"Rise of Stablecoin and Financial Firms"…Venture Capitalists' Picks for Winners and Losers in Crypto Assets in 2025?

Amid changes in the regulatory environment in 2025 and uneven market dynamics, venture capital (VC) industry assessments have emerged about where value has accumulated within the crypto asset industry. Stablecoin companies, incumbent financial firms, and prediction market platforms were pointed out as the year's most notable beneficiaries, while some individuals and regulatory bodies were named clear losers.

According to foreign media reports, on a recent podcast Pantera Capital partner Mason Nystrom, Hash3 co‑founder Hootie Rashidifard, and Variant partner Alana Levin identified the major winners and losers in the crypto asset industry for 2025.

Nystrom evaluated that incumbent financial firms like Robinhood began to move decisively and produce results once regulatory clarity was established. He said Robinhood, after maintaining a cautious stance toward crypto assets in recent years, shifted to a more aggressive approach in 2025, and that incumbent financial firms proactively responded to changes in the regulatory environment.

Stablecoins were also cited as a representative beneficiary. Rashidifard explained that the business model of stablecoins is being reevaluated based on surging trading volumes and improved issuer profitability. He said, "Tether is the most profitable company in the world on a per‑employee basis," adding, "It was not noticed in the past, but it is now recognized as a solid business that provides real customer value."

Prediction markets were also mentioned as a rapidly growing area. Levin assessed that Kalshi and Polymarket have moved beyond previous doubts about wash trading and election‑event focus. He said, "A year ago the valuations of the two companies were below $1 billion, but ICE's $2 billion investment in Polymarket this year is very symbolic."

On the other hand, Terraform Labs co‑founder Do Kwon was named a loser for 2025. Levin referred to Do Kwon pleading guilty in relation to the Terra incident and being sentenced to 15 years on December 11, evaluating it as the most negatively impactful example on the industry at the individual level. The Terra collapse wiped out about $40 billion of market value in 2022.

From an institutional perspective, the U.S. Securities and Exchange Commission (SEC) during the Biden administration was mentioned as a loser. Rashidifard characterized the regulatory approach at the time as excessive enforcement motivated by political reasons, pointing out that many founders moved overseas as a result. He added that the mood shifted after former SEC Chair Gary Gensler stepped down in 2025 and that the passage of the GENIUS Act, which includes stablecoin regulation, was a signal of policy change.