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Các nhà phát triển cốt lõi đằng sau đồng tiền mã hóa tập trung vào quyền riêng tư Zcash đã rời khỏi Electric Coin Company và đang thành lập một công ty mới. Động thái này diễn ra sau một tranh cãi công khai về quản trị và quyền kiểm soát trong các tổ chức liên quan đến sinh thái Zcash.
Thông báo đã được chia sẻ trong một tuyên bố từ các nhà sáng tạo Zcash và sau đó được CEO Josh Swihart của Electric Coin Company lặp lại. Ông nói rằng quyết định này được đưa ra sau những bất đồng sâu sắc với các thành viên của ban điều hành Bootstrap, một tổ chức phi lợi nhuận được thành lập để hỗ trợ Zcash.
Tranh chấp về quản trị Zcash dẫn đến việc thành viên rời đi

Like meme coins, the AI crypto narrative was again the second most popular in 2025, enjoying a combined 22.39% share of interest across the main AI crypto category and 10 other AI-related crypto narratives. In other words, there was a 6.72 percentage point increase compared to the 15.67% total share that the AI crypto narrative captured last year. 
This was despite the main AI crypto category seeing its share of interest shrink from 12.58% last year, to 9.76% this year. Nevertheless, the main AI crypto narrative still secured the second highest popularity ranking.
Meanwhile, the overall higher interest in AI crypto can be attributed to increased attention toward AI agents, as well as the emergence of the DeFAI narrative. Among the top 20 most popular narratives, AI agents recorded the largest market share improvement from 1.17% to 5.03%, or a 3.86 percentage point increase which raised its ranking by 14 places year-on-year (YoY). 
Notable Changes in Narrative Popularity
In contrast, real world assets (RWA) experienced the largest YoY decrease in share of narrative interest from 8.64% to 4.98%. The 3.66 percentage point drop caused the RWA narrative to lose its 3rd place ranking and come in at 4th place instead. In other words, RWAs saw an even smaller share of narrative interest than the 6.48% it held in 2023, pointing to the increasingly tough competition for mindshare in the crypto market as more narratives emerge. 
Aside from the unchanged rankings for the top two most popular crypto narratives, there were eight narratives that saw an improvement in rankings and seven ranking decreases, as well as three new narratives that were added this year.
The Virtuals Protocol ecosystem recorded the biggest ranking increase by 39 positions, after coming in 56th from being created towards the end of last year. The Virtuals Protocol narrative has since become the 17th most popular this year, with its share of narrative interest rising from 0.17% to 1.68% YoY as a key player in the AI agents space.
Stablecoins experienced the second largest ranking improvement from 31st last year to 16th this year, as its share of narrative interest rose from 0.48% to 1.69%. The increased popularity comes as competition in the stablecoins space heats up, with more protocols and chains seeking to launch their own stablecoins.
On the other hand, Base meme coins had the biggest ranking drop from 11th to 19th, after its share of narrative interest shrank from 2.13% to 1.40% YoY.
Meanwhile over this same period, six narratives entirely dropped out of the top 20 most popular rankings in 2025. In particular, gaming or GameFi saw its share of narrative interest fall from 3.72% to 1.30% YoY, DePIN went from 3.38% to 0.93%, and layer 2s from 2.25% to 0.94%. The remaining narratives around BRC-20, cat meme coins and the TON ecosystem did not even rank among the top 40. 
These were replaced by new narratives, namely Made in USA, DeFAI and World Liberty Financial portfolio, as well as the existing narratives of stablecoins, Virtuals Protocol ecosystem and BSC ecosystem which received more attention this year.
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Meme coins have once again emerged as the most popular crypto narrative in 2025, capturing a combined 25.02% of global investor interest across the main meme coin category and 35 meme coin trends. This is down from the 30.67% market share that the meme coin narrative held last year, which suggests that the mania for purely speculative crypto may be subsiding. However, it remains to be seen if crypto investors’ focus will finally shift toward narratives with strong fundamentals.
The main meme coin narrative led with a 12.48% share of crypto investor interest, which represents a slight decline from the 14.36% share recorded last year. Despite that, the main meme coin narrative remains ranked 1st for the second consecutive year, after holding the 3rd place in 2023.
Similarly, three other meme coin trends managed to continue ranking among the top 20 crypto narrative, following their 2024 popularity: Solana meme coins which came in 6th with a 4.57% share of interest, AI meme coins in 18th position with a 1.51% share, and Base meme coins right behind in 19th with 1.40% of interest. 
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Bitcoin tạm thời vượt qua mức 92.000 USD do lo ngại về lãi suất, trong khi các đồng tiền ẩn danh đạt mức cao mới và hoạt động của các đồng memecoin đã thúc đẩy một số đồng tiền thay thế khác.
Bitcoin tăng hơn 2,3% trong đêm, đạt đỉnh khoảng 92.400 USD trước khi mất một phần lợi nhuận trong phiên giao dịch châu Âu.
Sự tăng giá được thúc đẩy bởi mối đe dọa về các cáo buộc hình sự đối với Chủ tịch Cục Dự trữ Liên bang Jerome Powell, khiến vàng và bạc tăng lần lượt 2% và 5,6%.
Hợp đồng tương lai chỉ số Nasdaq 100 giảm khoảng 1% trong khi chỉ số đô la Mỹ (DXY) suy yếu sau tin tức, cho thấy sự bất ổn trong tâm lý nhà đầu tư về lãi suất trong tương lai.

