecting with you in the new year with more insights!

About Mirela Ciobanu

Mirela Ciobanu is Lead Editor at The Paypers, bridging the knowledge gap between TradFi and DeFi. With a keen eye for industry trends, she is constantly on the lookout for the latest developments in crypto and blockchain. 

Closely in contact with subject matter experts in the digital assets space, Mirela amplifies your voice through compelling interviews, webinars, reports, and articles. She aims to deliver informative and educational insights that help create the Web 3 ecosystem. To share more ideas and get inspired, connect with Mirela on LinkedIn or reach out via email at mirelac@thepaypers.com.