As the global financial system undergoes an unprecedented transformation, blockchain technology is moving from marginal innovation to core infrastructure, driving deep integration between traditional finance and crypto finance. On July 31, 2025, SEC Chairman Paul S. Atkins officially announced the launch of the 'Project Crypto' initiative, aimed at making the U.S. the global crypto capital. The core of this initiative is to promote the comprehensive migration of assets such as stocks, bonds, and dollars to public chains, and through the 'super application' model, enable various financial services like traditional securities trading, crypto assets, stablecoin payments, and DeFi lending to be completed on the same platform.
This not only signifies a fundamental shift in regulatory policy but also heralds the accelerated arrival of a systemic transformation encompassing settlement structures, asset forms, and trading ecosystems.
I. Blockchain is becoming the core infrastructure of traditional finance
The programmable, open, and global nature of blockchain makes it inherently suitable for carrying the next generation of financial infrastructure. The growth curve of globally active crypto addresses is approaching the pace seen when the internet moved toward a billion users; stablecoin trading volumes have even surpassed those of some traditional fiat systems. Driven by clearer regulations, traditional finance (TradFi) is fully entering the space and concentrating efforts on three directions:
Tokenized Deposits
Cross-border payment and treasury settlement times have been reduced from several days to seconds, significantly lowering operational and reconciliation costs, and releasing the capital efficiency of idle funds.Settlement Infrastructure Upgrade
Utilizing Layer 2 technologies (such as zkSync) to achieve near real-time cross-border settlement and repo market operations, providing near-zero latency capital flow capabilities for global financial markets.Tokenized Collateral
Making assets like bonds and notes 'programmable', releasing liquidity, reducing capital buffer requirements, and allowing direct access to on-chain financial markets for reuse.
This trend has already taken root globally. BlackRock's BUIDL has tokenized off-chain funds; Franklin's BENJI directly uses blockchain as a registration and settlement system, choosing multi-chain distribution with Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Solana, Stellar, etc.
Furthermore, these tokenized funds are accessing DeFi protocols (such as Morpho Blue) as yield-generating collateral assets. At the same time, stablecoin payment networks are accelerating the replacement of traditional cross-border channels like SWIFT, with Revolut and Nubank introducing the Lightning Network to enhance capital flow speed.
II. New Exchange Landscape: IPO Boom and Multidimensional Competitiveness
With Project Crypto promoting improvements in the regulatory environment, the window for capital markets has reopened, and centralized exchanges are welcoming a new round of IPO frenzy. Platforms like Kraken, Gemini, and Bullish have announced their plans to go public, which not only significantly enhances their financing capabilities but also means they will undergo stricter transparency and compliance reviews. In the new competitive landscape, assessing an exchange's long-term potential depends not only on trading volume but also on a comprehensive consideration of revenue structure, data authenticity, compliance levels, and user stickiness among various dimensions.
Coinbase is the most representative case of transformation. In 2021, Coinbase's revenue relied almost entirely on trading fees, with a single business model that was highly dependent on market fluctuations. However, by the second quarter of 2025, the proportion of trading revenue had dropped to 51%, while subscription and service revenue increased to 44%, with the remaining 5% coming from interest income. This diversified revenue structure significantly enhances business stability and counter-cyclicality. At the same time, the authenticity of trading volumes on exchanges is increasingly under scrutiny by investors. Issues like wash trading and volume manipulation, if present, not only mislead the market but also affect valuation references. Therefore, trading authenticity detection tools like those launched by Coin Metrics are becoming important references for investment institutions to assess exchange quality. The future competition among exchanges will center around compliance, transparency, business diversification, and liquidity stability.
III. Emerging Track: On-chain U.S. Stocks and Web2.5 Hybrid Innovation
In the exploration of diversification in exchange business, on-chain U.S. stocks and stock tokenization have become a hot new track. This 'Web2.5 hybrid innovation' model combines the investment logic of traditional assets with the openness and programmability of blockchain, retaining the mature mechanisms of traditional finance while introducing the flexibility and composability of on-chain finance, opening up new trading spaces for global investors.
The emergence of on-chain U.S. stocks directly addresses the pain points investors face in traditional markets: high account opening thresholds for U.S. stocks, long T+2 settlement cycles, and limited trading hours; international investors also face difficulties in account opening and complex dollar conversion issues; small and portfolio investment thresholds are high, and stock assets cannot be used for on-chain collateral or liquidity management. On-chain securities effectively resolve these pain points through 24/7 trading, distributed custody to reduce single-point risks, token composability for participation in lending and DEX market making, and deep integration with stablecoin systems.
Representative cases in this field include Dinari's compliant custody and U.S. stock-mapped Token model, Backed Finance's stock Token issuance on Solana, Robinhood's on-chain securities trial in the European market, and innovative plays that use the Vote and sTSLA model to stake stock Tokens into DeFi scenarios for yield. The common feature of these models is that they bring traditional securities into the on-chain ecosystem within a compliant framework, forming multi-layered financial applications that are stackable and composable.
IV. Nivex's Strategic Response and Ecosystem Layout
Faced with the dual trends of traditional finance deepening its involvement and the restructuring of the crypto industry, Nivex, as an emerging exchange, has chosen the path of upgrading from a 'crypto exchange' to a 'multi-asset on-chain operation system'. Technologically, Nivex centers around an AI strategy engine, integrating on-chain data, macro market factors, quantitative signals, and expert strategies to form actively managed revenue solutions, and makes these available through API and SDK interfaces to help banks, brokerages, asset management institutions, and payment platforms quickly access intelligent management capabilities for on-chain assets.
At the compliance and infrastructure level, Nivex actively adapts to multiple regulatory systems, applies for licenses, and builds transparent and auditable on-chain trading and custody structures to ensure that the platform meets regulatory requirements while maintaining the openness and composability of on-chain finance. Meanwhile, Nivex continues to lay out its cross-border funding and stablecoin ecosystem, leveraging the combination of stablecoins and on-chain assets to create a closed-loop solution covering deposits, trading, and revenue distribution, especially offering customized services for high-growth markets such as Asia, the Middle East, and Latin America.
As blockchain is integrated into the core systems of traditional finance, and 'super applications' become recognized models, the competitive landscape of global finance is being restructured. For exchanges, this represents a structural upgrade opportunity from matching engines to comprehensive asset platforms.
Nivex seizes this historic window, relying on AI strategy, compliance foundation, and multi-asset coverage capabilities, striving to occupy an irreplaceable strategic position in the new era of on-chain multi-asset operations, becoming a core hub connecting TradFi and Web3.
