Mainstreaming of Cryptocurrency and Full Integration into the Real World (2021–2025)

Source: CITIC Publishing Group

Since 2021, the cryptocurrency industry has entered a new stage characterized by deep integration with the real world and increasingly interactive exchanges. During this period, the institutional systems, capital forces, and actual needs of the real world have established unprecedented close links with the development of cryptocurrencies. Especially, the intense turbulence in the global macroeconomy—such as the large-scale monetary easing and subsequent inflation pressures triggered by the COVID-19 pandemic—has created a historic opportunity for cryptocurrencies to mainstream, institutionalize, and functionally evolve, with top financial institutions, non-financial enterprises, and even some sovereign states actively participating. Meanwhile, blockchain technology has been widely used to revitalize real assets like real estate, bonds, copyrights, and carbon credits, reconstructing their rights confirmation, circulation, and trading mechanisms. In the following content, we aim to review this integration process, clarify how cryptocurrencies have gradually been incorporated into the institutional framework of the real world, and explore new technological and institutional pathways to address real-world issues.

1. The Mainstreaming, Institutionalization, and Functionalization of Cryptocurrency Investment

In this development stage, cryptocurrencies have evolved from a high-risk, marginal alternative asset into a new macro asset class recognized by most regulators and mainstream financial markets worldwide, enabling large-scale allocation within compliant frameworks.

1. Strategic corporate allocations boosting the financialization of cryptocurrencies

Corporate strategic allocations of cryptocurrencies began around 2020, amid drastic changes in the global macroeconomic environment, especially under the inflationary expectations caused by COVID-19 monetary excess. Bitcoin and other cryptocurrencies increasingly appeared as stores of value. In August 2020, MicroStrategy (now renamed Strategy) made its first purchase of 21,454 bitcoins, investing about $250 million. CEO Michael Saylor regarded Bitcoin as “a better store of value than cash,” setting a precedent for listed companies to include Bitcoin on their balance sheets. This move attracted significant market attention and pioneered a leverage-based strategy—issuing convertible bonds and traditional debt to continuously increase Bitcoin holdings. By July 2025, MicroStrategy held a total of 628,791 bitcoins, with an investment of approximately $46.07 billion and an average purchase price of $73,277 per bitcoin, making it the largest Bitcoin holder globally. Its stock price has been highly correlated with Bitcoin’s price, and its business model has effectively become a Bitcoin investment firm. Following suit, major tech firms like Tesla announced in early 2021 the purchase of $1.5 billion worth of Bitcoin and briefly accepted Bitcoin payments, further boosting public attention and acceptance of cryptocurrencies. Companies like Square (now Block Inc.) and Galaxy Digital also joined the ranks, leveraging traditional financial tools to facilitate large-scale crypto allocations. Although their holdings are smaller than MicroStrategy’s, their broad brand influence has significantly shaped market sentiment and public perception, lowering psychological barriers for mainstream adoption.

Since 2025, with improvements in accounting standards and clearer regulatory expectations, crypto allocation strategies have penetrated small and medium-sized enterprises, further elevating the financialization level of cryptocurrencies and related entities. The U.S. Financial Accounting Standards Board (FASB) approved new accounting standards (ASC 350) for cryptocurrencies at the end of 2023, effective from December 15, 2024. The new rules require companies to measure crypto assets at fair value and recognize unrealized gains and losses, replacing the previous conservative cost-based impairment approach. This change greatly reduces accounting uncertainties for corporate crypto holdings and provides a systemic basis for mainstream cryptocurrencies like Bitcoin and Ether to be included on corporate balance sheets. More companies now see cryptocurrencies not only as reserves but also as core strategic holdings to HODL (Hold On for Dear Life), diversifying their asset portfolios to include tokens like Solana and Ripple.

