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Binance Research: Binance Full-Year 2025 & Themes for 2026 — Key Insights & Market Outlook

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Binance

Binance Research (www.Binance.com) has published a full-year report summarizing what defined crypto markets in 2025 and outlining themes for 2026. The report outlines the most decision-useful takeaways, with emphasis on the structural signals: clearer regulatory frameworks, expanding institutional access, stablecoins scaling as settlement infrastructure, DeFi maturing into a cash-flow sector, and tokenization moving from pilot programs to production workflows. Read the full report here (https://apo-opa.co/3YHOUUg).

2025: Structural Progress, Macro-driven Markets

2025 delivered milestone achievements alongside a choppy market. Total crypto market capitalization surpassed $4 trillion for the first time, and Bitcoin reached a new all-time high of $126,000. At the same time, macro uncertainty – monetary policy, trade tensions, and geopolitical risk – dominated market behavior. Binance Research describes a year defined by “data fog,” including a new U.S. administration, the Liberation Day tariff shock, and a government shutdown that obscured economic signals. Crypto traded in a wide range, with total market value swinging between about $2.4 trillion and $4.2 trillion, and ended the year down about 7.9%.

The optimistic reading is that structural progress continued even when price action did not cooperate – and that is one of the clearest maturity signals in the report. Access, settlement rails, and regulation moved forward, and many of the strongest growth areas were tied to practical usage rather than speculation.

Crypto is Industrializing

A useful theme for 2025 is industrialization: the market increasingly rewarded infrastructure and credible access routes. Regulatory clarity, particularly around stablecoins, as well as the expansion of regulated investment products increased the number of ways institutions and sophisticated investors could participate. At the same time, the ecosystem’s economic center of gravity continued shifting toward compliance-friendly building blocks: stablecoins for settlement, tokenized treasuries for on-chain cash management, and applications that can monetize recurring flows rather than one-off hype cycles.

This is one reason “activity” alone became a weaker signal. The report repeatedly distinguishes between raw usage metrics and economic relevance: what matters is whether a network or protocol can capture recurring value, produce durable fees or revenue, and support reliable settlement and trading.

Bitcoin as a Macro Asset

Bitcoin in 2025 showed a divergence between market demand and base-layer activity. BTC maintained roughly 58% to 60% market dominance and a capitalization near $1.8 trillion, while liquidity and demand increasingly flowed through off-chain financial channels.

Two numbers in the report anchor that shift:

  • U.S. spot BTC ETFs accumulated over $21 billion in net inflows.
  • Corporate holdings surpassed 1.1 million BTC, equivalent to about 5.5% of total supply.

 

At the same time, active addresses declined about 16% year over year, and transaction counts stayed below prior cycle peaks. The point is not that the base layer is irrelevant, but that Bitcoin’s market role is increasingly defined by how it trades and is held within macro portfolios and regulated channels. Network security continued strengthening – hash rate exceeded 1 zettahash per second and mining difficulty rose about 36% year over year – reinforcing the idea of sustained investment into Bitcoin’s security budget even as usage metrics normalized.

In sum, Bitcoin is moving toward the status of a liquid, institutional-grade macro asset rather than a purely transaction-led network.

DeFi’s “Blue Chip” Moment

DeFi in 2025 moved further away from incentives-first growth and closer to capital efficiency and compliance. Total value locked stabilized at about $124.4 billion, but the composition of capital shifted meaningfully toward stablecoins and yield-bearing assets rather than inflationary tokens. In parallel, DeFi’s economic output strengthened: protocol revenue reached $16.2 billion, which the report frames as comparable to major traditional financial institutions.

A major trend was tokenization’s move from narrative to collateral. RWA total value locked reached $17 billion and surpassed DEXs, driven by tokenized treasuries and equities. This dynamic essentially changes what backs on-chain finance. When collateral shifts toward yield-bearing, real-world instruments, it makes DeFi more tied to repeatable financial demand.

The report also notes that on-chain execution continued gaining relevance, with DEX-to-CEX spot trading ratios peaking near 20%. While ratios fluctuate, the broader trend is that decentralized execution is becoming a meaningful venue for certain flows, especially as stablecoins grow and RWA collateral becomes more liquid and usable.

