Top VCs Review the Crypto Industry in 2025: Stablecoins and Prediction Markets as Winners

On December 25, Pantera Capital partner Mason Nystrom, Hash3 co-founder Hootie Rashidifard, and Variant partner Alana Levin unanimously agreed on a podcast that the biggest winners in the crypto industry in 2025 include stablecoins, prediction markets, as well as traditional financial and internet giants. Nystrom pointed out that companies like Robinhood are accelerating their expansion into the crypto space following regulatory clarity. Rashidifard stated that stablecoin trading volumes and profitability have surged, with Tether becoming one of the most profitable companies per capita. Levin noted that prediction markets are growing rapidly, with Kalshi and Polymarket overcoming skepticism, and the $2 billion investment by Intercontinental Exchange into Polymarket being particularly striking. As for the losers, Levin mentioned that Terraform Labs co-founder Do Kwon was sentenced to 15 years in prison for fraud. Rashidifard argued that while the U.S. SEC adopted a tough enforcement stance during the 'Biden era,' it failed to deliver tangible results, and by 2025, the U.S. government’s attitude toward the crypto industry has fundamentally shifted.