2. Accelerated approval of spot Bitcoin ETFs fueling institutional investment waves

If corporate allocations represent a “point” breakthrough, the approval of spot Bitcoin ETFs marks a “surface” historic turning point. For a long time, the U.S. Securities and Exchange Commission (SEC) maintained a cautious stance on spot Bitcoin ETFs, only approving futures-based ETFs such as the BITO fund launched by ProShares in 2021. In January 2024, the SEC finally approved applications for spot Bitcoin ETFs from major asset managers like BlackRock, Fidelity, and Ark Invest. Compared to futures ETFs, spot ETFs directly hold Bitcoin, reflecting market prices more accurately and offering higher liquidity. This move not only lowers the entry barrier for institutional investors but also provides a diversified asset allocation path for a broader range of investors and compliant funds. After approval, these ETF products attracted hundreds of billions of dollars in inflows within months, pushing Bitcoin prices to new highs in the first half of 2024 and influencing global investment paradigms. Currently, products like BlackRock’s iShares Bitcoin Trust (IBIT) are among the largest spot ETFs and have been integrated into their global asset management platform, Aladdin, indicating that Bitcoin has been formally incorporated into traditional portfolio modeling, risk assessment, and rebalancing processes. Similarly, Fidelity’s Wise Origin Bitcoin Fund and ARK’s ARKB, in partnership with 21Shares, have gained wide acceptance among different investor groups. The successful launch of these ETFs has driven the development of a comprehensive infrastructure covering custody, clearing, auditing, and taxation. For example, Coinbase has become a primary custodian for several ETFs, with firms like BitGo and Anchorage providing multi-signature and audit services to ensure asset security and regulatory transparency. Professional service firms like Deloitte and PwC have launched specialized audit and tax compliance solutions for crypto assets, further lowering institutional entry barriers. The ETF approvals have also prompted responses from other countries: the UK’s FCA, Hong Kong’s SFC, and others have gradually relaxed restrictions on crypto ETFs, fostering a coordinated global capital market development. Meanwhile, Nasdaq and NYSE are testing platforms supporting tokenized securities and on-chain asset trading. By mid-2025, over 70% of large institutional investors worldwide reported including cryptocurrencies in their portfolios or evaluating their inclusion.

3. Real-world needs driving the functional application of cryptocurrencies in payments and settlements

In 2021, PayPal announced that U.S. users could buy, hold, and sell Bitcoin, Ether, Bitcoin Cash, and Litecoin, and use cryptocurrencies for payments within its global merchant network. This service soon expanded to the UK, covering tens of millions of users. In 2022, Visa and Mastercard announced support for USDC stablecoin payments issued by Circle, collaborating with wallets like Crypto.com to launch crypto-enabled credit cards. In 2023, Stripe reopened crypto payment services, focusing on providing payment interfaces for Web3 platforms and NFT markets. These initiatives are not only proactive adaptations by payment giants to emerging markets but also significantly enhance user awareness and usage of crypto assets. With mainstream platforms supporting crypto, digital assets are gradually shifting from investment objects to usable currencies.

Meanwhile, stablecoins are increasingly becoming everyday transaction and store-of-value tools in high-inflation countries. USDT and USDC, representing dollar-pegged stablecoins, have rapidly gained popularity in countries like Argentina, Turkey, Nigeria, and Venezuela. Due to severe local currency devaluation, residents tend to convert savings into stablecoins to preserve purchasing power. In these countries, stablecoins are widely used for cross-border remittances, small retail payments, and online services. For example, in Q3 2024, Argentina’s stablecoin trading volume accounted for over 70% of its total crypto trading volume. Ordinary people use Telegram bots, WhatsApp plugins, and crypto wallets to bypass traditional banking systems and make daily payments directly with stablecoins. Cryptocurrencies are gradually evolving from high-risk, high-return speculative assets into practical financial tools that provide essential services in specific environments. Especially amid global economic volatility, extreme monetary policies, and rising geopolitical uncertainties, the functional value of cryptocurrencies is increasingly prominent. This trend and its impacts will be further analyzed in Chapter 5 of this book.

