Opinion: The core narrative of the crypto industry is shifting from volatility trading to the financial infrastructure layer.

[Opinion: The Core Narrative of the Crypto Industry is Shifting from Volatility and Trading to the Financial Infrastructure Layer] According to Mars Finance, on December 29th, WeFi co-founder and CEO Maksym Sakharov stated that the core narrative of the crypto industry is shifting from price volatility and trading volume to corporate balance sheets and the financial infrastructure layer. True adoption doesn't come from retail investors, but rather occurs when CFOs and risk management teams begin approving stablecoin settlements and tokenized assets. Sakharov pointed out that key changes over the past 12–18 months include: mature compliant custody and a clearer accounting and regulatory framework. Stablecoin regulation (such as the GENIUS Act and MiCA), the SEC's shift towards "participatory regulation," and the Basel Committee's reassessment of capital requirements for banks' digital assets have created the practical conditions for companies to "comply with on-chain" regulations for the first time. At the application level, tokenized government bonds and money market funds have crossed the tipping point. JPMorgan Chase settles transactions on Solana, Goldman Sachs and BNY Mellon are jointly promoting a tokenized fund, and BlackRock's BUIDL fund is already operational. Sakharov believes that tokenization is not about disrupting the market, but rather upgrading the settlement system—reducing settlement time from days to minutes, lowering costs, and connecting global capital. Regarding stablecoins, their transaction volume this year has exceeded $9 trillion, with a market capitalization of approximately $309 billion. Sakharov states bluntly that stablecoins are now a matter of financial stability, not just "crypto gimmicks," and the shift in regulation from "blocking" to "standardizing" essentially acknowledges their undeniable systemic impact.