US President Donald Trump sensed that the world of cryptocurrencies was not just a political issue that his opponents had neglected, but also a business opportunity and one of the ways to contribute to solving America's economic problems. The price of bitcoin and other cryptocurrencies rose to record levels with his arrival at the White House.
Trump has fulfilled many of the promises he made in this area. He has done his utmost to support crypto, starting with traditional bitcoin. He signed the GENIUS Act, a federal law that seeks to establish a clearer and broader regulatory framework for stablecoins in the US. He also banned central bank digital currency (CBDC).
Many were disappointed that he did not start building a strategic bitcoin reserve. More precisely, Trump sidelined the possibility of building this reserve through an active approach at the federal level, but gave individual states the option to decide whether to start building a reserve in cryptocurrencies.
However, the White House chief insisted that the US government should not sell cryptocurrencies seized from criminal activity, but should keep them. It is a reserve, but not a strategic one.
Cycles confirmed
However, even all these measures could not hide the fact that the price of Bitcoin and other cryptocurrencies is governed by halving cycles. These have been confirmed once again.
At the beginning of October, Bitcoin set a new record (ATH), but then it went "downhill." The price of Bitcoin and other cryptocurrencies entered a bearish phase. The good news is that it has been going on for almost two months. A bear market lasts a maximum of eight to ten months.
The second piece of good news is that we are in the fourth halving cycle, so its impact is gradually diminishing. Although the supply of bitcoin available for mining continues to decline, the market is now much deeper, more liquid, and less dependent on the issuance of new coins than in previous cycles.
Since the price of Bitcoin is behaving as expected, it is difficult to talk about a loss, because in the stock market, the loser is the one who fails to meet market expectations. Given the current bearish phase of the cryptocurrency market, it is therefore difficult to talk about it as a winner. And that is why we have to look at other contenders.
American stablecoins: winners thanks to regulation and adaptation
The winners of 2025 are American stablecoins. It is not just that they have finally received their legislative framework, but also that they are undergoing progressive adaptation. A stablecoin is a digital currency backed by a stable financial asset, which means that its exchange rate is often fixed at one US dollar.
It is therefore not a volatile asset. In the case of the two most widespread stablecoins, they are backed by US government bonds. USDT now has more than $112 billion in bonds in its portfolio. USDC owns more than $26 billion in bonds.
Together, these two stablecoins now hold a volume of bonds comparable to that of medium-sized national economies. Stablecoins are not currently the main source of demand for US debt, but they are among the fastest-growing marginal buyers, especially of short-term government bonds.
In the medium term, however, this role may change significantly. If global demand for the digital dollar continues to grow and stablecoins maintain the trust of regulators and users, they may gradually become structurally significant buyers of US bonds. It will therefore be extremely important for stablecoins to remain the winners in the coming years.
If this happens, then we understand why the European Central Bank fears stablecoins. Europe is also threatened by the spread of digital currency payments that will be beyond the reach of the central bank. However, this does not mean that stablecoins are without risk.
There is one major risk. If interest in stablecoins wanes and people transfer their money to something else, then companies operating stablecoins will have to start selling US bonds. And no US government likes that. Rescuers can thus become enemies of the state practically overnight.
$TRUMP coin: defeat due to rapid loss of interest
The main loser of the year is the $TRUMP currency. Donald Trump has shown that he is a really good businessman who knows how to sell a practically worthless thing for very decent money. In preparation for the inauguration, he found time at the last minute to launch his own memecoin. So that the first lady wouldn't feel left out, he also launched $MELANIA.
The billionaire managed to take advantage of the enthusiasm, but also speculation, to push the price to its maximum. After an initial boom, $TRUMP fell from a valuation of several tens of billions of dollars to approximately $1.1 billion, representing a loss of around 88 percent of its market value. Its price is unlikely to ever reach its peak again.
However, $TRUMP reminds us that getting rich is never easy. And that also applies to cryptocurrencies. Investing more money in a memecoin than one is willing to pay for a lottery ticket is a sign of financial illiteracy. Even if that lottery ticket bears the name of one of the most powerful men on the planet.
Bitcoin continues to go through its cycles, $TRUMP has shown that hype is short-lived, and the companies that have earned the most in crypto this year are those that operate stablecoins and have benefited from the growing demand for a digital dollar without price fluctuations. In 2025, the crypto world reminded us of an old market rule: the biggest revolution is often brought about by the most boring, i.e., stable solution, and that is exactly what stablecoins are.