Stories
Shows how policy, balance sheets, market structure, and investor expectations transmit change across industries.
This article reviews the major events in the cryptocurrency market in 2025, including the introduction of the U.S. CLARITY Act and the GENIUS Act, the full implementation of the EU's MiCA, the explosive growth of global crypto ETFs/ETPs, and the advancement of stablecoin and CBDC pilots, analyzing how the industry has moved from the fringes toward maturity.
Stablecoins are transforming the efficiency and cost structure of cross-border payments, while jointly driving the modernization of payment infrastructure alongside central bank digital currencies and tokenized deposits. The refinement of regulatory frameworks will be key to their large-scale adoption.
In 2025, cryptocurrency has completely shed its "Wild West" image, with global regulatory frameworks being rolled out intensively. The U.S. CLARITY Act and GENIUS Act clarified the boundaries of authority, and the EU's MiCA was fully implemented. ETFs/ETPs for Bitcoin, Ethereum, Solana, XRP, and others were approved one after another, and staking-based and multi-asset products emerged. Governments in many countries accelerated the piloting of regulated stablecoins and CBDCs, and digital assets are being incorporated into the core of the global financial system.
Industry leaders predict that 2026 will accelerate the application of artificial intelligence, while also responding to stricter regulation and cybersecurity challenges.
With the rapid development of digital finance, CBDC, stablecoins, and tokenized treasuries have become three paths for currency digitalization. The article compares their governance models, political economy implications, and social trade-offs, and discusses the different choices made by the United States and the European Union.
Morocco's central bank presented its 2025 annual report to the King, showing global economic growth of 3.4%, Morocco's domestic GDP growth of 4.9%, inflation falling to 0.8%, the fiscal deficit narrowing to 3.5%, the addition of 193,000 new jobs, and sufficient foreign exchange reserves. The central bank also emphasized geopolitical risks and structural challenges.