BlockBeats news, on December 23, DWF Labs stated that in 2025, over 19 billion USD in Get Liquidated cleared excessive leverage in the crypto market, shifting the market from a speculation-driven cycle to a balance sheet-driven market structure. The supply of stablecoins increased by over 50% year-on-year, with over 20 billion USD allocated to interest-bearing stablecoins, indicating that the crypto industry is moving from being merely a payment tool towards asset management. The scale of on-chain Real World Assets (RWA) expanded from about 4 billion USD to 18 billion USD, while the proportion of derivatives trading on DEX and CEX increased fourfold, marking that the crypto market is accelerating its transformation into a credible financial infrastructure.