2. Tokenization of Real-World Assets Opens the Era of “Everything on Chain”

Since 2021, the tokenization of real-world assets has accelerated significantly, becoming a key component of the mainstreaming trend of cryptocurrencies. Various asset types—such as real estate, cultural copyrights, carbon emission quotas, and agricultural inventories—are being tokenized on blockchain platforms, enhancing liquidity and providing new ways for asset rights confirmation and trading. Given that Chapter 6 of this book will comprehensively analyze RWA characteristics and impacts, here we briefly review key milestones, categorized into four main areas.

1. Cultural entertainment and intangible assets as the initial stage of RWA development

With the crypto market returning to a bull phase at the end of 2020, NFTs experienced explosive growth and became one of the most popular fintech applications and crypto assets in 2021. Due to their indivisibility and uniqueness, NFTs are well-suited for rights confirmation of digital art, music, videos, and gaming content, making the cultural entertainment industry a pioneer in tokenization.

In 2021, high-value sales of digital artworks (e.g., Beeple’s piece sold at Christie’s for nearly $70 million) marked NFTs’ entry into mainstream consciousness. Ethereum played a crucial infrastructure role, supporting artists in minting and trading their works. NFT platforms like OpenSea, Foundation, and Zora rapidly developed, driving digital transformation in creation, collection, and trading. Sports also began exploring NFTs—for example, NBA’s NBA Top Shot turned game highlights into digital collectibles, attracting traditional fans and demonstrating NFTs’ potential in cultural dissemination and fan economy.

From 2022 onward, NFTs expanded from collectibles to digital assets with income rights and functionalities. Musicians started releasing songs as NFTs or music tokens on dedicated platforms, allowing buyers to earn royalties or participate in creative decisions. This broke the traditional profit-sharing model dominated by record labels, fostering closer economic ties between artists and fans. Platforms like Royal support users in purchasing revenue rights, while Audius builds decentralized music distribution networks. In the same year, Solana’s blockchain gained popularity for its low fees and high speed, becoming a new choice for music NFT projects.

In 2023, with the rise of the metaverse and Web3 gaming, cultural assets’ tokenization became more diverse. Users could buy virtual land, clothing, and artworks—these assets exist as NFTs with rights confirmation and trading functions. Ethereum and its layer-2 solutions like Polygon support extensive user interactions. Notable projects include Otherside, which integrates popular IPs like Bored Ape Yacht Club into virtual worlds, illustrating new trends of digital identity, community economy, and cultural asset fusion.

In 2024, traditional film and TV industries began experimenting with NFT financing and copyright management. For example, the film “Calladita” raised all production funds through NFT issuance, becoming the first fully crypto-funded film. Blockchain enables future revenue splitting and pre-sales, turning audiences into actual investors and profit sharers. Decentralized platforms like MovieBloc promote transparent content distribution and copyright confirmation, creating an integrated model of creation, financing, distribution, and monetization.

2. Tokenization of financial assets as one of the earliest and deepest integrations of blockchain with the real economy

If we broaden the definition of RWA, fiat-backed stablecoins can be considered the earliest on-chain real assets (sovereign currencies). Starting from widespread use of stablecoins, the financial industry has gradually transformed traditional assets like bonds, stocks, and funds into on-chain forms to improve efficiency, reduce costs, and increase transparency.

