Stablecoins are being used to move sanctioned oil money, evade financial controls, and obscure the identities of state-linked actors. Whether enforcement will intensify further is less the question than how far up the crypto stack it may eventually reach.

Stablecoin settlement volumes have crossed a threshold that is difficult to dismiss. The question now is whether the infrastructure buildout signals lasting monetary change, or simply a well-funded experiment in search of a use case.

Stablecoins have moved from the fringes of crypto into the heart of global power, financial infrastructure, and market liquidity. Here’s what’s been happening. 

2024 was a remarkable year for the crypto market, defined by groundbreaking developments like Spot ETFs, U.S. rate cuts, and a pro-crypto political shift with Trump’s re-election. We believe we are in store for an even more transformative 2025.

Last week, BlackRock filed an application with the SEC to launch the first true Bitcoin ETF in the US. Many have tried in the past and failed. Will BlackRock’s faith be different?