The article explores the evolution of the internet capital market, emphasizing the innovations and opportunities brought by Blockchain technology, as well as the changes in market financing mechanisms. From the early days of token issuance to the influx of institutional capital, and the growing importance of Compliance, it looks forward to the emergence of more valuable projects as regulation and technology converge in the future. The author encourages people to overcome skepticism towards the industry, value true innovation, and anticipates the significant role of on-chain assets in the future of finance.

The article discusses the trends of artificial intelligence and encryption technology driving the development of robotics, emphasizing that the multimodal VLA model makes humanoid robots more efficient and economical. Technological advancements, cost drops, and emerging applications will promote the prevalence of robots in daily life, while highlighting the importance of battery technology and data collection, predicting that robots will experience a "ChatGPT moment" that will profoundly impact human society.

An increasing number of publicly listed companies are incorporating encryption assets into their balance sheets. Factors driving their encryption reserve strategies include government policies and support from institutional encryption venture capital. Major players such as Pantera Capital assist companies in making encryption investments through various financing methods. This trend is changing the boundaries between finance and the encryption economy, bringing new opportunities and challenges. In the future, more companies are expected to adopt this strategy, driving financial innovation and Blockchain applications.

In 2025, U.S. President Trump signed an executive order to incorporate encryption assets into the 401(k) retirement plan, opening new investment avenues. This reform not only marks the recognition of encryption assets but also provides diversified options for pension investments, although it comes with the risk of market fluctuations. Historically, pension investments have gone through a transition from conservative to high-risk assets, and the introduction of encryption assets has similarities to the controversies surrounding early stock investments. In the future, it is essential to follow market stability and risk education.

The use of stablecoin in Yiwu has been reported as an important payment tool, but field investigations found that merchants have limited understanding. The report analyzes the development and risks of stablecoins globally, noting that countries have different responses. China may adopt a "dual-track approach," and Hong Kong's stablecoin legislation will promote the development of the Renminbi stablecoin. Mainland merchants need to use stablecoins cautiously to ensure Compliance.

The Vietnam Blockchain Week will be held in Hanoi in 2025, aiming to become a Web3 innovation hub in Southeast Asia. The conference will gather over 200 speakers covering various hot topics, along with rich interactive booths and social activities, dedicated to promoting progress in digital asset regulation and facilitating industry development. The event has received support from numerous sponsors and partners, and is expected to attract over 12,000 participants.

Yield-generating stablecoins change the value logic of traditional stablecoins by directly distributing the earnings generated by underlying assets to holders. Such stablecoins, like USDe and USDY, allow users to earn interest through holding or specific actions, indicating that the stablecoin market will enter a "dividend period." This model attracts users to increase earnings and promotes the development of Decentralized Finance, potentially becoming a new growth engine.

Tokenization of US Stocks: New Narrative or Old Wine in a New Bottle?
Recently, the topic of tokenization in the US stock market has attracted widespread attention, with several platforms launching related products one after another. Is this phenomenon a brand new narrative or just old wine in a new bottle? This article invites three guests to discuss from different angles, covering technology, compliance, investment opportunities, and risks.
The origin of the tokenization of U.S. stocks
The tokenization of U.S. stocks is essentially a branch of real-world assets ( RWA ), similar to the continuation of security token offerings ( STO ). The concept of RWA began to emerge last year, and as the regulatory environment gradually loosens, traditional enterprises hope to gain capital appreciation through on-chain participation.
Compared to traditional US stocks, tokenized stocks support round-the-clock trading, have lower entry barriers, and stronger liquidity. However, their underlying logic is still asset securitization ( ABS ), traceable to the mortgage-backed securities ( MBS ) from the 2008 subprime crisis.
The current trend benefits from global regulation.