Stablecoins Enter the “Internet Fiat” Era

If one part of crypto clearly went mainstream in 2025, it was stablecoins, which have reliably become settlement infrastructure.

Key stablecoin takeaways from the report include:

  • Total stablecoin market capitalization rose nearly 50% to over $305 billion.
  • Daily transaction volumes averaged about $3.54 trillion.
  • Annual transaction volume reached $33 trillion, compared to Visa’s approximately $16 trillion.
  • Regulatory clarity accelerated, led by the U.S. GENIUS Act.

 

New competition expanded beyond a duopoly: BUIDL, PYUSD, RLUSD, USD1, USDf, and USDtB each crossed $1 billion market cap.

The optimistic narrative is straightforward: stablecoins are increasingly a default medium of exchange inside crypto markets and an increasingly practical rail for cross-border settlement, payments, and fintech applications. In many cases, stablecoins allow users and businesses to access crypto rails while abstracting the volatility that makes newcomers hesitant.

Layer-1s: Monetization is King

Across layer-1 networks, 2025 reinforced that transaction counts are not enough. Many networks failed to convert activity into fees, value capture, or sustained token performance. Meanwhile, differentiation increasingly came from recurring monetizable flows such as trading, payments, and institutional settlement.

  • Ethereum remained dominant by developer activity, DeFi liquidity, and aggregate value, but fee compression from rollup execution weighed on ETH relative performance versus BTC.
  • Solana maintained high usage, expanded stablecoin supply, generated meaningful protocol revenue even after speculative waves faded, and secured U.S. spot ETF approval, improving institutional accessibility.
  • BNB Chain benefited from strong retail transaction demand and market narratives, supporting large stablecoin settlement flows and RWA deployments. The report also frames BNB as the best-performing major crypto asset in 2025.

 

Layer-2 networks accounted for more than 90% of Ethereum-related execution in 2025, supported by upgrades that lowered data availability costs. Activity and fees concentrated among a small number of rollups such as Base and Arbitrum, while many others faded as incentives declined. Fragmentation across more than 100 rollups and uneven sequencer decentralization remain constraints, reinforcing another 2026 theme: value capture may move “upstream” to the application layer that owns the user relationship rather than remaining at the blockspace layer.

2026 Outlook: Risk Reboot and Adoption-led Growth

The report’s 2026 outlook is framed around a more constructive policy environment and a shift toward adoption-led growth.

On macro, a “policy triumvirate” could support a reset in risk appetite: monetary easing, fiscal stimulus via cash and tax refunds, and deregulation. When financial conditions ease, risk assets often benefit, and crypto has historically been highly sensitive to global liquidity impulses. The report also notes the potential for a U.S. Strategic BTC Reserve as a policy catalyst.

On product and market structure, the themes are less about a single narrative and more about where durable usage may concentrate:

  • PayFi: neobanks and wallets converging, with yield-bearing stablecoins supporting new consumer financial apps.
  • Institutionalization: on-chain money markets, treasuries, and RWA settlement embedded into workflows.
  • Value capture: as blockspace becomes cheaper, applications such as wallets, aggregators, DEXs, and prediction markets may capture more value.
  • Intelligent and agentic finance: AI-driven execution, automated workflows, and trust tooling.
  • Prediction markets: information pricing as an alternative to opinion-driven narratives.

 

In other words, 2026 is likely to reward systems that are verifiable, compliant, and built around recurring utility.

Final takeaways

In 2025, crypto kept progressing even against macro headwinds. Bitcoin’s demand increasingly flowed through regulated channels, stablecoins scaled as settlement infrastructure, DeFi matured into a revenue-generating sector, and tokenization moved closer to production-grade finance. The 2026 outlook in the Binance Research report builds on those foundations: more institutional integration, more application-layer adoption, and a macro setup that may become less restrictive. For the detailed charts, methodology, and the full list of 2026 themes, read the complete report here (https://apo-opa.co/3YHOUUg).

