Less than 10 days left in 2025, and looking back, this year’s crypto market has been a rollercoaster ride. From the optimism at the start of the year to several rounds of shakeouts in the middle, and now the relative calm, each phase has been dominated by different narratives. The news of Tether’s $500 billion valuation fundraising was definitely unexpected. Although the scale of USDT is only twice that of Circle, the timing of this valuation was very clever. The competitive landscape of the stablecoin sector could see major changes in 2025, especially with compliance requirements becoming increasingly strict. Which phase did you enter the market this year?