After surpassing $37 billion in crypto M&A, it will continue to soar in 2026, with stablecoins and payments becoming hot favorites.

The crypto M&A market in 2025 just set a historical record, and the wave of mergers and acquisitions in 2026 appears to be accelerating further. According to the latest news, the crypto market is expected to surpass the record $37 billion in M&A transaction volume set in 2025, with stablecoins and payments becoming the most attractive acquisition targets for traditional financial institutions. This reflects not only the enthusiasm of capital but also the deeper strategic shift in the crypto industry from “self-building” to “acquisition.”

2025: A Record-Breaking Year for M&A

According to Architect Partners, the disclosed crypto M&A transaction volume in 2025 surged sevenfold to $37 billion, far exceeding analysts’ previous estimate of $30 billion. The transaction activity behind this number is also highly active:

What does this mean? Not only is the total transaction volume reaching a record high, but the number and size of individual deals are also growing in tandem. Especially, the 17 deals over $500 million indicate that large acquisitions are becoming the norm rather than the exception.

Why Will 2026 Continue to Break Records

Areta, a crypto M&A consulting firm, co-founder Karl-Martin Ahrend, pointed out that transaction activity in 2026 will depend on several key factors:

• Clarity of regulation
• Changes in interest rate environment
• Rebound in market risk appetite
• Attractiveness of asset valuations

From the current macroeconomic context, several of these factors are moving in favorable directions. Regulatory frameworks are gradually becoming clearer, crypto asset valuations have become more attractive after adjustments, and all these create fertile ground for a new round of M&A.

Stablecoins and Payments as Acquisition Hotspots

Most notably, the acquisition interests of traditional financial institutions are not focused on core assets like Bitcoin or Ethereum, but rather on stablecoins and the payments sector. This reflects an important strategic shift: traditional finance is transforming from a cautious observer to an active participant, and doing so through “acquisition capabilities” rather than “building in-house.”

This trend has been confirmed by recent cases. Polygon is close to acquiring U.S.-based Bitcoin ATM operator Coinme for approximately $100-125 million. Coinme is one of the earliest Bitcoin ATM operators in the U.S., covering 49 states with over 50,000 terminals. The significance of this acquisition lies in Polygon not building payment infrastructure from scratch but acquiring ready-made offline entry points and user bases through the purchase.

From Self-Build to Acquisition Strategy Shift

This shift is significant. It indicates that:

• Traditional companies and crypto projects are no longer entangled in “self-build vs. outsourcing,” but are directly acquiring mature solutions
• The payments and stablecoin sectors are now mature enough to attract large capital inflows
• Offline scenarios (such as ATM networks) are being re-evaluated for their value within the crypto ecosystem
• Speed and market share are more important than perfecting self-built solutions

Potential Development Directions in 2026

Based on current trends, the crypto M&A market in 2026 may feature:

• Continued surpassing of $40 billion in transaction volume, possibly reaching $45-50 billion
• Ongoing increase in stablecoin-related acquisitions, especially around payment infrastructure mergers
• Increased participation of traditional financial institutions, with more frequent large deals
• Regions and projects with friendly regulatory environments becoming priority targets for acquisitions

Summary

The $37 billion M&A record in 2025 is not the end but the starting point of accelerated industry consolidation. The wave of mergers and acquisitions in 2026 is expected to continue breaking records, with stablecoins and payments becoming the main hotspots. Behind this is the deep involvement of traditional finance in the crypto ecosystem. Cases like Polygon acquiring Coinme show that major players are no longer hesitant but are rapidly acquiring market capabilities through direct acquisitions. Future focus should be on the progress of regulatory frameworks and the M&A activities of large traditional enterprises.