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The 2025 Ecosystem Review is out. This year has indeed been extraordinary for the entire industry. The stablecoin sector welcomed new players, with projects like AxCNH, USDT0, and CNHT0 bringing new possibilities. More notably, real assets on the blockchain have moved from concept to implementation—substantial applications have begun in traditional industries such as energy, real estate, music, and gold. On a global scale, institutional adoption is also accelerating, with more and more professional players entering this ecosystem. All of this points in the same direction: Web3 is no longer a niche experiment but is becoming an important part of mainstream financial infrastructure.