We are living at a turning point in an era — although few see it clearly, change is accelerating. The financial order, computing power, and internet rules are being rewritten simultaneously. This time, humanity needs to answer three questions, and Web3 happens to be the place where these three lines intersect for the first time in 2025.

How did the past decade go by? Web3 has always been telling the story of infrastructure. Scaling, cross-chain, ZK, L2, modularization — technological advancements are rapid, but application deployment, regulatory frameworks, and capital entry have never been synchronized. This year is different. For the first time, all three are truly aligned on the same timeline.

On the regulatory front, there are actions. The US has completed key legislation, officially including stablecoins and Bitcoin into the national strategic framework. Hong Kong is also rapidly iterating — stablecoin legislation, virtual asset service rules, RWA pilot projects, and a series of regulatory developments are being introduced intensively. On the technical side? The interaction costs of mainstream public chains have dropped below a few cents, and performance bottlenecks no longer choke product innovation. Capital has also changed — no longer just listening to stories, but starting to focus on real-world assets and genuine transaction behaviors.

What does this mean? The Web3 industry has finally entered a stage that has never truly existed in the past decade — a period of structural implementation.

Once, blockchains needed to prove they could run. Now, blockchains need to prove they are worth being used.

This change unfolds along three main lines: how on-chain assets exist as assets, how they form markets, and how they develop on the blockchain, as well as how these connect with the global financial system, technological progress, and national governance systems. The first part begins with proactive rate cuts, US legislation, and stablecoin regulation, explaining what stablecoins and RWA are all about...