According to CoinMeta, as pointed out in a research report by Morgan Stanley on September 8, 2026, the scale of stablecoins has exceeded $300 billion, and the tokenization of real-world assets has surpassed $30 billion. The market value of Bitcoin is about 5% of that of gold. Although institutional participation is accelerating, adoption does not necessarily equate to an increase in token prices. Morgan Stanley believes that blockchain technology may be widely adopted, but the benefits may go to institutions that control distribution, custody, and customer relationships. Existing institutions will retain customer relationships, while crypto-native companies will gain a share of the infrastructure. Public protocols need to create sustained demand for tokens to benefit. Professional capital will gradually and selectively flow towards assets with deep liquidity, credible governance, and proven value capture. (Source: ChaoXiang Research)