The next evolution of crypto: From speculation to real-world utility

Introduction: From volatility to infrastructure

As global regulation matures and institutional capital enters digital assets, the crypto industry is reaching an inflection point. It is moving from speculative cycles to sustainable financial infrastructure - from hype and volatility to real utility and transparency, writes Andrei Kozliar, expert in digital finance and financial infrastructure.

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From alternative to integration

What was once seen as an alternative to traditional finance is now becoming its technological extension. Financial giants such as BlackRock, Fidelity, Citi, and PayPal are building their own crypto platforms and stablecoins. Fidelity Digital Assets provides institutional custody solutions, BlackRock launched Bitcoin and Ethereum ETFs, Citi Token Services integrates tokenization into corporate payments, and PayPal USD (PYUSD) became the first U.S. corporate stablecoin under a regulatory framework.

These initiatives are transforming the structure of the market: crypto is no longer a niche - it is becoming a component of the global financial ecosystem.

Regulatory maturity and the new era of transparency

In earlier years, innovation outpaced regulation; now, regulation drives trust. Europe has taken the lead with the adoption of MiCA (Markets in Crypto-Assets Regulation) - the first EU-wide framework governing stablecoins, custody, and tokenized assets. Meanwhile, the United Kingdom is implementing the Financial Services and Markets Act, and Singapore continues to expand its Payment Services Act and Project Guardian, all moving toward standardized interaction between banks and blockchain infrastructure.

MiCA will come into force gradually between late 2024 and 2025, enabling the emergence of regulated crypto custodians and brokers across the EU. This marks a shift toward compliance-by-design - embedding AML, KYC, and sanctions controls directly into the code rather than layering them on top of products.

Institutionalization and the tokenization of real assets

The next phase is the move from speculation to real-world utility (RWA). The defining trend of 2024–2025 is tokenization of real-world assets - bringing blockchain to the core of financial markets.

In Europe, Société Générale (SG-FORGE) issued tokenized bonds on Ethereum, and Siemens AG launched digital bonds on Polygon. In the U.S., Franklin Templeton migrated fund shares onto a blockchain platform, while JPMorgan uses its Onyx network for clearing and settlements. This is not “crypto for crypto’s sake” - it is a new capital infrastructure, where blockchain functions as the backend of traditional finance.

CBDCs and the convergence of two worlds

More than 130 central banks worldwide are testing central bank digital currencies (CBDCs). Projects such as China’s e-CNY, the Digital Euro, and Brazil’s Drex demonstrate how blockchain technology and public monetary systems are merging. CBDCs will act as the interface between traditional and decentralized finance - a bridge connecting public oversight with private innovation.

Banks: From competition to collaboration

Banks are no longer competing with blockchain - they are integrating it into their core processes. Institutions such as BNP Paribas, Deutsche Bank, and Standard Chartered are building custody and tokenization services, partnering with technology firms like Metaco, Fireblocks, and Zodia Custody.

A new model is emerging: banks provide licensing, risk management, and reporting, while platforms deliver speed, APIs, and decentralized architecture. The result is a hybrid financial model, where innovation and regulatory reliability coexist within a single framework.

Crypto 2.0: From trust to infrastructure

The next generation of crypto is built on trust, regulation, and utility. Technology is no longer positioned against the state - it is becoming a tool for institutional modernization. Regulated DeFi, tokenized funds, transparent smart contracts, and embedded compliance mechanisms are shaping a new class of assets: programmable finance.

Conclusion: Value over noise

The evolution of crypto is not about Bitcoin’s price. It is about building a transparent, programmable, and inclusive financial infrastructure where tokens become instruments of trust and efficiency, not tools of speculation.

(Telegraf.rs/PR)