Today in crypto: Perpetuals decentralized exchanges (DEXs) close 2025 with cumulative trading volume reaching $12.09 trillion, up from $4.1 trillion at the start of the year, Changpeng Zhao says Pakistan is on track to be a crypto leader by 2030, and South Korean lawmakers delayed submitting legislation that would allow the issuance of domestic stablecoins.
Perp DEXs almost triple volume in 2025 as onchain derivatives mature
Perpetuals decentralized exchanges are closing 2025 with cumulative trading volume reaching $12.09 trillion, up from $4.1 trillion at the start of the year.
DefiLlama data shows that about $7.9 trillion of this lifetime total volume was generated in 2025. This means that 65% of all perp DEX trading volume occurred in a single calendar year. This concentration highlights how rapidly onchain derivatives scaled in 2025.
In December alone, perpetuals trading volume reached $1 trillion, carrying momentum that started in October, when monthly volumes first reached $1 trillion.
The increase reflects a sharp acceleration in onchain derivatives usage in the last 12 months, as perpetuals DEXs absorbed a growing share of leveraged crypto trading activity.
Perpetuals DEXs began to emerge around 2021, with dYdX and Perpetual Protocol widely credited as among the earliest platforms to offer decentralized perpetual futures onchain.
The sector’s growth accelerated sharply in 2023, when the emergence of Hyperliquid marked a turning point.
Pakistan could be a crypto leader by 2030 at current pace: CZ
Pakistan’s ability to “move fast” with crypto regulation and adoption could make it a world leader in crypto by 2030, according to former Binance CEO Changpeng “CZ” Zhao.
In a recent interview with Pakistan Crypto Council CEO Bilal bin Saqib, CZ credited Pakistan’s leadership for recognizing the demand for digital assets among its relatively young and tech-savvy population.
“I think it’s fantastic to see the country of this size are able to have this clear vision from the leadership and ability to move at this speed.”
“If we keep moving at this speed in five years, Pakistan will be the crypto leader, one of the crypto leaders in the world,” said CZ, who serves as strategic adviser to the crypto council.
A conversation between Changpeng Zhao (@cz_binance), Founder of Binance and Chairman PVARA, @BilalBinSaqib on the future of crypto in Pakistan.
From Pakistan’s potential to tokenization and what comes next for the virtual asset economy.
Timestamps:
– Why Pakistan for Crypto?:… pic.twitter.com/ILGHOMBdWY
— Pakistan Virtual Assets Regulatory Authority (@PakistanVARA) December 30, 2025
South Korea delays crypto bill over stablecoin concerns: Report
South Korean lawmakers have reportedly delayed submission of a cryptocurrency bill that could allow the issuance of domestic stablecoins as key issues remain unresolved.
According to a Tuesday Yonhap News report, officials in South Korea’s government were continuing to work on the Digital Asset Basic Act, but expected to submit the bill sometime in 2026. The reported delay was due to “major issues that raise disagreements with relevant organizations, including stablecoin issuers.”
The bill, proposed by the country’s ruling Democratic Party in June, would permit the issuance of stablecoins pegged to the won and is expected to boost South Korea’s crypto market. Under the proposed bill, stablecoin issuers would reportedly be required to entrust all their reserve assets to authorized custodies, like banks.
According to the report, the disagreements over the crypto bill included whether it was necessary to authorize a group of organizations to oversee stablecoin issuers prior to approval. The country’s Financial Services Commission is reviewing the proposal, but also considering limiting financial institutions’ role in stablecoins to encourage participation from technology companies.
Addressing the issuance of local stablecoins was one of South Korean President Lee Jae-myung’s promises to residents prior to being sworn into office in June.