Disclaimer: Digital asset prices can be volatile. The value of your investment may go down or up, and you may not get back the amount invested. This content is for general information only and should not be construed as financial or investment advice. For more information, see our Terms of Use and Risk Warning.

Distributed by APO Group on behalf of Binance.

 

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Enlit Africa seeks contributions that move the conversation from strategy to execution: ensuring a Future Fit Africa

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54 minutes ago

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September 25, 2026

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Share your expertise with Africa’s power, energy and water community, connect with decision makers from across the value chain and contribute to the conversations shaping the continent’s next generation of infrastructure and investment

CAPE TOWN, South Africa, September 25, 2026/APO Group/ –Speaker submissions are open for Enlit Africa, created by VUKA Group (www.WeAreVuka.com), as it returns to the CTICC, Cape Town from 11–13 May 2027.

Do you have a project, lesson, strategy or innovation that Africa’s energy sector should hear about?

 




  

We invite utilities, project owners, developers, IPPs, commercial and industrial energy users, municipalities, policymakers, regulators, financiers, researchers and industry practitioners to submit abstracts sharing practical experience, case studies, research, projects and lessons from across Africa’s changing energy and water sectors.

What are we looking for?

We particularly encourage non-vendor speakers to submit contributions across:

  1. Enlit Africa Main Stage – From Strategy to Execution
    Policy, market reform, investment, leadership and the decisions required to turn Africa’s energy ambitions into implementation.
  2. Generation
    New capacity, generation technologies, energy security, operating performance and Africa’s evolving energy mix.
  3. Transmission & Distribution
    Grid expansion, modernisation, open access, system operation, cross-border interconnection, digitalisation and infrastructure investment.
  4. Municipal Forum:Municipal management, with an emphasis on electricity and water – with a strong emphasis on service delivery.
  5. Power Hub:Technical advancements in power generation, transmission, distribution and more. Technical presentations encouraged.
  6. Water Hub:Technical insights into water management and solutions.
  7. Water Security Hub: Strategy, finance, management and technology application for water security.
  8. Project & Investment Hub: Project developments, country roundtables, project briefings, finance, and innovative financing models (including M300).
  9. Renewable Energy & Storage:Covering both technical and strategic applications of renewables and storage.

What makes a strong submission?

We want to hear about what is happening on the ground.

Tell us about:

  • A project being implemented or developed
  • A challenge your organisation has solved – or is still trying to solve
  • Lessons from implementation
  • New research or industry findings
  • Innovative financing or commercial models
  • Technologies being deployed in real operating environments
  • Policy or regulatory changes and what they mean in practice
  • Approaches that could be replicated elsewhere in Africa

Preference will be given to submissions that provide practical insights, measurable outcomes and lessons that the wider industry can apply.

Why present at Enlit Africa?

Africa does not need another conversation about what should happen. Help us explore how we make it happen and how we ensure Africa is future fit.

Share your expertise with Africa’s power, energy and water community, connect with decision makers from across the value chain and contribute to the conversations shaping the continent’s next generation of infrastructure and investment.

Submission details

Abstract length: 300–500 words
Submission deadline: 29 January 2027
Speaker feedback: 7 December 2026 – 5 February 2027

Visit the Enlit Africa website to submit your speaker abstract: https://apo-opa.co/4d2TTq2

Distributed by APO Group on behalf of VUKA Group.

 




 

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CEM Africa Awards 2026 set to recognise Africa’s leading Customer Experience (CX) talent and innovation

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56 minutes ago

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September 25, 2026

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The 2025 awards attracted more than 80 entries and 31 finalists, culminating in eight award winners

The calibre of organisations and individuals recognised through the CEM Africa Awards demonstrates just how much extraordinary CX work is being done across the continent

 




 
JOHANNESBURG, South Africa, September 25, 2026/APO Group/ –Customer experience professionals, teams and organisations across Africa have just days remaining to enter the 2026 CEM Africa Awards, with free applications closing on 30 September 2026.

 

Taking place on 10 November 2026 at the NH Hotel in Sandton, Johannesburg, the Customer Experience Africa Awards form part of the CEM Africa platform and recognise the individuals, teams, technologies and initiatives raising the standard of customer experience across the continent.

