Based on Blockbeats, on December 23, 2025, DWF Labs reported that over $19 billion in liquidations have removed excessive leverage from the crypto market, shifting it from a speculative cycle to a balance sheet-driven structure. Stablecoin supply has grown by over 50%, with more than $20 billion allocated to yield-bearing stablecoins, indicating the industry's move from a payment tool to asset management. On-chain real-world assets (RWA) have expanded from $4 billion to $18 billion, while DEX and CEX derivatives trading shares have quadrupled, signaling the crypto market's acceleration toward becoming a credible financial infrastructure.
DWF Labs: 2025 Crypto Market Shifts to Balance Sheet-Driven Structure
KuCoinFlashShare
Summary
DWF Labs reported on December 23, 2025, that over $19 billion in liquidations have reshaped the crypto market, moving it toward a balance sheet-driven structure. Stablecoin supply has risen more than 50%, with over $20 billion in yield-bearing stablecoins. On-chain real-world assets (RWA) have grown from $4 billion to $18 billion, while DEX and CEX derivatives trading shares have quadrupled. As the crypto market matures, altcoins to watch are gaining traction alongside this structural shift.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.