After reading the latest outlook on the crypto space, I’ve been pondering a question repeatedly: When will crypto finally move from concept to reality?

The answer might be right in front of us — crypto is shifting from being a “anticipated future” to an “already realized present.”

The logic over the past few years was simple: if the story is big enough, the market will pay for the “possibility.” But starting this year, this approach has clearly lost its appeal. More and more people are beginning to see crypto assets as infrastructure rather than high-risk experiments.

In this transformation, I am particularly focused on three points.

**First, the form of RWA is upgrading**

The previous approach was to bring traditional assets onto the chain, but the real opportunity isn’t there. The breakthrough is enabling assets to operate on the chain from the moment they are created — financing, clearing, and revenue distribution are all handled on-chain. Stablecoins address payment issues, but native on-chain assets aim to rewrite the entire financial structure. Once this path is open, the internet will no longer be just a marketing channel for finance but will become its foundation.

**Second, AI’s role in the financial system is changing**

We’ve always assumed “people are users, AI is a tool,” but this assumption is being challenged. The true high-frequency operators in the future are likely to be various automated Agents. At this point, KYA (Know Your Agent) becomes critical — when AI can hold assets, initiate trades, and complete payments independently, blockchain becomes the minimal unit of identity verification and trust.

**Third, privacy and compliance status are flipping**

They are no longer supplementary afterthoughts but are now decisive factors in how far a project can go. Features can be easily copied, but privacy frameworks and compliance structures are almost impossible to migrate. Whoever can turn privacy into a foundational service will hold a real competitive advantage.

So looking ahead to 2026, the projects that survive won’t be the ones with the best stories, but those that handle complex issues most cleanly. Narratives are fading from the stage, while execution capability and engineering strength are beginning to be priced.

This might be the first time crypto truly enters an “adult mode.”