#代币化趋势 Seeing the latest trend report from a16z, the fact that stablecoin trading volume has surpassed $46 trillion brings to mind the scene of 2017. Back then, everyone was debating whether Bitcoin could replace fiat currency. Now, stablecoins have quietly achieved this—trading volume is 20 times that of PayPal, approaching three times that of Visa. History is indeed full of irony.

What’s even more worth pondering is the direction of tokenization. I witnessed the frenzy of altcoins in 2014 and experienced the wave of “cutting leeks” in 2018. Today, bringing traditional assets onto the blockchain is no longer a fantasy but a reality in progress. US stocks, commodities, and indices are entering the blockchain through encryption technology. What does this represent? It reflects the genuine demand from institutional investors and signifies a profound transformation in liquidity.

From past failure cases, we see that projects that survive share a common trait—they solve real pain points. Stablecoins and asset tokenization are doing exactly that. The large-scale application of decentralized payment systems expected in 2026 is less of a prediction and more a natural outcome of the groundwork laid over the past two years.

Those who have experienced several cycles understand clearly: don’t chase the hot trends, find the right track. Tokenization has never been a new concept this year, but this year it has moved from the periphery to the center, and that is the real truth worth paying attention to.