Why the next crypto cycle will be driven by balances, not by speculation

Source: Yellow Original Title: Why the next crypto cycle will be driven by balances, not by speculation

Original Link: https://yellow.com/es/news/why-the-next-crypto-cycle-will-be-driven-by-balances-not-speculation The cryptocurrency industry is heading towards 2026 with a fundamentally altered structure, following a year that eliminated excess leverage and redirected capital towards yield, collateral, and durable market infrastructure, according to a new sector analysis that tracks changes in stablecoins, real-world assets, and derivatives.

More than $19 billion in liquidations during 2025 forced a systemic readjustment, expelling speculative leverage and reducing market fragility, according to a published study that pointed out these changes.

This adjustment coincided with a rapid growth of stablecoins, tokenized assets, and on-chain derivatives, indicating a transition from momentum-driven cycles to balance sheet-oriented financial activity.

Stablecoins become balancing tools

The supply of stablecoins expanded by more than 50% during the year, with over 20 billion dollars now housed in yield-generating structures.

Instead of primarily serving as payment methods, stablecoins are increasingly being used to manage capital, allowing institutions, foundations, and large holders to deploy idle assets in fixed yield strategies without liquidating core positions.

This change marks a broader evolution in the way stablecoins operate within crypto markets. They increasingly act as programmable balance primitives, financial products designed to convert volatility into controlled yield, rather than mere equivalents of digital cash.

The analysis suggests that, in 2026, the most valuable stablecoin systems will be those that offer reliable redemptions, transparent mechanisms, and resilience under stress.

RWAs move from tokenization to collateral

Real-world on-chain assets grew from approximately $4 billion to $18 billion during 2025, driven less by novelty and more by utility.

Tokenized U.S. Treasury bonds, credit products, and funds have transitioned from experimental projects to active deployments, integrating directly into lending, collateral, and liquidity systems.

The report states that mere tokenization is no longer the differentiating factor. What matters is whether these assets can function as usable collateral within on-chain balances.

In particular, tokenized private credit and debt products combine yield with credible collateral, allowing liquidity without forced asset sales.

By 2026, RWAs are expected to become a basic requirement for yield products, rather than a marketing feature.

Perpetuals emerge as the layer of truth of the market

The market structure also continued to migrate on-chain, with the ratio of decentralized to centralized derivatives trading quadrupling year over year.

Decentralized perpetual markets reduced execution and liquidity gaps, while centralized platforms faced repeated stress, pushing serious traders towards platforms capable of maintaining depth under pressure.

Perpetual futures increasingly acted as the credibility layer of the market, compressing sentiment into real-time signals such as funding rates, open interest, and liquidation behavior.

Projects without lasting perpetual liquidity have struggled to attract institutional interest, regardless of the strength of their narrative, reinforcing the idea that liquidity under stress now functions as a reputational metric.

The broader implication is structural. The analysis added that crypto enters 2026 less defined by speculative cycles and more by capital discipline, collateral efficiency, and market resilience.