What was the financial market like last year? Geopolitical conflicts never ceased, economic expectations fluctuated back and forth, once-hot stories began to lose their effectiveness, and capital flows became increasingly polarized. But it was precisely amid this chaos that the pace of tokenization quietly accelerated—focusing on compliance and infrastructure as the two main pillars.

As an industry practitioner who has been working diligently in this field, I want to review the most noteworthy changes in the US stock market, tokenization, and Web3 over the past year. It’s not just about summarizing lessons learned, but more importantly, about understanding the underlying logic that is shaping the future.

**Technology is quietly integrating, but the underlying logic is diverging**

What is the biggest turning point in 2025? Traditional finance and Web3 have moved from a phase of mutual hype to a stage where they are truly building infrastructure.

The most direct manifestation is: technological penetration has clearly accelerated, but market perception is diverging. Why? Because the improvement of stablecoins and compliance frameworks has allowed blockchain technology, much like internet protocols in the past, to silently embed itself into the foundation of traditional finance. The market downturn has instead squeezed out bubbles, revealing hard metrics like settlement efficiency and programmability.

At the same time, the performance of global tech stocks also reveals a harsh reality—“verifiable cash flow” has completely replaced grand narratives and become the sole yardstick for valuation. This applies to both traditional markets and crypto markets. It has laid a truly solid value foundation for tokenized assets (such as US stock tokens).