In 2023, BlackRock announced issuing tokenized money market funds on Polygon via Securitize, marking the entry of top asset managers into tokenization. JPMorgan’s Onyx platform achieved on-chain cross-border settlement and liquidity management involving multiple fiat currencies and government bonds. Avalanche’s subnet was used to build private chains for financial institutions, ensuring compliance while enabling on-chain operations. Major firms like Goldman Sachs and Morgan Stanley established internal tokenization teams to explore securities tokenization. The tokenization of financial assets is no longer experimental but a core part of digital transformation strategies. Meanwhile, banks and fintech firms across Europe and Asia began pilot projects for tokenized fund shares. On-chain lending platforms like Maple Finance and Goldfinch provide financing to SMEs, reconstructing traditional credit mechanisms digitally. Financial assets are shifting from “mapped” to “native” on the chain, further integrating Web3 with traditional finance. Additionally, in 2022, DeFi ecosystems expanded, supporting tokenized bonds and RWA collateralization on protocols like Aave and Compound. MakerDAO announced support for real-world loans as collateral for DAI, including U.S. Treasuries and commercial paper. Centrifuge, a leading RWA platform, tokenizes real assets like invoices and real estate income rights via the Tinlake protocol. High-performance chains like Polygon and Avalanche, with low costs and compatibility, have become new choices for financial tokenization. By 2024, the scale of tokenized financial assets has grown rapidly. According to data from JPMorgan and BCG, the global market value of tokenized assets has exceeded $1 trillion, including tokenized government bonds, corporate bonds, asset-backed securities, stocks, and fund shares. Hong Kong issued its first fully tokenized green bond using blockchain for subscription and registration. Singapore’s MAS launched the Project Guardian initiative to test cross-border tokenized assets and DeFi applications. RWA platforms like Maple and Goldfinch offer on-chain credit services for SMEs. These developments are gradually improving on-chain financial infrastructure, blurring the boundaries between traditional finance and Web3. By 2025, financial tokenization will have entered a phase of full integration. Regulatory frameworks for security tokens are being developed by the SEC and European authorities, promoting compliance. Blockchain networks like Base and zkSync Era are launching modular solutions for financial assets. Tokenized finance enhances market efficiency, transparency, and traceability, addressing issues like information asymmetry and settlement delays in traditional systems. Real-world assets are increasingly being replicated on-chain throughout their lifecycle—from issuance to circulation and settlement—digitalizing the entire process. The integration of DeFi and CeFi is being redefined as “on-chain finance,” becoming the new norm in financial markets.

3. Accelerated tokenization of physical assets, exemplified by real estate

Since 2021, the tokenization of physical assets, especially real estate, has gained momentum. By splitting real estate rights or ownership into digital tokens, investment thresholds are significantly lowered, enabling ordinary users to participate in high-quality real estate markets with smaller amounts. Rental income and asset appreciation are automatically distributed via smart contracts, enhancing inclusiveness and liquidity.

Real estate tokenization has evolved from early rights splitting to on-chain registration of commercial properties, luxury residences, and even ownership titles. Some countries have begun to recognize tokens as legal property certificates, opening legal pathways for digital real estate. Under high inflation and rising interest rates, real estate tokenization has become a new tool for asset preservation and global investment. For example, Propy, a U.S. real estate platform, completed the first blockchain-based property transaction, using NFTs to represent ownership and executing the entire process on Ethereum. Swiss platform BrickMark digitized part of a Zurich office building’s ownership, issuing tokens for global sale. These cases indicate that real estate tokenization is no longer limited to “income rights” but is gradually moving toward “property rights” registration.

In 2024, some governments actively promoted pilot projects for real estate tokenization. Dubai launched a real estate token exchange to attract global investors. Layer-2 solutions like Arbitrum and zkSync support property registration and trading, further improving efficiency and transparency. Many countries’ land registry systems have integrated blockchain, enabling on-chain rights confirmation and transfer. The real estate tokenization market has surpassed hundreds of billions of dollars, gradually forming a “full lifecycle on chain” model covering project financing, construction management, and leasing operations. Decentralized Autonomous Organizations (DAOs) are also participating in real estate investment and management, fostering community-driven real estate funds and transforming traditional market structures.

4. Other sectors’ progress in tokenization

Since 2021, the tokenization of various assets—such as carbon credits, gold, energy, and commodities—has accelerated. Environmental assets, especially carbon credits, are among the most prominent cases. Blockchain enables carbon credits to be issued as tradable digital tokens, greatly improving liquidity, transparency, and traceability. For example, Toucan Protocol, launched in 2021, has tokenized millions of tons of carbon credits, with trading volumes reaching billions of dollars, serving as a key bridge between green finance and Web3 ecosystems. Such platforms facilitate global circulation of carbon credits and provide compliance tools for companies to fulfill environmental responsibilities.

