#代币化趋势 Seeing this report from a16z, a familiar feeling arises. The $46 trillion stablecoin trading volume, surpassing PayPal by twenty times and approaching three times that of Visa—what is behind this number? It’s a deep transformation happening across the entire financial system.

I still remember the wave in 2017, when we were debating whether Bitcoin could replace fiat currency and the potential of Ethereum smart contracts. Those debates now seem somewhat overly idealistic. But the path of tokenization has never truly stopped; it’s just been slower and more pragmatic than we expected.

This report emphasizes the tokenization of traditional assets—US stocks, commodities, indices being tokenized on-chain. This isn’t a new concept, but seeing it truly advance this year gives a sense that the wheel of history is turning again. Someone thought of this in 2014, others called for it in 2018, but each time it required better infrastructure, clearer regulatory frameworks, and deeper liquidity accumulation. Now, the conditions are finally maturing.

The explosive growth of stablecoins is especially worth reflecting on. What does this indicate? It shows that the market has found a solution—no longer fixated on the grand narrative of "whether crypto can replace the existing system," but pragmatically asking "how to enable existing assets to flow on-chain." This is an upgrade in understanding and a strategic adjustment.

By 2026, decentralized payments are expected to be widely adopted. Is this timeline accurate? I remain cautious. But one thing is certain—the door to tokenization has been opened and will not close again.