#RWA资产代币化 Seeing the 77-page report from CoinShares, my first reaction is — we have truly reached a turning point.

Since 2014, I have witnessed countless cycles. I remember those years, every market rebound was accompanied by the grand narrative that "Bitcoin will replace fiat currency," and every decline was seen as doomsday. This time is different. The report’s core thesis, "The Year of Practicality Wins," is not about new technological breakthroughs or price predictions, but a fundamental shift in underlying logic — from parallel financial systems back to enhancing existing ones.

What touches me most is the RWA segment. From $15 billion to $35 billion, this is not the smell of a bubble inflating, but a genuine integration of the real economy with the on-chain world. The participation of top institutions like JPMorgan’s JPMD and BlackRock’s BUIDL fund — what does this represent? It signifies that they no longer see these as gambling tools, but as infrastructure. I’ve also seen too many projects die due to obsession with "full decentralization," whereas this hybrid finance — combining public chains and traditional finance — is thriving the best.

But to be honest, risks are still evident. MSTR holding 1.048 million Bitcoin, accounting for 61% of the company’s holdings, reminds me of the story of those mining hardware manufacturers in 2011. Any liquidity issue could trigger a chain reaction. The decline in volatility seems to be a sign of maturity, but it also weakens demand for convertible bonds, and corporate purchasing power is quietly declining.

The real test in 2026 is not how grand the narrative is, but whether these structural breakthroughs can translate into real business traffic. The openness of the Big Four brokerages and mainstream 401(k) plans — that’s the concrete progress I want to see. Speculators should have exited long ago; what remains are institutions that truly need these tools.

History has shown me that the easiest mistake in a cycle is to treat the trend as the final outcome. Cautiously optimistic is always the best stance.