Coinbase Acquisition - Coinbase acquires crypto fundraising firm Echo for $375M.
Wallet Warning - U.S. Crypto Coalition warns bank data fees could cut off stablecoins and wallets.
Solana Staking Rewards - Gemini launches Solana credit card with automatic staking rewards.
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Introducing Messari’s Stablecoin Dashboard
The stablecoin market just got a lot clearer.
Messari’s new Stablecoin Dashboard gives you a complete view of the $300B+ stablecoin ecosystem — across tokens, networks, and issuers — all in one place.
Whether you’re tracking liquidity, analyzing network efficiency, or comparing market share, this dashboard delivers the data you need to understand how value moves through crypto’s most important asset class.
Messari's protocol reports give you a deep dive on the foundation and state of top crypto protocols, including key metrics and notable events. See the complete list of protocol reports here and get a preview of our latest report below.
Fifth-largest DeFi network by TVL ($6.2B)
TRON hit all-time highs in Q3 2025, with market cap up 19% QoQ to $31.6B and revenue up 30.5% QoQ to $1.2B
Major integrations with MetaMask, Chainlink, Graph Protocol, and deBridge enhanced interoperability
TRON was selected by the U.S. Department of Commerce to record GDP data and sponsored major global blockchain events
Stacks extends Bitcoin’s functionality, enabling smart contracts and DeFi secured by Bitcoin’s base layer
Despite market headwinds, Stacks saw rising DeFi TVL (+97.6% Q1, +9.2% Q2), more transactions (+68% Q2), and growing STX locked (+8.6% Q2)
Jump Crypto, BitGo, Hex Trust, Copper, and others integrated or supported sBTC and STX—strengthening compliance and liquidity
Withdrawal functionality launched in April 2025; deposit caps repeatedly filled within hours, showing strong demand for Bitcoin-native DeFi
Stellar has been a leading network for real-world asset (RWA) issuance since 2021
Over $533M in RWAs (excl. stablecoins) now live on Stellar, up 25% YoY; total RWA access (including stablecoins) exceeds $3B
RWAs on Stellar include Franklin Templeton (BENJI), WisdomTree, Ondo Finance (USDY), Mercado Bitcoin, Centrifuge, RedSwan, and Archax
Centrifuge introduced freely transferable RWAs on Stellar, enabling full DeFi composability—a critical step for onchain utility
Prediction markets are becoming one of the most important battlegrounds in crypto. At the center: Polymarket and Kalshi, have different playbooks but the same endgame, turning real-world events into liquid, tradable markets. This will result in a better product for consumers in the long run and turn prediction markets into one of the leading sectors in crypto.
The capital backing both platforms reflects how seriously this space is being taken. Kalshi raised a $185M Series C in June, followed by a $300M Series D in October. Polymarket recently closed a $2B round from Intercontinental Exchange (ICE), parent of the NYSE. Both now carry institutional weight well beyond their crypto-native roots.
Trading activity is keeping pace. In the first half of October, Polymarket recorded $1.9B in notional volume. Kalshi followed close behind at $1.8B. Each is tracking toward $45B+ annualized.
But the real shift is in how both are positioning for growth.
Kalshi started as a U.S.-regulated prediction market, approved by the CFTC, and now it’s leaning into crypto infrastructure and distribution. On Oct. 13, they partnered with Pyth to publish its event data onchain. A few days later, Robinhood announced it would add 100+ new event contracts from Kalshi for key 2025 political events like tariffs, Fed policy, spending cuts, and more.
Polymarket, by contrast, is expanding from a crypto-native foundation into regulated territory. Earlier this month, they received approval to operate in the U.S. and have also rolled out a slate of integrations. In the past two weeks alone, it launched up/down equity markets, allowing users to bet on stock price movements, added deposit and withdrawal for Hyperliquid, and confirmed an exclusive MetaMask integration.
Kalshi’s CEO, Tarek Mansour, likened the rivalry to Brady vs. Manning, two operators pushing each other to raise their game. He framed Polymarket not as a threat, but as a worthy competitor. One that forces Kalshi to build faster, think harder, and deliver better. And in his view, it’s the users who will ultimately benefit from that pressure.
This isn’t just a race for market share. It’s a competition to optimize both product architecture and distribution rails. Kalshi is expanding into crypto-native infrastructure through data oracles and retail integrations, while Polymarket is moving toward regulatory onboarding and formalized distribution through platforms like MetaMask. The back-and-forth is accelerating iteration across UX, liquidity access, and composability, and that dynamic is what gives prediction markets a real chance to mature into a leading financial primitive.