Special Column Author: BIT

Core Thesis: The digital asset industry is transitioning from a narrative-driven phase to an era of institutionalization and formalization. Compliant stablecoins and real-world assets (RWAs) are emerging as key bridges connecting traditional finance and the crypto market. Rising demand for cross-market asset allocation is driving the construction of long-term financial structures built on trust.

Key Elements:

a. The industry is entering a full institutionalization phase: The approval of spot ETFs, the rise of RWAs, and regulatory clarity are accelerating the integration of digital assets into mainstream allocation systems.

b. Structural market reversal: The Web3 market is returning to fundamentals, while traditional stock markets are attracting capital due to the AI boom, significantly increasing the demand for cross-market allocation.

c. Clear regulatory positioning for compliant stablecoins: Jurisdictions worldwide are advancing legislation, shifting the trust foundation of stablecoins from single-credit backing to a system supported by "assets + structure + regulation."

d. Precious metals as core RWA assets: Assets like gold are highly correlated with interest rate cycles and liquidity, offering low risk and macro-hedging capabilities, making them suitable for tokenization.

e. Improved infrastructure and risk management: Building financial infrastructure tailored for institutions, including compliance systems, reserve transparency, and on-chain tracking technology.

Against a backdrop of persistent divergence in the global macro environment and a continuous reshaping of asset allocation logic, the global digital asset financial services group BIT hosted the "Global Asset Strategy Forum" on April 22, 2026, in Hong Kong's Central district, under the theme "Beyond Cycles, Define the Future." The event gathered industry representatives from financial institutions, crypto platforms, and professional service providers, including BIT Founding Partner & CCO Cynthia Wu, BIT CBO Wendy Sun, Cactus Custody CEO Daniel Lee, BIT Asset Management Head Daniel Yu, BIT Brokerage Head Elio Cui, and Matrixdock BD Head Josh Wu. Joining the discussion were Colin Wu (Editor-in-Chief of Wu Says), renowned financial blogger Roger Lee, and guests from institutions such as OSL, JunHe LLP, Ondo Finance, and Uweb.

Focusing on core topics such as cross-market investment opportunities, the regulatory pathways of compliant stablecoins, and the role of gold and silver in the digital economy, multiple speakers engaged in in-depth discussions from diverse professional perspectives, exploring new paradigms for asset allocation in the Web3 era—from macro trends to asset structures.

In her opening remarks, BIT Founding Partner & CCO Cynthia Wu reviewed the evolution of the blockchain financial market, noting that the industry is entering a new phase of full institutionalization. From the early stages driven by mining and retail speculation, through the expansion fueled by DeFi and NFTs, to the current phase marked by increasing regulatory clarity, spot ETF approvals, and the rise of RWAs, digital assets are accelerating their integration into mainstream asset allocation frameworks.

She emphasized that this shift is reflected not only in the changing participants but also in the continuous improvement of infrastructure, risk management, and compliance systems. Compared to the traditional financial asset market, valued at up to $400 trillion, on-chain assets are still in their infancy, and RWAs will serve as a crucial bridge connecting the two. Against this backdrop, building institutional-grade financial infrastructure and asset systems will be a key direction for the industry's next phase of development. Cynthia also shared the brand philosophy behind BIT, highlighting its commitment to connecting traditional finance and digital assets on a foundation of integrity and trust, jointly building a future-oriented financial system.

In the first discussion on trends in Web3 and traditional markets, guests generally agreed that a clear structural "reversal" is occurring between the two. On one hand, the Web3 market is gradually returning to rationality, shifting toward a focus on profits and fundamentals, with the token-launch-driven model continuing to cool. On the other hand, traditional stock markets, fueled by the AI boom, are experiencing simultaneous expansion in valuations and sentiment, with capital and attention increasingly concentrating on U.S. stocks. This trend reflects a temporary reallocation of funds: some capital previously active in the crypto market is flowing into traditional markets with stronger certainty and industrial narratives. In this context, demand for cross-market allocation is rising, and traditional assets like U.S. stocks are gradually becoming an important focus for digital asset investors.

From a macro and industry perspective, the current market environment also supports risk assets. The U.S. economy displays a "Goldilocks" scenario, maintaining a relative balance between growth and inflation. Meanwhile, the commercialization of the AI industry is accelerating, driving rapid revenue growth for companies and further strengthening market confidence. In contrast, the crypto market remains highly volatile, while the stock market places greater emphasis on industrial chain logic and forward-looking positioning, particularly in the AI hardware and infrastructure sectors, where investment opportunities rely more on mid-to-long-term judgment. Overall, capital, narratives, and structural opportunities are being redistributed, pushing both markets into a new phase.

In the roundtable discussion on compliant stablecoins, guests delved into regulatory pathways and trust mechanisms. As major jurisdictions like the U.S., Hong Kong, the EU, and Singapore advance relevant legislation, stablecoins are gradually being included in clear regulatory frameworks. Guests generally agreed that "compliant stablecoins" require regulatory approval or licensing in their respective regions and must be backed by fiat assets. In contrast, algorithmic stablecoins still face significant uncertainty regarding compliance.

Regarding trust mechanisms, guests noted a shift in the recognition of stablecoins—from what was loosely termed "stablecoins" in early regulatory contexts to now being formally included in legal frameworks, reflecting changes in regulatory attitudes. Additionally, around core issues like stability, reserve adequacy, and regulatory feasibility, the industry is converging toward consensus: ensuring redemption capacity through full reserves and enhancing transparency and regulatory visibility through technologies like on-chain tracking. Overall, the trust foundation of stablecoins is evolving from single-credit backing to a system supported by assets, structure, and regulation. Wendy Sun also stated that in this phase, compliant stablecoins are gaining clearer institutional positioning.

In the RWA-focused discussion, guests analyzed the price logic and structural characteristics of precious metals like gold. As a typical low-risk asset, gold's price performance is highly correlated with the U.S. dollar interest rate cycle and liquidity environment: during rate-cutting phases, the opportunity cost of holding gold decreases, while a weaker dollar drives its relative appreciation. Additionally, geopolitical factors, energy price fluctuations, and changes in monetary policy expectations can amplify gold's price volatility and upward momentum.

From a supply-demand perspective, the supply of precious metals is somewhat rigid and unlikely to increase significantly in the short term, while ongoing central bank purchases provide long-term price support but are not a short-term dominant factor. Overall, the pricing of assets like gold remains centered on macro interest rates and liquidity expectations. In this context, precious metals, with their "low-risk attributes and macro-hedging capabilities," are becoming one of the most representative underlying asset types in the RWA system.

This sharing event, from the perspectives of macro cycles, market structures, and institutional evolution, outlined a clear path for the digital asset industry's next phase: moving from narrative-driven to structurally driven, from single markets to cross-market integration, and from experimental exploration to institutionalization and formalization. In this process—whether through compliant stablecoins, RWA asset systems, or institutional-grade infrastructure—the underlying question remains the same: how to build a financial system with a stronger foundation of trust.

This is also the core direction emphasized by BIT: building a financial system on trust, connecting different markets, assets, and participants, and constructing long-term, sustainable financial structures above cyclical fluctuations.

Disclaimer: This article is solely a summary of industry summit insights and a sharing of macro trends. It does not constitute any investment advice, financial product recommendation, or transaction solicitation. Markets involve uncertainties and various risks. The views expressed herein are for reference only.