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2025 Wrap-Up: Top Stablecoin Protocols & Infrastructure by FDV The stablecoin narrative saw a strong revival in 2025, driven by launches like Plasma, Stable, and STBL, alongside established players such as Ethena. However, despite renewed attention and capital inflows, many of these projects appear to have been aggressively overvalued at their peaks. Current FDVs reflect a clear market repricing, suggesting the sector is still searching for sustainable models beyond hype. $ENA $XPL $STABLE $FF $STBL $RIVER $SNX $USUAL $RESOLV $FXS Follow us to be on top of crypto: TG | Chat | X