2025 年加密圈「政策更友善、机构更拥抱」的利多并未转成普涨：比特币至 12 月中旬全年约跌 6%，多数代币跌更多；部分上市与准上市公司也在竞争与商业模式质疑中走弱，导致不少富豪年末不如年初。
稳定币与基础设施端相对受益。Circle 的 USDC 流通量逾 770 亿美元，仍远小于 Tether 的 USDT 约 1,860 亿美元；Circle 以 69 亿美元估值上市，股价仍较年初高 168%，Q3 净利 2.14 亿美元、年增逾 200%。Tether 今年 USDT 流通量增逾 15%，向股东分红逾 100 亿美元，并传洽谈以最高 5,000 亿美元估值融资约 200 亿美元（若成真，Devasini 可能推算至约 2,250 亿美元身家）。
其余呈现「持平到受伤」：Galaxy Q3 总营收 284 亿美元、年增逾 200%，并为至少 20 家企业加密财库收费；Figure 以 66 亿美元估值上市。相对地，Trump 相关代币自高点跌约 50%，American Bitcoin 跌 82%、Trump memecoin 跌约 90%（其身家年初至今仅 +1%）；Zhao 身家 -5% 且曾服刑 4 个月后获赦；Ripple 以 400 亿美元估值募 5 亿美元、Larsen 持逾 50 亿美元 XRP；Tron 日转移逾 200 亿美元。Saylor 身家 -37%、公司年内买入约 20 亿美元 BTC；Winklevoss 双胞胎身家 -59%，Gemini IPO 后股价约 -60%。
Crypto’s 2025 looked supportive—friendlier politics and more Wall Street participation—but prices lagged: Bitcoin was down about 6% through mid‑December and many tokens fell further. That left several prominent crypto billionaires poorer, while some newly public or public-facing firms struggled amid tougher competition and skepticism about their models.
Stablecoins and infrastructure were relative bright spots. Circle’s USDC topped $77B in circulation versus Tether’s USDT at about $186B; Circle went public at a $6.9B valuation, shares remained up 168%, and Q3 net income was $214M, up more than 200% YoY. Tether expanded USDT supply by 15%+, paid $10B+ in dividends, and was reported to discuss raising roughly $20B at as much as a $500B valuation (implying a possible ~$225B fortune for chairman Giancarlo Devasini).
Elsewhere results were mixed to bruising. Galaxy posted $28.4B in Q3 gross revenue, up 200%+, and earns fees overseeing at least 20 corporate crypto-treasury firms; Figure IPO’d at a $6.6B valuation. But Trump-linked tokens fell ~50% from highs, American Bitcoin slid 82%, and the Trump memecoin dropped ~90% (Trump wealth index +1% YTD). Changpeng Zhao’s wealth was -5% after a four‑month sentence and a pardon; Ripple raised $500M at a $40B valuation and Chris Larsen holds $5B+ in XRP; Tron moves $20B+ daily. Michael Saylor was -37% and Strategy bought about $2B in Bitcoin; the Winklevoss twins were -59% and Gemini shares fell ~60% after its September IPO.