Messari

Prediction markets are heating up. Messari’s Austin Weiler breaks down the growing rivalry between Polymarket and Kalshi — two platforms reshaping how real-world events are traded onchain. Together, they’ve cleared $3.8B in October trading volume (~$45B annualized), raised nearly $2.5B in funding, and just signed multiyear licensing deals with the NHL. Get the full analysis in our latest Unqualified Opinions piece — and subscribe to stay ahead on crypto’s biggest narratives. Subscribe Here 🔗 https://messari.co/3LqKgX2

🎧 New episode of Fully Diluted Messari’s Dylan Bane and the Research team sit down with Mert Mumtaz, Co-founder and CEO of Helius, to unpack the next wave of privacy in crypto — and what it means for onchain markets. They explore: 🔹 Zcash’s comeback and new privacy tech breakthroughs 🔹 The role of ZK proofs, FHE, and MPC in making crypto usable and compliant 🔹 Solana’s DeFi and trading infrastructure — and how it’s shaping a decentralized financial internet Mert shares why privacy is essential to crypto’s future and how regulation and innovation may finally be converging. Watch the full Discussion now on: 🎥 YouTube: https://messari.co/3WkiKNm 🔊 Spotify: https://messari.co/4qob8qV 🎧 Apple Podcasts: https://messari.co/4obGcsy

New free report: State of Crypto x TradFi — Q3 2025 We just released our latest deep-dive on the convergence of crypto and traditional finance: 25+ charts/graphics, 9,000+ words, and the most important trends you need to track across ETFs, digital-asset treasuries, RWAs, enterprise blockchains, and public markets. Highlights: 🔹 ETH outpaced BTC in Q3 ETF inflows ($8.68B vs. $7.53B); ETH ETF AUM up 170% to $27.4B. 🔹 DATs surged: ETH DAT NAV up 2,983% QoQ to $14.5B; SOL DAT NAV up 330% to $858.6M. 🔹 RWA expansion: Tokenized private credit hit $17.4B; treasuries reached $7.9B. 🔹 Enterprise momentum: Circle (Arc), J.P. Morgan (Kinexys), SWIFT, Stripe (Tempo), and Google Cloud (GCUL) advanced purpose-built chains for payments & settlement. 🔹 Crypto equities/markets: Robinhood’s L2 and tokenized stocks, plus new IPOs (Figure, Bullish, Gemini) signal deeper market integration. Read the full FREE Report 👉 https://messari.co/4qnHodF

In The Stables: Paxos Error Underscores Issuance Risks This week’s In The Stables covers a turbulent stretch in stablecoins: Paxos mistakenly minted 300 trillion PYUSD before burning the tokens, sparking renewed debate on issuance infrastructure. Meanwhile, USDS surged 15.4% as capital exited USDe, PYUSD overtook USD1, and overall market cap climbed to $308.8B. Catch the full analysis from Alexander Beaudry and Austin Freimuth for insights on market trends, regulatory moves in Hong Kong, and Solana’s new omnichain stablecoin integrations. Read the latest edition of In The Stables 👇

Introducing Messari’s Stablecoin Dashboard The stablecoin market just got a lot clearer. Messari’s new Stablecoin Dashboard gives you a complete view of the $300B+ stablecoin ecosystem — across tokens, networks, and issuers — all in one place. Whether you’re tracking liquidity, analyzing network efficiency, or comparing market share, this dashboard delivers the data you need to understand how value moves through crypto’s most important asset class. 🔍 Explore: ▪️ Overview: MessariAI summaries of market trends and top performers ▪️By Token: Compare activity and liquidity across stablecoins ▪️By Network: See how ecosystems like Ethereum, Tron, and Solana stack up ▪️Capital Efficiency: Quantify how well protocols monetize stablecoin usage Available now in Messari Enterprise — our all-access plan, now simplified to $5,000/year for full research, data, and analytics coverage. See plan details 👉 https://messari.co/4o0KNgS Explore the dashboard and see how stablecoins are shaping crypto’s foundation 👉 messari.co/3JgLjrW

