I have been active in the crypto world for many years, long before the big hype, and I have lived through more than one cycle of euphoria and disillusionment. That is exactly why I look at the market soberly today. What interests me is not what is rising or falling, but what actually survives all the excitement. That is the more interesting question.
First, because it matters: this is not investment advice and not a price forecast. I write about technology and business models, not about prices.
The cycle repeats, the foundation grows
Every crypto cycle runs much the same way: a new narrative, rising prices, euphoria, then the crash and the great disillusionment. What many overlook is that after every crash, more substance is left behind than before. The speculation disappears, the useful technology stays and keeps maturing. That is exactly the layer I care about.
Where I see real value
Three things I consider here to stay. First, the idea of programmable money, meaning payments and contracts that settle automatically. Second, digital proof of ownership, which is becoming especially relevant for collector and trading markets, a field we are building in with Slabhit. Third, infrastructure that moves value cheaply and quickly across borders, without the friction of the old system.
What I view with skepticism, by contrast, are projects whose only purpose is the next price increase. If a venture only works as long as fresh money keeps flowing in, it is not a business model, it is a game of musical chairs.
Why stablecoins are the quietest but most important story
If I had to name one area that has made the jump from narrative to real usage, it is stablecoins. These are digital coins pegged to a currency such as the dollar or the euro, combining the stability of old money with the speed of the new infrastructure. No price fireworks, but genuine usefulness: sending value across borders in seconds, around the clock, at a fraction of the fees of a classic international transfer.
The numbers show this is no longer a footnote. According to an analysis by the US Federal Reserve, the total market capitalization of stablecoins grew in 2025 from around 205 billion dollars in January to more than 300 billion by year-end, an increase of nearly half in a single year. This quiet shift from speculating to paying is what I consider the real core, and I go deeper on it in my piece on stablecoins and payments.
Regulation turns the Wild West into a market
For a long time crypto was seen as a lawless space, and that was a real obstacle for serious companies. If a business cannot know whether something will still be allowed tomorrow, it will not build on it. That changed fundamentally in 2025. In Europe, the MiCA regulation has been in force since the start of 2025, a harmonized rulebook for crypto assets and their providers. In the US, the GENIUS Act, signed in July 2025, created the first federal framework specifically for payment stablecoins, with clear requirements on reserves and audits. The World Economic Forum has compiled a useful comparison of the two frameworks.
For me as a founder, that is bigger news than any price jump. Clear rules are boring, but they are the precondition for banks, merchants, and ordinary companies to take part. The Wild West becomes a market you can actually plan around. Anyone who wants to understand where digital finance is heading will find more in my focus on crypto and finance.
What founders can learn from it
The lesson from over twenty years of entrepreneurship applies here too: build something that creates value even without the hype. With every new technology, ask what real problem it solves and for whom. The hype comes and goes, the usefulness stays. Anyone who thinks this way in crypto will not get rich overnight, but they build on a foundation rather than on a mood.
For me, crypto is not a casino, it is a toolbox. And as with any tool, what matters is what you build with it.
Frequently Asked Questions
Is this investment advice?
No, explicitly not. This is about technology and business models, not about prices or buy/sell recommendations.
What really remains after the hype?
In my view, three things: programmable money, digital proof of ownership, and cheap, fast transfer of value across borders. The speculative rest disappears.
What are stablecoins and why do they matter?
Digital coins pegged to a currency such as the dollar or euro. They combine stable purchasing power with fast, cheap transfer, and grew to more than 300 billion dollars in market capitalization in 2025.
What should founders watch for?
Real usefulness and the regulatory framework. If a project only works as long as fresh money keeps flowing in, it is not a business model.
Warm regards,
Dennis Weidner