For organisations considering whether to enter, the company they could be keeping provides a compelling indication of the calibre of the awards.

A growing roll call of African CX leaders

The 2025 awards attracted more than 80 entries and 31 finalists, culminating in eight award winners. Finalists represented organisations spanning financial services, technology, telecommunications, retail, insurance, public services and social impact.

Among them were Absa, Capitec Bank, Santam, Telesure Investment Holdings, Equity Bank, Takealot.com, NTT DATA, Frogfoot, Telviva, Harambee Youth Employment Accelerator, the University of Pretoria and South Africa’s Department of Social Development.

The 2025 winners included Serisha Iyer of Absa Corporate and Investment Banking, named Rising Star in CX; Alma Angela Olela of Jubilee Health Insurance, named CX Leader of the Year; and Franco Cotumaccio of Shadow Global, winner of Breaking Barriers in CX.

Corporate winners included Telesure Investment Holdings for Best Overall CX Solution, Krisp for Best Use of AI, Telviva for Best Enterprise Contact Centre Platform, Harambee Youth Employment Accelerator for Best Customer Experience Team of the Year and the University of Pretoria for Best Citizen Experience Initiative.

That follows a 2024 edition in which winners included NCBA Bank, MultiChoice, Digital Solutions Group, Absa Bank and Telviva, alongside individual CX leaders from across the continent.

More than a trophy

For entrants, recognition through the CEM Africa Awards puts their work in front of a wider African CX community and an independent judging panel drawn from across the industry.

The 2026 judging panel includes global CX specialist Ian Golding; Andrew (Dré) Enebeli, Head of CX & Engagement at Access Bank; Dr Oliver Museka, President and Founder of IRDM College Eswatini; Jonathan Daniels, Managing Director of CX Centric; Joven Pillay, Partner and Head of Customer Consulting at KPMG; and Qaalfa Dibeehi, Managing Partner at Human2Outcome.

This year’s awards recognise excellence across four broad pillars – People, Innovation, Transformation and Government – covering categories including CX Leader of the Year, Rising Star in CX, Breaking Barriers in CX, Best Overall CX Solution, Best Use of AI, Best Enterprise Contact Centre Platform, Best Customer Experience Team of the Year, Best Digital Transformation in Public Services and Best Citizen Experience Initiative.

“The calibre of organisations and individuals recognised through the CEM Africa Awards demonstrates just how much extraordinary CX work is being done across the continent. These awards give that work a platform. Whether it is a major transformation programme, an innovative use of technology or an individual changing how their organisation thinks about the customer, we want to make sure Africa’s best work is being seen and recognised.”

  • Briteny Price, Event Manager and CEM Africa Awards Director

Final opportunity to enter

Applications for the 2026 CEM Africa Awards are free and remain open until 30 September 2026. Finalists will be announced in October, ahead of the awards ceremony on 10 November at the NH Hotel, Sandton.

Organisations, teams and individuals working to improve customer and citizen experience across Africa are encouraged to submit their entries before the deadline.

Apply for the CEM Africa Awards 2026 by 30 September 2026

Submit your application (https://apo-opa.co/4hdcimx)

Explore the CEM Africa Awards

Visit the CEM Africa Awards website (https://apo-opa.co/4iNXzzM)

Distributed by APO Group on behalf of VUKA Group.

 




  

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Emirates to bring the A350 to Nairobi, introducing next-generation cabin experiences

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2 hours ago

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September 25, 2026

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The introduction of the A350 also marks the first time Emirates’ highly acclaimed Premium Economy cabin will be available to customers flying to and from Kenya, complementing the airline’s enhanced Business and Economy offerings

NAIROBI, Kenya, September 25, 2026/APO Group/ —

  • From 25 October, Nairobi becomes the 32nd destination to be served by the Emirates A350
  • Latest-generation aircraft introduces Emirates’ acclaimed Premium Economy cabin to Kenya for the first time, along with enhanced Business and Economy Class cabins
  • Deployment reinforces Emirates’ continued investment in Kenya and commitment to delivering an exceptional customer experience across its Africa network

 




  

Emirates (www.Emirates.com), the world’s largest international airline, will soon serve Nairobi with its newest aircraft type, the Airbus A350 (https://apo-opa.co/47hy1nv). From 25 October 2026, the A350 will operate on EK717 and EK718, bringing Emirates’ latest-generation cabin experience to customers travelling between Dubai and Nairobi. The Emirates A350 is defined by spacious, bright cabins, enhanced technology, connectivity, and the airline’s signature hospitality across all three cabins.

