The Huobi Growth Institute's 2025 crypto market report reveals a significant shift with institutional capital emerging as the primary driver of market growth, boosting the overall crypto market capitalization. The report highlights the evolution of stablecoins into a global settlement layer, which, along with regulatory clarity, has reduced entry barriers for new participants. Additionally, the introduction of ETFs and advanced custody solutions has mitigated market volatility and macroeconomic sensitivity. The report also notes the development of a chain-based dollar system through the integration of real-world assets (RWA) and stablecoins. Looking ahead to 2026, the focus is expected to shift towards the cost of capital, the quality of stablecoins, and the sustainability of yields in the crypto market.