Disagreements over stablecoin rewards have frayed bipartisan support for the bill, with traders estimating a 68-70% chance of passage this year.
Coinbase is pressuring lawmakers to preserve its ability to pay users rewards for holding stablecoins, as Congress prepares to move forward on a sweeping crypto bill.
The Senate is set to mark up the U.S. crypto market-structure bill this week, but language targeting yield-bearing stablecoin accounts has emerged as a sticking point.
If the bill goes beyond disclosure requirements and restricts non-bank firms like the Nasdaq-listed crypto exchange Coinbase from offering rewards, the company may pull its support, Bloomberg reports, citing a person familiar with the matter.
At the center of the fight is Coinbase’s yield program for users who hold USDC, a dollar-backed stablecoin issued by Circle, on its platform. The exchange shares the interest generated from USDC reserves with users, and offers 3.5% rewards through its Coinbase One subscription.

That revenue, which stood at $355 million in the third quarter of the year, helps the company during market drawdowns where trading volume wanes.

A proposal backed by some banks would limit stablecoin yield programs to regulated financial institutions. Banks argue these rewards pull deposits away from the traditional financial system and could harm the “small business, farmers, students and home buyers” by displacing funds from community bank lending.

Crypto companies, including Coinbase, counter that such rules would stifle competition and undercut a model that’s already regulated under the July-passed GENIUS Act.

Coinbase’s chief policy officer, Faryar Shirzad, said on social media that banks have earned around $360 billion a year from parking around $3 trillion at the Federal Reserve and from card swipe fees. These earnings, he said, are threatened by stablecoin rewards as they “introduce real competition in payments.”

“Independent research from Cornell confirms it: stablecoin adoption does not reduce bank lending,” Shirzad said, citing a study on stablecoins and banking from Cornell University. “In fact, rewards would need to approach 6% to meaningfully affect deposits. No one is offering anything close to that.”
While the bill enjoys backing from the Trump administration, disagreements over stablecoin rewards have started to fray bipartisan support. On Polymarket, traders are weighing a 68% chance the bill is passed into law this year, while on Kalshi, those odds are at 70%.

Some lawmakers are weighing a compromise: allow only firms with banking licenses to offer rewards. Five crypto firms, including Circle, Ripple, and BitGo, have in December last year received conditional approvals to become federally chartered trust banks. But even that may not settle the issue, as companies would likely find alternative ways to reward users for holding funds with them.
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The stablecoin issuer’s previously undisclosed investment valued the lender at about $500 million, according to a person familiar with the transaction.

When stablecoin issuer Tether announced a "strategic investment" in Ledn, a lender of stablecoins and fiat against bitcoin
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$90,939.57
collateral, in November, it chose to withhold details of the investment.

