The research also revisits the failures of the 2022 crypto lending crisis. Platforms collapsed after operating with high loan-to-value (LTV) ratios, opaque rehypothecation practices, and platform-controlled custody.
Canaan’s shares were trading at around $0.79 at the time of writing. The stock has not traded above $5 since 2022, and last closed above $2 in October, according to market data.
The lack of specificity drew sharp criticism from users, with some arguing that years of delays, vague timelines, and limited accountability had eroded confidence. One community member described the project as the slowest in history, predicting a steep decline in token value by mid 2026.
Under the new framework, the digital yuan will transition from functioning primarily as a cash substitute to operating as a deposit-like instrument within the banking system, according to Lu Lei, deputy governor of the People’s Bank of China.
The report shows that cryptocurrency derivatives trading totaled approximately $85.7 trillion for the year, averaging around $264.5 billion in daily volume.