28 projects raised $799 million this week, led by Tempo ($500M) and Jito ($50M), while SharpLink Gaming allocated $76.5 million to ETH in digital asset treasuries. Figment, Kraken, Ripple, and Binance completed acquisitions, and Maximum Frequency Ventures launched a new $50 million fund. On Crypto Twitter, David Grider cautioned that recent market volatility signals rising systemic stress, Austin Barack positioned Ether.fi as a crypto-native neobank with global potential, and McKenna projected Hyperliquid’s expansion to drive $1.9 billion in annualized revenue by 2026. Here’s the breakdown of this week’s top deals and insights 👇

Stellar is emerging as a serious RWA hub. $533M+ RWAs live on-chain (ex-stablecoins), up 25% YoY, with $3B+ more accessible after recent issuer launches. Leaders include Franklin Templeton’s BENJI; new adds span Ondo (USDY), Mercado Bitcoin (equities/bonds), and RedSwan (real estate). DeFi composability is arriving via Centrifuge deRWA and Etherfuse Stablebonds, alongside regulated infra from Archax, 21X, Bitbond, and Cashlink. Near-zero fees, easy on/off-ramps, and programmable compliance make Stellar Development Foundation compelling for institutions and retail. Read Messari's full State of Stellar report 👉 https://messari.co/43i5nB3

In The Stables: Depegs, Deals, and the Future of Dollar-Backed Crypto This week in In The Stables, the stablecoin market reminded us that even “stable” assets can swing. 🔹 USDe’s depeg to $0.65 on Binance triggered a wave of volatility — though it quickly recovered, the token’s market cap still dropped 15.6% week-over-week. 🔹 Institutional adoption is heating up: Ten global banks — including Goldman Sachs and Deutsche Bank — are exploring a G7-backed multi-currency stablecoin, while the Bank of North Dakota launched Roughrider Coin for in-state payments. 🔹 Ethena Labs expands its footprint with new synthetic and tokenized dollar products (suiUSDe and USDi) built on Sui. 🔹 Infrastructure is maturing: Stripe rolled out stablecoin-based subscriptions, and S&P Global partnered with Chainlink to bring onchain stablecoin ratings to DeFi. 🔹 Tether closed a major chapter, settling $300M in bankruptcy claims with Celsius. Data-driven insights, regulatory developments, and the stories shaping the future of digital dollars. Read the full breakdown in the latest issue of In The Stables 👇

25 projects raised $2.66 billion this week, led by Polymarket ($2B) and Kalshi ($300M). DDC Enterprise and Amdax announced a combined $159M in new Bitcoin treasury allocations. Meanwhile, Uniswap Labs, Ondo Finance, Plume Network, and Rezolve Ai completed strategic acquisitions, and YZi Labs launched a $1B Builder Fund to scale the BNB Chain ecosystem. Key voices are framing the moment: Lex Sokolin called ICE’s $2B Polymarket investment a turning point in the “financialization of information.” Karthik Senthil spotlighted emerging frontier themes at the intersection of AI, crypto, and culture. Jake Chervinsky warned that Senate Democrats' RFIA counterproposal amounts to a de facto crypto ban. Here’s a breakdown of this week’s biggest deals and insights 👇

This Week in Stablecoins: Ruble Risk & the Return of Retail The latest issue of In the Stables dives into a turbulent week for digital dollars and beyond: 🔹 Ruble-Backed A7A5 Raises Red Flags — Now the largest non-USD stablecoin, drawing EU sanctions scrutiny. 🔹 Privacy Meets Compliance — Paxos & Aleo’s new ZK-powered USAD aims to blend institutional trust with transaction privacy. 🔹 Retail Resurgence — Despite bots driving 70% of stablecoin transfers, small retail payments hit record highs. 🔹 UK Softens Limits — The Bank of England loosens its stance on stablecoin caps after industry pressure. 🔹 Shariah-Compliant Banking Expands — Fasset launches a stablecoin-powered Islamic digital bank across Asia and Africa. In the Stables delivers weekly insights on market shifts, regulation, and real-world stablecoin adoption — all in one place. Read this week's breakdown 👇