In precious metals, stablecoin issuers have launched digital currencies backed by physical gold, such as Tether Gold (XAUT) and PAX Gold (PAXG). Users can exchange tokens for physical gold at any time, enabling global gold circulation. Since 2023, energy and commodities like copper, iron ore, and agricultural products have begun tokenization efforts. For instance, Australian energy platforms support real-time on-chain trading of electricity to facilitate renewable energy markets. Some projects explore on-chain derivatives for bulk commodities, promoting digital commodity finance. Data rights platforms like Ocean Protocol have introduced data tokens, allowing users to sell usage rights of personal data, heralding a new paradigm of “data as an asset.”

3. Cryptocurrency Embedding into National Strategies and Systems

During this period, the mainstreaming of cryptocurrencies has not only involved institutional and token economy developments but also triggered a series of reactions at the national financial governance and strategic levels. Sovereign states are no longer mere regulators or spectators but active participants, shapers, and even users of the crypto influence on real-world order.

1. Experiments of crypto fiat in developing countries

Many developing countries, historically marginalized in the traditional financial system and subject to dollar-dominated monetary sovereignty, see cryptocurrencies—especially Bitcoin—as a way to bypass dollar dominance and explore financial independence. In June 2021, El Salvador passed the “Bitcoin Law,” becoming the first country to recognize Bitcoin as legal tender. The government launched the Chivo digital wallet and distributed $30 worth of Bitcoin to each registered user. Despite concerns from the IMF and World Bank about fiscal stability and credit ratings, El Salvador persisted. In early 2022, the government proposed issuing “Bitcoin Volcano Bonds” to raise $1 billion for developing a “Bitcoin City” and infrastructure.

The Central African Republic announced in April 2022 the legalization of Bitcoin and proposed the Sango project—a special economic zone based on crypto to attract blockchain companies. The government plans to digitize national resources through token financing and blockchain identity systems, opening its capital markets.

Although these experiments are still exploratory and face technical, regulatory, and financial stability challenges, they reveal an important trend: in countries with limited monetary sovereignty, cryptocurrencies are seen as tools to embrace new monetary orders and reconstruct sovereignty. As the WEF’s 2023 report “Pathways to the Regulation of Crypto-Assets” states, with the rapid development and influence of crypto ecosystems, more developing countries are evaluating the feasibility of integrating cryptocurrencies into their national financial strategies.

2. U.S. policy shifts and strategic layout on cryptocurrencies

The Trump administration’s return to power marked a significant policy shift in crypto regulation. This change reflects not only ideological shifts but also the U.S.’s strategic reorganization in global fintech leadership. The Trump government announced the termination of the Fed’s CBDC research and explicitly rejected a “government-controlled digital dollar,” instead encouraging private-sector-led stablecoins like Circle’s USDC and Paxos’s PAX Dollar (USDP), even considering including Bitcoin in national reserves. Chapter 4 of this book will analyze Trump’s second term crypto policies and their impacts.

More symbolically, Trump and his family launched meme tokens like “Trump Coin” and “Melania Coin,” which gained millions of users and trading volume on social platforms like X (formerly Twitter) and Truth Social. These tokens became political marketing tools and also tested the gray areas of new crypto regulation. Against this backdrop, the SEC and CFTC accelerated regulation reforms through the “Digital Asset Market Clarity Act of 2025,” focusing on classification, taxation, and custody mechanisms.

These policy signals have driven upgrades in financial infrastructure. Major banks like JPMorgan and Goldman Sachs are re-entering digital asset custody. Payment firms like Stripe and Coinbase are rapidly developing stablecoin-based cross-border payment solutions. National digital wallets, on-chain identity systems, and smart contract tax platforms are being built, transforming crypto technology into a new engine of regulatory competition. The U.S. is no longer just a regulator but a leading force shaping the global digital finance landscape.

