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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: