#股权代币化 After reading CoinShares' 77-page report, the key words are two: practicality.

By 2025, the crypto industry will shift from speculative narratives to cash flow-driven models, and by 2026, the focus will be on real-world application implementation. The most interesting development is that tokens are increasingly resembling equity assets—Hyperliquid offers a 99% daily buyback yield, and platforms like Uniswap and Lido are following suit, which truly supports long-term value.

Equity tokenization is more straightforward, with RWA soaring from 15 billion to 35 billion since the beginning of the year, with private credit and US debt tokenization growing the fastest. JPMorgan is issuing JPMD tokenized deposits on Base, and BlackRock's BUIDL fund is also expanding rapidly, indicating that institutions are no longer just talking but actively participating.

However, risks must be clearly understood—public companies' holdings have surged from 26.6 million to 104.8 million tokens, with MicroStrategy alone accounting for 61%. If they are forced to sell off assets to repay debt, the subsequent collapse could be severe. Additionally, if the Fed's rate cut expectations are dashed, the days when stablecoins rely on interest income will need to change.

The real opportunity in 2026 lies in hybrid finance—stablecoin payments, on-chain applications, prediction markets—things with tangible cash flows. The speculative stories can no longer carry the weight; it all depends on how much actual value you can create.