3. Intensified geopolitical and regulatory competition over cryptocurrencies

Major countries are increasingly engaged in a strategic and security game over crypto regulation. First, the competition over the path of sovereign digital currencies intensifies. While Trump’s government opposes CBDC development, China’s PBOC and the ECB are leading supporters of CBDC initiatives. On issues like digital sovereignty, cross-border payment control, and countering dollar hegemony, CBDC and stablecoins have become frontiers of institutional rivalry. After the ECB’s October 2023 two-year survey on the digital euro, preparations for issuance are underway. The EU aims to reduce dependence on U.S. payment providers, lower costs, and protect European commercial interests. The digital euro also seeks to counter private crypto growth and maintain payment market unity.

Second, cryptocurrencies are playing roles in geopolitical events. During the Russia-Ukraine conflict, Bitcoin and Ether became vital channels for Ukraine’s government and NGOs to receive international donations. Chainalysis’s 2024 report shows Ukraine raised over $100 million via crypto early in the conflict for supplies, military upgrades, and refugee aid. Russia, under sanctions, has also attempted to use crypto for international settlements to bypass SWIFT.

In summary, this chapter traces the development of cryptocurrencies since 2009, highlighting four key stages of their integration into the real world. Initially, born as a critique of centralized finance, cryptocurrencies made the first leap from abstract symbols to contact with reality. Then, the establishment of trading platforms and blockchain infrastructure opened critical “portals,” attracting users, capital, and attention. Subsequently, the ecosystem actively sought pragmatic restructuring by connecting with sovereign credit and global finance to establish a foothold in institutional systems. Finally, with institutional investment, asset tokenization, and national strategies, cryptocurrencies have become core variables within the real institutional framework. This is a spiral process of gradual accumulation, driven by continuous technological and institutional iteration, environmental factors, and needs, ultimately transforming cryptocurrencies from “outside the system” to “inside the system.”

Cryptocurrencies are no longer just a fleeting technological trend or a virtual bubble but are actively participating in and reshaping the order of the real world. As they absorb real-world participants and adapt to real rules, they are gradually building a “collaborative order” bridging on-chain and off-chain, digital and physical realms. This new order is not a simple extension or complete replacement of traditional finance but a novel institutional reconstruction. Accordingly, subsequent chapters will analyze how cryptocurrencies reshape real-world order in depth. The book will also focus on contradictions, risks, and uncertainties, especially the complex challenges faced by global governance. Through examining these issues, we aim to provide not only a “white paper” illustrating the integration of cryptocurrencies with reality but also an analytical framework for responding to technological shocks. We believe that a deep understanding of the development trajectory of cryptocurrencies will be an important reference for future effective risk management and control.

How Cryptocurrency Rewrites the Real World

Price: 69.00 RMB

ISBN: 978-7-5217-8257-8

CITIC Publishing Group

January 2026

Content Summary

From Monetary Revolution to Power Restructuring: How Cryptocurrencies Rewrite the Real World

Cryptocurrencies are transforming global financial order and geopolitical landscape with disruptive power, moving from niche geek games to a key factor in global financial governance, influencing the evolution of the world economy. This book traces the development of cryptocurrencies—from early Bitcoin analysis, to the construction of crypto exchanges as “interfaces,” to the trend of on-chain real-world assets (RWA)—demonstrating the gradual integration of crypto with reality and exploring its complex impacts on the international monetary system:

In the realm of currency circulation, while aiming for “decentralization,” cryptocurrencies have paradoxically reinforced a “center-periphery” pattern; stablecoins, due to inconsistent regulatory actions across jurisdictions, have triggered instability.

In political arenas, within the U.S., the crypto industry leverages lobbying, election funding, and voter mobilization, forging connections between capital and politics; outside the U.S., with stablecoins and enhanced regulation of centralized institutions, U.S. cross-border influence and sanctions capabilities are upgraded.

