DFW Labs has released its 2025 industry review and outlook, revealing that the crypto market experienced over $19 billion in liquidations throughout the year. This significant deleveraging has shifted market focus from narrative-driven dynamics to structural pricing based on balance sheets, liquidity, and yield mechanisms. Additionally, the report highlights a more than 50% year-over-year increase in the total supply of stablecoins, with yield-bearing stablecoins surpassing $20 billion. The demand for stablecoins is increasingly moving from payment tools to asset management and capital efficiency applications.