Cryptocurrencies such as Bitcoin, Ethereum, Solana, Cardano, Dogecoin, XRP, stablecoins and other altcoins operate on blockchain networks, decentralized systems that use advanced cryptography to deliver secure, transparent and immutable recordkeeping. Recently, digital assets have undergone sharp corrections and extended periods of sideways trading through November and December. Bitcoin, the largest cryptocurrency, has faced bearish sentiment amid a difficult macroeconomic backdrop and tighter liquidity conditions. During the past 12 months, Bitcoin traded between a low of $76,270.13 and a high of $124,714.85.
Over the last seven days, Bitcoin has slipped 0.1%, while Ethereum and Solana have declined 3.7% and 4.7%, respectively. Nevertheless, long-term expectations remain bullish due to a favorable regulatory environment and growing institutional acceptance. The GENIUS Act, passed on July 17, establishes a legislative foundation for stablecoins, which benefits the likes of Circle Internet Group CRCL that offers USDC.
On Dec. 18, SoFi Technologies SOFI launched SoFiUSD, a fully reserved U.S. dollar stablecoin that can be used by banks, fintechs and enterprise platforms. J.P. Morgan recently launched a tokenized money-market fund on Ethereum, while Italian bank UniCredit issued its first tokenized structured note on a public blockchain. In September, the Nasdaq filed a Form 19b-4 with the SEC, proposing rule changes that would allow trading of equity securities and exchange-traded products (ETPs) in tokenized form (utilizing blockchain technology) on Nasdaq.
These developments bode well for digital asset providers like Robinhood HOOD and Figure Technology Solutions FIGR. Robinhood launched Cortex, an AI assistant for custom indicators, market analysis and real-time insights. Figure Technology Solutions is attracting attention due to its launch of blockchain-native public equity security, which allows investors to hold, transfer and collateralize Figure stock directly on the Provenance blockchain.
This allows investors to fast settle bilateral deals, 24/7 trading, cross-collateralization of the security to other assets and the ability to lend or borrow the stock transparently. Figure’s blockchain-native structure eliminates a complex stack of intermediaries, including custodians and clearing firms, to prime brokers and introducing brokers. Figure originated more than $18 billion in loans on the Provenance blockchain and executed over $60 billion in blockchain transactions.
Growing adoption of the Figure Connect marketplace by partners to access the capital market has been a key catalyst for FIGR. Circle Internet Group offers USDC stablecoin, which is redeemable on a one-for-one basis for U.S. dollars and is backed by reserves consisting of highly liquid, price-stable cash and cash equivalents. As of Dec. 18, $77.2 billion USDCs were in circulation, rising from $73.7 billion at the end of the third quarter of 2025.
An expanding partner base, which includes the likes of Kraken, Binance, Corpay, FIS, Fiserv, OKX, Finastra and Fireblocks, is noteworthy. Circle’s Cross-Chain Transfer Protocol has emerged as a trusted, efficient way to move digital dollars across blockchain networks, helping attract major partners like Visa, Deutsche Börse, Kraken, Finastra and global banks. Meanwhile, the rapid expansion of the Circle Payments Network (CPN) is opening new corridors for USDC payments. As CPN scales across multiple regions, the ease of using USDC for everyday financial flows is rising, reinforcing adoption and strengthening Circle’s network effects. This accelerating adoption is translating into steady financial gains.
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