Through all of the macro, geopolitical, and market headwinds, users pushed a record $87B of digital dollars onchain in 2025. Fiat-backed stablecoin supply grew 47% on the year — the most resilient segment in crypto — marking 27 consecutive months of growth. That demand was broad-based: Ethereum absorbed $53B in inflows (+49% YoY), Solana $10B (+167%), Base $1B (+31%), while newer ecosystems like Hyperliquid attracted over $4.5B in just 12 months. The demand for programmable money is now structural. h/t @AlliumLabs @Visa