Asset Perspective: From "Token Speculation" to "RWA Value Anchoring"

Crypto assets are no longer castles in the air but are deeply linked to the real economy:

1. Asset Tokenization Boom: Real assets such as photovoltaic power plants, cross-border trade financing, and medical data are being tokenized on the blockchain. Guotai Junan International has split photovoltaic power plants into tokens for financing, reducing costs by 15% compared to traditional channels;

2. Stablecoins Extend US Dollar Hegemony: The "GENIUS Act" indirectly promotes compliant stablecoins like USDC to dominate the market, further consolidating the US dollar's reserve status in the digital age;

3. ETF Reshapes Capital Structure: Spot BTC ETFs are shifting from short-term outflows to continuous inflows, with institutional funds becoming the "ballast" of the market, driving the industry away from the "four-year cycle" dependence toward value-driven growth.