 

The introduction of the A350 also marks the first time Emirates’ highly acclaimed Premium Economy cabin will be available to customers flying to and from Kenya, complementing the airline’s enhanced Business and Economy offerings.

 

Christophe Leloup, Emirates Country Manager in Kenya said, “The arrival of the A350 in Nairobi marks an exciting new chapter for Emirates in Kenya. We’re delighted to bring our latest aircraft and onboard experience to our customers in market, with more comfort, choice and thoughtful touches in every cabin. Combined with our growing flight schedule, the A350 gives customers travelling on the Dubai-Nairobi route something new to discover, while building on the experience they know and love from Emirates.”

 

 

What passengers can expect from the A350

The newest aircraft type to join Emirates’ all widebody fleet, the A350 accommodates 298 passengers in three spacious cabins – Business, Premium Economy and Economy. The bright and airy cabins have been thoughtfully designed to provide more space and comfort in every cabin, whilst cutting-edge technology and enhanced entertainment options elevate every journey.

 

Making its debut in Kenya, Emirates’ Premium Economy cabin offers elevated comfort, comparable to a Business Class experience on many airlines. The cabin is spacious with leather reclining seats that feature a generous pitch, adjustable headrests and more legroom. Customers can enjoy in-seat charging points, a wood-finished side cocktail table, a 13.3-inch TV screen, a generously sized pillow and blanket, complimentary amenity kits on select flights – including the Dubai-Nairobi route – and a globally exclusive sparkling wine, Chandon Vintage Brut 2017.

We’re delighted to bring our latest aircraft and onboard experience to our customers in market, with more comfort, choice and thoughtful touches in every cabin

 

Business Class is configured in a 1-2-1 layout ensuring every passenger has direct aisle access and a spacious, private environment for both work and relaxation. The fully lie-flat seat is wrapped in soft cream leather and features a personal minibar and wireless charging for comfort and convenience. At the back of the cabin is a snack display area allowing passengers to help themselves to refreshments throughout the flight.

 

Economy Class features an all new, airy colour palette of sky blue, bronze and cream, complemented by lighter-toned wood finishings. Each seat features the airline’s upgraded ice inflight entertainment system on a 13.3inch 4K adjustable touchscreen, while generous seat pitch and leather headrests provide support, comfort and extra legroom.

 

 

Continuing to raise the bar in Kenya

The deployment of the A350 follows a series of enhancements to the Emirates customer proposition in Kenya, including the introduction of the third daily flight between Dubai and Nairobi in July. With 21 flights per week, customers have greater flexibility and connections between Kenya and key markets across Europe and the US, via Dubai.

 

Nairobi is also home to Africa’s first Emirates World (https://apo-opa.co/4yeI34C) store, which opened in 2024, offering customers a more immersive way to discover Emirates’ products, while offering more convenience and personalised service.

 

Earlier this year, Emirates introduced further flexibility for customers in Kenya through a partnership with Cellulant, launching a split-payment solution (https://apo-opa.co/4xLYG6R) that allows travellers to combine multiple payment methods across 24-hour instalments when purchasing airfares.

Tickets can be booked now on Emirates.com, the Emirates App, or via both online and offline travel agents as well as Emirates World Store (https://apo-opa.co/46Kglkc) in Nairobi. Emirates continues to offer flexible booking policies for added peace of mind while travelling. Every ticket booked after 10th August 2026 comes with free unlimited dates changes to Dubai and one complimentary date change to anywhere else in the world, in addition to significantly reduced refund fees across all cabins and fare types, allowing passengers to adjust their travel plans with minimal penalties.

Distributed by APO Group on behalf of The Emirates Group.

 




 

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