Gate Research has recently released its latest report titled “The New Crypto Order Under a Tariff Storm — Structural Shifts and Opportunities in Stablecoins, RWA, and DeFi“, which centers on the global financial upheaval sparked by the “reciprocal tariffs” policy introduced in April 2025. The report systematically analyzes how stablecoins, Real-World Assets (RWA), and Decentralized Finance (DeFi) have adapted to this macroeconomic pressure wave. Grounded in on-chain data and market feedback, it comprehensively examines trends in crypto capital flows, sectoral resilience, and innovative strategies in response to policy shocks. Additionally, it offers forward-looking insights into the growth potential of these structural asset categories.

Key Highlights

• Global Market Turbulence and Broad Crypto Decline: Following the release of the “Reciprocal Tariff” policy in April 2025, global financial markets experienced intense volatility. On April 7, the cryptocurrency market suffered a significant downturn, with Bitcoin briefly dropping to around $74,600, and the total crypto market capitalization shrinking by 7% in a single day.
• Strong Reaction from Traditional Markets: After the tariff policy was enacted, U.S. stock markets lost $5.9 trillion in market capitalization over two trading days. The Volatility Index (VIX) surged 50.9% in a single day, and gold prices hit a historical high of $3,167.70 per ounce.
• On-Chain Stablecoin Activity Surges: Between January 20 and April 9, 2025, the total market capitalization of stablecoins grew by 11.13%, reaching $233.5 billion. On April 7, on-chain stablecoin transaction volume reached a two-month high of $72 billion, and daily active addresses exceeded 300,000—reflecting strong demand.
• RWA Shows Resilience and Rapid Growth: Within a week of the tariff rollout, the RWA sector dropped only 3.1%, much lower than other crypto sectors (which saw declines exceeding 10%), indicating its robustness. The total RWA market cap surpassed $32 billion, and trading volume surged 99% within five days of the tariff’s implementation.
• Tokenized Gold Trading Volume Soars: In the seven days leading up to April 11, weekly trading volume of tokenized gold exceeded $1 billion—the highest since March 2023. Since the tariff announcement, PAXG trading volume has soared over 900%, XAUT is up more than 300%, and KAU has skyrocketed by 83,000.
• DeFi TVL Declines and Liquidation Risk Intensifies: Impacted by the broader market downturn, the DeFi sector’s total value locked (TVL) dropped 35.34% from January 20 to April 9, 2025, falling to $135.2 billion. In the week following the tariff implementation, TVL fell 13.88%. On-chain liquidation risks have significantly increased, with AAVE V3 recording $94.39 million in collateral token liquidations on April 6 and 7.
• Crypto Market Opportunities Amid Tariff Storm: Stablecoins and RWA show strong potential for hedging and cross-border settlement. DeFi is exploring algorithm-driven tariff arbitrage models using dynamic collateralization ratios, geographic arbitrage, and regulatory hedging to navigate new financial strategies under trade barriers.

Gate Research
Gate Research is a comprehensive blockchain and crypto research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

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Disclaimer
This content does not constitute an offer, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate.io may restrict or prohibit all or part of its services from certain restricted regions. For more information, please read the User Agreement here: https://www.gate.io/user-agreement.
Investing in the cryptocurrency market involves high risk. It is recommended that users conduct independent research and fully understand the nature of the assets and products they purchase before making any investment decisions. Gate.io is not responsible for any losses or damages from such investment decisions.

Gate.io Team
April 15, 2025

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