In fact, it paid between $40 million and $50 million at a valuation of $500 million, according to a person with knowledge of the matter.

Neither Ledn nor Tether responded to requests for comment by publication time.

Tether, whose USDT is the No. 1 dollar-pegged token by market capitalization, has become increasingly acquisitive under CEO Paolo Ardoino, who took over in 2023. The company earns returns on the U.S. Treasuries it holds to back the stablecoin, and in October reported a nine-month profit of $10 billion.
The Ledn investment gives it a stake in a crypto financial services company focused on letting individuals and institutions earn yield on, borrow against, and manage digital assets. Last May, the company, registered in the Cayman Islands, said it was shifting to a bitcoin
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$90,954.84
-only model to simplify its offering and sharpen its focus.

Tether's acquisitive streak, however, extends beyond the crypto industry.

Last year, it acquired control of Adecoagro, an operator of sugar mills, rice farms, dairy businesses and renewable energy assets across Brazil, Argentina and Uruguay. It also bought a 10% stake in Italian football club Juventus, though its offer for majority shareholder Exor's 65.4% stake was rejected.

The company kicked off 2026 by adding 8,888.88 BTC to its treasury as part of its fourth-quarter profit allocation. The purchase, worth about $780 million at current prices, underscores a strategy that has quietly turned the world’s largest stablecoin issuer into one of bitcoin’s biggest corporate holders.

It reflects a policy introduced in 2023 under which Tether allocates up to 15% of its realized quarterly operating profits to bitcoin, making it a systematic accumulator rather than an opportunistic buyer.

FT Partners served as financial adviser to Ledn on the strategic investment from Tether.
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The asset manager’s base case assumes bitcoin gains traction as a settlement tool and reserve asset over the next 25 years.
VanEck has outlined a long-term framework that values bitcoin at roughly $2.9 million by 2050, according to a research blog post published by the asset manager on Thursday.

The analysis, titled “Bitcoin Long-Term Capital Market Assumptions,” was authored by Matthew Sigel, the firm’s head of digital assets research, and Patrick Bush, a senior investment analyst for digital assets. In the post, Sigel presents what VanEck describes as a base-case valuation model for bitcoin extending through 2050, estimating an annualized return of about 15% over the period.

Rather than framing the estimate as a price target, the blog post characterizes it as a valuation exercise centered on how bitcoin could be utilized if adoption expands significantly beyond its current role as a trading asset. VanEck’s framework does not rely on traditional equity valuation metrics, but instead models bitcoin’s value through adoption scenarios.

Settlement layer and reserve asset
One key assumption in the base case is bitcoin’s use as a settlement asset in global trade. VanEck’s model assumes bitcoin could eventually handle between 5% and 10% of international trade settlement volume. Another assumption is that central banks gradually allocate a small portion of their reserves to bitcoin, reflecting diversification away from sovereign currencies over long time horizons.

Those assumptions represent a sharp departure from current conditions. As VanEck notes in the post, bitcoin today plays a negligible role in trade settlement and is not held as a reserve asset by major central banks. The firm acknowledges that its base case depends on regulatory clarity, operational infrastructure and political acceptance that have yet to materialize.

The authors also emphasize the volatility that would likely accompany such adoption. VanEck models long-term annualized volatility between roughly 40% and 70%, a range it compares to frontier markets rather than traditional financial assets. Even in its bear-case scenario, however, the firm still assumes positive long-term returns, reflecting what it describes as bitcoin’s growing structural relevance.

VanEck’s framework places particular emphasis on macroeconomic factors. According to the post, bitcoin’s historical price behavior has shown closer alignment with global liquidity trends than with equities or commodities. The firm argues that correlations with broad money supply growth, along with a weakening relationship with the U.S. dollar, suggest bitcoin’s drivers may be becoming more global over time.

From a portfolio perspective, the analysis suggests that relatively small allocations — typically ranging from 1% to 3% — have historically improved risk-adjusted returns in diversified portfolios. The firm stresses that this does not imply bitcoin is low-risk, but rather that its volatility has not translated proportionally into portfolio-level risk when position sizes are constrained.
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