Precious metals such as gold and silver are reclaiming a central position in asset allocation.

When assets migrate on-chain, what is truly redistributed is not the assets themselves, but the control over value formed around issuance and distribution.

By 2026, the privacy track will be an essential path for Web3 to evolve into a mature financial system.

Hong Kong Expected to Issue Stablecoin Licenses Later This Year; South Korea Considering Allowing Domestic Institutions to Issue Virtual Assets, Stablecoins Remain Controversial.

Against the backdrop of real-world asset tokenization becoming a focal point of financial innovation, "equity tokenization" is seen as a key mechanism to break the liquidity deadlock in the private market. This report focuses on the tokenization of underlying equity in non-listed companies (especially unicorns), aiming to clarify the evolutionary logic of this sector from early speculation to compliant infrastructure by analyzing the current market landscape, implementation pathways, and key challenges.

This article, drawing on the U.S. crypto market structural legislation, the Clarity Act, and related discussions at the Davos Forum, systematically analyzes the true sources of stablecoin yield from financial principles. It dissects the four mainstream models using "first principles": on-chain lending, RWA, centralized wealth management, and algorithmic subsidy models. Sustainable yield must be able to answer the two fundamental questions: "Who is paying?" and "Where does the capital flow?" Stablecoin yield is essentially the on-chain reconstruction of the ancient financial concept of interest, evolving from a fringe experiment into a component of financial infrastructure being taken seriously by global policymakers.

The Ethereum Foundation is engaging more deeply in the ecosystem development of the Hong Kong and Asian communities through more frequent and direct communication.

From a 5-year, 3-year, 1-year, and 3-month perspective, Bitcoin's drawdown in 2025 was not significant relative to historical drawdown magnitudes.

The crypto industry in 2026 will stand at a clear watershed, marked by the institutional entry of institutional capital and the end of the traditional four-year halving cycle. The underlying logic of industry development is undergoing a fundamental shift. Institutionalization, regulatory clarity, the fusion of AI and Crypto technologies, the transfer of value to the application layer, and stablecoins and RWA becoming core bridges constitute five irreversible consensuses, collectively driving the industry from "speculation and narrative-driven" to a structurally mature stage defined by "cash flow, utility, and compliance."

New York Stock Exchange Plans to Launch Tokenized Securities Trading and On-Chain Settlement Platform; Tokenized Assets May Grow to $400 Billion by 2026, with Banks and Asset Managers Accelerating Entry.

The train of the era is roaring forward; will you choose to be under the carriage or inside it?

Using real data to pinpoint where asset tokenization truly fails: the market structure that supports these assets has never been properly established.

2025 was not a year where crypto lost its growth momentum, but rather a year when institutional capital truly began to dictate market direction.

This article will elaborate in detail on Hong Kong's RWA regulatory practices and representative projects.

Gold itself possesses a globally unified pricing mechanism, a long-term liquidity foundation, and mature physical delivery standards, making it a crucial sample for testing whether "asset tokenization possesses verifiability and long-term operational capability."

All past experiences have shaped who I am today.