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Published November 04, 2025
Last updated March 25, 2026

Money20/20 2025 recap: Crypto is in its infrastructure era

At Money20/20 2025, crypto and traditional finance were focused on building shared infrastructure. Here are the three biggest themes we heard across the event.
Derek Woods
Derek Woods
4 min
Key takeaways
Crypto and traditional finance are moving toward shared infrastructure. The conversation is no longer about replacing the financial system but improving how it connects.
The GENIUS Act marks a major turning point in establishing clear US regulations for the crypto industry. Long-term builders can expect increased regulatory clarity and confidence.
Stablecoin adoption is growing fast, driven largely by real economic needs in regions like LATAM where they’re addressing long-standing issues with payments and remittances.

Money20/20 has always been a window into what's next for money movement, and in 2025, crypto and stablecoins took center stage with a new energy and focus. This year, the discussions for crypto were all about infrastructure, collaboration, and building systems that last. 

Across sessions, one message kept surfacing: Crypto's future depends on collaboration. During our Money20/20 panel, Lee Bagan from Bridge put it best: "We're not asking if crypto can work within the system anymore. We're building the infrastructure to make sure it does."

At Persona, we saw this message repeated throughout the conference — from our panel with Bridge and BitGo to our conversations with partners about building trust at scale. As we think about what’s next for crypto, here are three of the biggest ideas we heard at Money20/20:

1. Crypto and TradFi are moving toward shared infrastructure 

Traditional finance and crypto have long been at odds with one another. At Money20/20, it was abundantly clear that’s no longer the case. Instead, the conversations were about shared rails and interoperable frameworks:

  • How crypto companies can integrate with the financial system while remaining decentralized

  • How to think about identity while balancing the privacy-centric values of Web3

  • How to improve the user experience, increase trust, and maintain compliance — not just for any given company but across the entire crypto and financial ecosystem

Adding to the conversation, we announced Connect, a shareable KYC solution that helps users move between trusted platforms without having to verify their identity over and over. It's a step closer to a more connected financial ecosystem where collaboration drives growth without sacrificing safety or the user experience. Check out the full announcement and see how it works.

Takeaway: Crypto’s next era will be about building infrastructure that connects systems. When companies collaborate on identity and compliance frameworks, users benefit from smoother experiences.

2. The GENIUS Act is creating clarity for compliance rigor

Of course, one of the biggest topics we heard in every room was the GENIUS Act, which the US government passed earlier this summer. 

The GENIUS Act is one of the clearest signals of maturity for the industry. This was apparent during our session, "Battle-Hardened Wisdom from the Crypto Infrastructure Frontlines," featuring Lee Bagan from Bridge and the director of trust administration from BitGo. 

Both leaders agreed that the GENIUS Act is a major piece of long-awaited regulatory clarity. In fact, it was a first for both of them to speak at a conference where crypto’s regulatory frameworks weren’t “coming soon” but instead were already here with the GENIUS Act and MiCA.

Lee, a former FinCEN regulator, described how his early skepticism turned into conviction that crypto's challenges were about maturity, not viability. At Bridge, that perspective shaped a culture of building compliance into every layer of the business, even for product lines that might not require it yet.

BitGo's director of trust administration echoed this sentiment, sharing how their team has navigated the evolving regulatory landscape by treating compliance as a competitive advantage. For instance, BitGo realized they could offer “compliance as a service” offerings for TradFi organizations looking to offer crypto products, turning compliance from a cost center into an actual business line. 

Takeaway: Regulatory guidance drives growth. The GENIUS Act and similar frameworks are providing companies the clarity to build confidently for the long term.

3. Stablecoins are helping solve real economic problems, especially in LATAM

Perhaps unsurprisingly, stablecoins dominated the conversation at Money20/20. 

Already, stablecoins account for roughly 1–2% of global transaction volume today; that number is expected to reach 25% within the next two years. Much of that momentum is being driven by real economic needs in regions like LATAM, where inflation, currency volatility, and limited banking access make stablecoins a practical alternative for payments, remittances, and everyday commerce.

As adoption accelerates, stablecoin platforms must ensure their infrastructure can scale responsibly. It was clear that this concern was top of mind: A Stablecoin Salon that we hosted drew hundreds of participants. We also joined a panel on the "Stablecoin Stack," exploring how identity verification enables stablecoin companies to deliver fast, frictionless onboarding while maintaining compliance rigor.

Takeaway: Real economic needs are driving stablecoin growth. The companies that win will be those that can deliver faster user experiences, maintain user trust, and meet rigorous compliance standards.

Crypto's next chapter: balancing institutional demand with innovation

Crypto has reached an inflection point. As both user and institutional demand reach new heights, the conversation has shifted from "if" to "how": How to build infrastructure that scales, how to navigate regulation confidently, and how to deliver experiences that serve real user needs.

Crypto is transforming into core financial infrastructure. As Kraken's president noted, it’s not hard to imagine that companies will soon stop calling themselves "crypto companies,” just like "dot-com companies" eventually became simply companies. As crypto goes mainstream, trust becomes the new competitive advantage.

At Persona, we're ready to support this next chapter by helping crypto companies verify identities, prevent fraud, and build trust from the first interaction. Whether you're onboarding retail users or verifying institutional accounts, we're here to help you balance compliance with conversion. 

Interested in learning more about how Persona supports crypto companies with KYC, KYB, and AML compliance? Contact our team or explore our crypto solutions.

The information provided is not intended to constitute legal advice; all information provided is for general informational purposes only and may not constitute the most up-to-date information. Any links to other third-party websites are only for the convenience of the reader.
Derek Woods
Derek Woods
Derek Woods leads the crypto segment at Persona, helping companies like Kraken, Avara, and Moonpay navigate compliance and identity in Web3. With eight years of experience working on KYC, KYB, and AML solutions, he first fell down the crypto rabbit hole in 2017. Outside of work, you'll find Derek playing basketball, discovering great food around the world, or dreaming about competing on Survivor.
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