In financial governance, crypto misuse amplifies regulatory loopholes; developing countries face risks of currency substitution, exposing vulnerabilities in the global financial system.

Facing this war over national financial security and monetary sovereignty, this book proposes forward-looking Chinese solutions from unilateral and multilateral perspectives, aiming to maintain technological innovation while effectively curbing potential risks and fostering a fairer, more stable, and sustainable international monetary system. It will assist policymakers, financial practitioners, and researchers in understanding the evolution of global financial order under fintech and digital finance, and in seizing opportunities for China’s high-quality financial development.

Author Profiles

Zhang Ming

Deputy Director and Researcher at the Institute of World Economics and Politics, Chinese Academy of Social Sciences; researcher at the National Global Strategy Think Tank; Deputy Director of the National Finance and Development Laboratory; Vice President of the China Society of International Economic Relations; invited member of the China Financial Forty Forum.

His research focuses on international finance and China’s macroeconomy. He has published numerous academic papers domestically and internationally, and contributed many financial commentaries to major media. His academic works include Macro China: Economic Growth, Cyclical Fluctuations, and Asset Allocation, China’s Rise: The Global Significance of Long-term Economic Growth, and Crossing Cycles: RMB Exchange Rate Reform and Internationalization.

Bao Hong

Assistant Dean and Associate Researcher at the Qianhai Institute of International Affairs, Chinese University of Hong Kong (Shenzhen). Formerly served as Director of Data Department at the International Technology and Economics Research Institute, Development Research Center of the State Council.

PhD in Economics, specializing in digital currency, geopolitics, and economics.

Contents

Chapter 1: Tracing the Path of Breakthroughs—The Evolution of Crypto and Its Integration with Reality

• The First Stage: Connecting Crypto from the Geek World to Reality (2009–2013)

• Expanding the Interface Between Crypto and Reality (2014–2017)

• The Critical Stage of “Real-Worldization” and Reconstruction of the Crypto Industry (2018–2020)

• Mainstreaming and Full Integration of Crypto into the Real World (2021–2025)

Chapter 2: Expanding the Circulation of Money: Stablecoins as the Key Bridge Linking Crypto and Reality

• A Panorama of Stablecoin Development: Drivers, Attributes, Evolution, and Role Positioning

• The Dominance of USD Stablecoins: Formation Process, Deep Drivers, and Systemic Impact

• Why Stablecoins Break the “Circle” from the Perspective of Currency Circulation

Chapter 3: Reshaping Dollar Hegemony: The Impact of Crypto on the International Monetary Order

• Innovations and Challenges of Stablecoins in International Payments and Settlements

• The Path Dispute of Fiat Digital Currencies: Examples of the Fed’s CBDC and Trump’s Stablecoin Strategies

• The Possibility of Native Crypto as International Reserve Currency

• Old Wine in New Bottles: Crypto Reinforces the “Center-Periphery” Pattern of the International Monetary System

Chapter 4: Changing the Power Balance: The Politicization and Geopolitical Instrumentalization of Crypto

• Embedding and Deepening Crypto in U.S. Political Ecosystem

• Trump’s Attitude Shift and the New Crypto Policies in His Second Term

• Geopolitical Instrumentalization of Crypto: Mechanisms and Cases

Chapter 5: Impact on Global Stability: Multiple Impacts of Crypto on Global Financial Governance

• Crypto Increases Vulnerability of the Global Financial System

• Crypto Abuse Amplifies Regulatory Gaps Globally

• Crypto Triggers Currency Substitution Risks in Developing Countries

Chapter 6: Mapping the Real World: The Reciprocal Interaction of Crypto and Real Assets

• Overview and Global Trends of RWA

• Core Cases and Market Structure of RWA

• Comparison of RWA Tokenization and Traditional Asset Securitization

• Potential Impact of RWA on Global Order

Chapter 7: China’s Response Strategies

• Unilateral Measures: Optimizing Development Paths and Governance Capabilities

• Multilateral Measures: Promoting Global Governance and International Cooperation