On May 13, Bitwise Chief Investment Officer Matt Hougan stated that recent blockchain projects focused on stablecoins and asset tokenization, including Circle's Arc, Canton Network, and Tempo supported by Stripe, have collectively raised over $1 billion in funding, reflecting three structural changes in the crypto industry. Hougan pointed out that, firstly, there is an increasing demand for on-chain privacy from institutions. Arc, Canton, and Tempo all emphasize native transaction privacy, rather than the default transparency seen in Ethereum and Solana. They believe that fully public on-chain data could become a burden for scenarios such as corporate cash flow and payroll, leading institutions to push for privacy-focused blockchain infrastructure more suited to financial operations. Secondly, he noted that the U.S. GENIUS Act, expected to pass in July 2025, has broken the regulatory deadlock that previously suppressed institutional financing, allowing institutional capital to rapidly enter the stablecoin and tokenization space. He stated that the next key catalyst in the market is the CLARITY Act, which, if passed, could further promote the development of tokenization and compliant financial infrastructure. Additionally, Hougan pointed out that traditional financial giants are accelerating their entry into on-chain infrastructure competition. For instance, Canton is backed by institutions such as Goldman Sachs, Citadel, DTCC, and Nasdaq; Tempo has participation from Stripe, Visa, and OpenAI; and Arc is driven by Circle, the issuer of USDC. However, he does not believe that traditional institutions will replace the crypto-native ecosystem, but rather that this new competition will raise industry standards and attract more capital into the blockchain and tokenization market.