#代币化股票平台或最早下季度启动
In the past year, the kind of coin that surged the most may not even be on the list you’ve been watching..
🔄 进群看叙事
Everyone is figuring out how many of which altcoins ran this week, but a set of data just came out—on the privacy-coin track, over one year the value rose from $6.2 billion to around $30 billion, nearly fivefold. And this run-up happened with almost nobody talking about it—the leader was up more than 70% within just thirty days..
Pretty interesting.. A track that nobody discusses ended up beating the most-talked-about coins..
But what’s truly worth looking at isn’t how much it went up, but why it went up..
The default setting of public chains is transparency.. Your balance, your counterparties, and each time you rebalance—are theoretically all visible on-chain to everyone. For people, that’s called credibility. For institutions that want to deploy large sums, that’s called going naked.. So when transparency becomes the default, secrecy itself becomes a scarce resource. When something is scarce, it commands a premium..
Even more interesting: the category being watched most closely isn’t actually where the bulk of illegal funds comes from..
In this year’s report by on-chain data institutions, the share of transaction volume categorized as illegal is still under 1%. And 80% of that happened with stablecoins—not that kind of coin. In other words, the stigma got attached to it, but the bulk of the volume is actually coming from another track..
That’s where things start to be different..
Now look at the institutional side—actions are moving on two legs at the same time.. One leg is transparency: in mid-July, a market infrastructure organization has already run cross-network securities settlement in a production environment, with more than 30 institutions participating. It covers repurchase agreements, securities lending, and collateral transfers, and plans to officially roll out tokenized services in the next quarter.. The other leg, by contrast, requires secrecy: Europe’s largest public chain has specifically opened three privacy tracks—read, write, and proofs—in its roadmap, and also set up a privacy working group for institutions..
So what institutions want has never been “anonymity”—it’s “controlled disclosure”: what regulators need to see, they can see; what should be kept, the business details can stay hidden. What gets truly priced this time probably isn’t the least presentable version, but “compliant privacy”..
But the question is..
Coins locked into the privacy pool actually account for only 29% of the circulating supply. That figure reflects willingness to hold, not usage rate.. And on the other end, attitudes haven’t softened either: Europe’s rules are already written to be implemented in 2027, explicitly prohibiting service providers from maintaining accounts that enhance anonymity..
What’s truly worth monitoring are two things.. First, whether this proportion will keep moving upward. Second, how big that compliant channel can become—already, spot products of assets like this have been listed on U.S. exchanges, and in the first two weeks they entered over $70 million.. Once the channel opens, it shifts from a “choice within the circle” to “a line item in the allocation table.”
If later “compliant channels get bigger and anonymizing attributes get pushed to the side,” then the nature of this line changes.. It won’t be that it went up because it’s anonymous anymore—it’ll be that it provides something others can’t, and it can still provide that. That part is what’s genuinely hard to replicate..
In the past year, the kind of coin that surged the most may not even be on the list you’ve been watching..
🔄 进群看叙事
Everyone is figuring out how many of which altcoins ran this week, but a set of data just came out—on the privacy-coin track, over one year the value rose from $6.2 billion to around $30 billion, nearly fivefold. And this run-up happened with almost nobody talking about it—the leader was up more than 70% within just thirty days..
Pretty interesting.. A track that nobody discusses ended up beating the most-talked-about coins..
But what’s truly worth looking at isn’t how much it went up, but why it went up..
The default setting of public chains is transparency.. Your balance, your counterparties, and each time you rebalance—are theoretically all visible on-chain to everyone. For people, that’s called credibility. For institutions that want to deploy large sums, that’s called going naked.. So when transparency becomes the default, secrecy itself becomes a scarce resource. When something is scarce, it commands a premium..
Even more interesting: the category being watched most closely isn’t actually where the bulk of illegal funds comes from..
In this year’s report by on-chain data institutions, the share of transaction volume categorized as illegal is still under 1%. And 80% of that happened with stablecoins—not that kind of coin. In other words, the stigma got attached to it, but the bulk of the volume is actually coming from another track..
That’s where things start to be different..
Now look at the institutional side—actions are moving on two legs at the same time.. One leg is transparency: in mid-July, a market infrastructure organization has already run cross-network securities settlement in a production environment, with more than 30 institutions participating. It covers repurchase agreements, securities lending, and collateral transfers, and plans to officially roll out tokenized services in the next quarter.. The other leg, by contrast, requires secrecy: Europe’s largest public chain has specifically opened three privacy tracks—read, write, and proofs—in its roadmap, and also set up a privacy working group for institutions..
So what institutions want has never been “anonymity”—it’s “controlled disclosure”: what regulators need to see, they can see; what should be kept, the business details can stay hidden. What gets truly priced this time probably isn’t the least presentable version, but “compliant privacy”..
But the question is..
Coins locked into the privacy pool actually account for only 29% of the circulating supply. That figure reflects willingness to hold, not usage rate.. And on the other end, attitudes haven’t softened either: Europe’s rules are already written to be implemented in 2027, explicitly prohibiting service providers from maintaining accounts that enhance anonymity..
What’s truly worth monitoring are two things.. First, whether this proportion will keep moving upward. Second, how big that compliant channel can become—already, spot products of assets like this have been listed on U.S. exchanges, and in the first two weeks they entered over $70 million.. Once the channel opens, it shifts from a “choice within the circle” to “a line item in the allocation table.”
If later “compliant channels get bigger and anonymizing attributes get pushed to the side,” then the nature of this line changes.. It won’t be that it went up because it’s anonymous anymore—it’ll be that it provides something others can’t, and it can still provide that. That part is what’s genuinely hard to replicate..
