#稳定币监管 After reading this set of information, I need to carefully sort out my thoughts.

In 2025, the changes in the crypto market are much more profound than I expected. The old approach of relying on narrative cycles, on-chain leverage amplification, and quick profit schemes has truly come to an end. Arkstream’s report hits the core—pricing frameworks have been fully externalized. It’s no longer about public chain cycles and community narratives entertaining themselves, but reshaped by policies, compliance, macro liquidity, and risk appetite—these hard constraints.

I’ve seen many cycles, but this time is different. Stablecoins have expanded from 20.5 billion to 300 billion, ETFs have seen a net inflow of $25.4 billion, corporate treasuries hold over a hundred billion, and most importantly—9 crypto companies IPO’d raising $7.74 billion. This isn’t just positive hype; it’s real institutional capital speaking. Circle’s IPO surged over 500% in its first month, and behind this isn’t retail frenzy but large funds, pension funds, and sovereign wealth funds participating in a new asset class that’s becoming institutionalized through traditional methods.

Nick Tomaino is right— the era of easy money is over. But I want to add one point—the real test has just begun. Projects that rely solely on hype, meme coins, or DAT concepts will be thoroughly eliminated. Those with cash flow, compliance moats, and the ability to provide stable trading depth will instead enjoy the best financing environment in history.

Products like Polymarket and stablecoins that don’t depend on token speculation outperform others. What does this phenomenon indicate? It shows the market is starting to take things seriously. It’s no longer about whose narrative is more convincing and makes money, but about who can truly solve hard needs like risk pricing, liquidity provision, and institutional integration—those who do will survive longer.

In 2026, I expect IPO enthusiasm to continue, with platforms like OKX, Kraken, and Ledger, which have solid fundamentals, going public becoming the new normal. But at the same time, small projects that can’t survive this round of cleansing will quietly disappear. I’ve seen several such turning points in history, each time eliminating most and allowing a few survivors to gain exponential business opportunities.

The current crypto market is no longer a gambling arena; it’s gradually transforming into a real financial market. For those patient and diligent enough to do their homework, this is the biggest opportunity.