A Tiger Research report details that crypto is transitioning from the hype phase to a convergence of regulation and industrial formation. The U.S. GENIUS Act clarifies stablecoin status, and SEC/CFTC classify 16 assets as digital commodities, abandoning the binary security/non-security approach. Institutional adoption accelerates: tokenized RWA market grew 257% to $19.3B in 15 months. Seven major financial institutions including J.P. Morgan, State Street, and Western Union executed real transactions on Solana across bond issuance, trade finance, and remittances. Solana's Token-2022 embeds compliance into tokens, with sub-second settlement and $0.0013 fees. Asian institutions face three strategic windows: executable (Singapore, Japan), transitional (Korea, Thailand), and exploratory (Indonesia, Vietnam). The report concludes that the window for fast followers is open but uncertain in duration.

This article provides a comprehensive analysis of the crypto industry’s transition from the hype phase into the intersection of regulatory intervention and industrial formation. Key milestones include the US GENIUS Act clarifying stablecoin legal status, SEC/CFTC designating 16 assets (including Solana) as digital commodities, and the tokenized RWA market surging 257% to $19.3B. Major institutions like J.P. Morgan, State Street, and Western Union have executed real-world transactions on Solana—from commercial paper issuance to trade finance and cross-border remittances. The article outlines Asia’s three-phase strategic window (executable, transitional, exploratory) and argues that fast-following, not greenfield building, is the optimal approach for Asian financial institutions.

A comprehensive analysis by Tiger Research reveals that the crypto industry is transitioning from regulatory intervention to industry formation, with the concept of Internet Capital Markets (ICM) accelerating toward reality. The U.S. has passed the GENIUS Act clarifying stablecoin legal status, and the SEC and CFTC have designated 16 assets including Solana (SOL) as digital commodities. The tokenized real-world asset (RWA) market has surged 257% in 15 months to $19.3 billion. Major global institutions including J.P. Morgan, State Street, and Western Union are executing real transactions on Solana across bond issuance, payment settlement, and trade finance. Asian institutions should adopt a fast-follower strategy, leveraging validated infrastructure and regulatory references through established frameworks in Singapore and the UAE to avoid being left behind.

The crypto industry is transitioning from a regulatory intervention phase into an industry formation phase, marked by milestones such as the U.S. passing the GENIUS Act, the SEC/CFTC clarifying 16 assets as digital commodities and exempting protocol staking from securities laws, and the RWA market surging 257% in 15 months to $19.3 billion. This article explores the concept of Internet Capital Markets (ICM), detailing real-world cases on Solana including J.P. Morgan’s commercial paper issuance, Western Union’s remittance token, and Apollo’s private credit tokenization. It analyzes Solana’s technical advantages—atomic settlement (DvP), Token-2022 programmable compliance, institutional stability—and proposes a three-stage framework for Asian institutions: executable, transitional, and exploratory. The window for fast followers is open but finite.

Based on Tiger Research's report, this article explores the evolution of the crypto industry from experiment to industrial formation, focusing on US regulatory breakthroughs (GENIUS Act, SEC/CFTC joint guidance) and the construction of Internet Capital Markets (ICM). Using Solana as a case study, it details real-world institutional practices from J.P. Morgan, State Street, Western Union, and others, highlighting how atomic settlement and Token-2022 compliance standards reduce costs. It also provides a strategic framework for Asian institutions across executable, transitional, and exploratory phases, emphasizing the critical window before standards solidify.