RWA

According to the 0xResearch newsletter, Canton processed $6 trillion in RWAs in Q4 2025 and handled about $350 billion per day in US Treasury activity, after its token became transferable on Nov. 10. On Dec. 30, Lighter airdropped and launched LIT, whose float and fee multiples are already comparable to Hyperliquid.

Chainlink said in a company blog post that in 2025 it solidified its role as the standard infrastructure for onchain finance, as governments, banks and asset managers adopted its oracle and interoperability tech. Highlights include a Mastercard tie-up serving more than three billion cardholders, U.S. Commerce data feeds onchain, and CCIP's expansion to non‑EVM chains such as Solana.

On December 31, 2025, a16z's crypto team published research outlining three forces it expects to shape 2026: stablecoins, real‑world asset tokenization and privacy infrastructure, citing an estimated $46 trillion in stablecoin transactions last year. The report highlights improved fiat ramps, onchain debt origination, perpetual futures, and privacy as strategic priorities across interoperable networks.

On 31 December 2025, XRP traded near $1.87 as institutional ETF inflows reduced exchange supply. Exchange balances fell to about 1.6 B from 3.76 B in October, while daily ETF inflows reached $15 million. Liquidity clustered above $2.50–$3.20 and momentum stayed mixed, with price capped within $1.73–$2.32.

Ethereum has reached an all-time high of 8.7 million smart contract deployments in a single quarter, overtaking the previous peak of about 6 million in Q2 2021. This rebound in developer activity, driven by rollups, Layer 2 networks, RWAs, stablecoins, and wallet infrastructure, follows a prolonged decline through 2024 and much of 2025, while ETH's price remains below its yearly highs. At the same time, on-chain usage has climbed to new records with about 2.2 million daily transactions and average fees near $0.17.

On December 31, 2025, Coinbase research head David Duong released the 2026 Crypto Market Outlook, attributing 2025 progress to clearer regulation and growing institutional build‑out. The report expects stablecoins and tokenized collateral to take bigger roles in 2026. Policy chief Faryar Shirzad warned that banning rewards on US stablecoins could cede ground to China as interest on the digital yuan starts January 1, 2026.

Yield Basis introduces an IL-free AMM that removes impermanent loss via leverage and offers BTC-denominated returns to liquidity providers. LPs can either hold ybBTC to receive trading fees in BTC or stake ybBTC to earn YB emissions, with the fee switch activated earlier this month. Roughly $450,000 was distributed in the week ending Dec. 25.

Real-world asset protocols have grown into DeFi's fifth-largest segment by total value locked, with TVL surpassing $17 billion and Ethereum hosting more than $12 billion of that. Gold-backed tokens such as Tether Gold and Paxos Gold lead the category, while tokenized equities have pushed their market cap beyond $1.2 billion to a new all-time high. RWA tokens have also delivered strong year-to-date gains, supported by standout performers like Keeta Network, Zebec, and Maple Finance.

In the fourth quarter of 2025, Ethereum's onchain development hit an all-time high with 8.7 million new smart contracts deployed, according to Token Terminal. The surge was primarily linked to real-world asset tokenization, stablecoin usage and infrastructure projects, even as Ether's price hovered near $3,000 after retreating from levels close to $5,000 earlier in the year. Ethereum also continues to dominate RWA deployments and hosts more than half of the $307 billion stablecoin supply in circulation.

Gold and silver prices pulled back sharply as traders locked in profits after a powerful multi-month rally, with silver dropping nearly 9% and gold sliding about 5% following CME margin hikes that triggered leveraged unwinds. Despite the correction, tokenized precious metals saw nearly $900 million in trading volume, and technical structures—particularly for Tether Gold (XAU₮)—suggest consolidation rather than a breakdown in the broader uptrend.