New Market Order: Who Will Capture the Next Wave of Global Capital? ——WikiBit X Space AMA Highlights

1. Article Background

Global Finance Is Entering a New Era of Restructuring: Who Will Control the Next Gateway to Capital Flows？

For decades, the global financial system has been dominated by traditional financial institutions. Banks, stock exchanges, asset management firms, and regulatory frameworks have collectively formed the core network that facilitates global capital flows.

However, with the rapid development of emerging technologies such as blockchain, stablecoins, Real-World Asset tokenization (RWA), and artificial intelligence (AI), the boundaries between traditional finance and digital finance are undergoing significant changes.

Once viewed as two parallel worlds, Crypto (crypto finance) and TradFi (traditional finance) are gradually shifting from competition toward integration.

On one hand, traditional financial institutions are actively exploring blockchain infrastructure:

• Real-world assets such as U.S. Treasuries and funds are beginning to be issued on-chain;
• Stablecoins are becoming increasingly important tools for global payments and settlements;
• Financial institutions are recognizing the efficiency improvements brought by digital assets.

On the other hand, the crypto industry is also evolving from its early asset trading model toward a more mature financial infrastructure ecosystem:

• DeFi is exploring new models for financial services;
• RWA is connecting on-chain assets with the real-world economy;
• AI is transforming financial decision-making, trading, and asset management processes.

At the same time, the global economic environment is undergoing profound changes.

Geopolitical conflicts, trade tensions, monetary policy adjustments, and increasing fragmentation of financial markets are creating new demand for financial infrastructure that is more open, efficient, and flexible.

The future financial system may no longer belong to a single participant, but instead will be jointly built by multiple stakeholders:

• Blockchain networks providing underlying infrastructure;
• Exchanges providing liquidity and market access;
• Banks and financial institutions providing customer relationships and compliance capabilities;
• Stablecoins enabling digital capital transfers;
• AI improving the efficiency and intelligence of financial systems.

Against this backdrop, an important question is emerging:

Who will control the next generation of global financial infrastructure？ And who will capture the opportunities created by the next wave of global capital flows？

To explore this topic, WikiBit Space invited industry representatives from AI, Web3, DeFi, and on-chain finance to participate in an AMA discussion.

The discussion focused on four key questions:

• Is the separation between Crypto and TradFi finally coming to an end？
• When stocks, bonds, and real-world assets fully move on-chain, who will control the new financial infrastructure？
• Does tokenization truly transform the assets themselves, or does it reshape the entire financial market structure？
• Amid increasing global geopolitical uncertainty, will borderless financial infrastructure enter a new phase of development？

Through this AMA, the guests shared their insights and perspectives on the future financial ecosystem, asset tokenization, stablecoins, blockchain infrastructure, and global capital flow trends.

2. Theme

This discussion focuses on the convergence trend between Crypto and Traditional Finance (TradFi), exploring how the following factors are reshaping the global capital flow landscape:

• Asset Tokenization
• Stablecoins
• Blockchain Financial Infrastructure
• The Integration of AI and Finance

The guests focused on several key topics:

• Who will control the new infrastructure of the future financial system？
• How will global capital flows evolve？
• Will geopolitical fragmentation accelerate the development of borderless financial systems？

3. Four Key Questions

Question 1: Is the separation between Crypto and TradFi finally coming to an end？What has changed most in 2026 — technology, regulation, or investor behavior？

Guest Insights Summary

Luke (HGI)

Key Takeaway:

The boundary between Crypto and TradFi is gradually becoming blurred. However, the future is not about one replacing the other, but about moving toward a Hybrid Financial System.

Technology, regulation, and investor behavior are all evolving:

Technology enables assets to move on-chain;

Improving regulations make it easier for institutions to participate;

Investors are becoming increasingly comfortable with digital assets.

Looking ahead:

TradFi will not disappear, and Crypto will not completely replace traditional finance. Instead, the two will collaborate to form a new financial ecosystem.

Imanuel (Nebula AI)

Key Takeaway:

Crypto is no longer viewed purely as a speculative market.

As regulatory frameworks become clearer, traditional institutions are gaining more confidence to enter the crypto space. Blockchain technology has matured enough to support real financial infrastructure.

Looking ahead:

Crypto and TradFi will no longer be competitors, but will become two interconnected components of the same financial ecosystem.

Ahiya (Freedom Asset)

Key Takeaway:

The separation between Crypto and TradFi is clearly decreasing, but it has not completely disappeared.

She believes:

The biggest change in 2026 comes from regulation.

Examples include:

The establishment of a U.S. federal regulatory framework for stablecoins;

Greater clarity from the SEC regarding tokenized securities.

From a technological perspective:

Stablecoins, asset tokenization, and on-chain settlement have already been developing for years.

The real barriers preventing institutions from entering the market are:

Legal certainty;

Compliance frameworks.

Once regulations become clearer, investor behavior will naturally change.

The future is not:TradFi becoming Crypto.

Instead:Crypto technology is gradually becoming part of financial infrastructure.

Xpower Representative

Key Takeaway:

The representative agrees with the views shared by the other guests.

Future transformation will be driven by three major factors:

Technology enabling assets to move on-chain;

Continuous improvement in regulatory environments;

Increasing investor acceptance of digital assets.

The final outcome will be:A hybrid financial model built through collaboration among multiple participants.

Question 2: If stocks, bonds, and other Real-World Assets (RWA) move on-chain, who will ultimately control the new financial infrastructure？

Potential participants include:

• Exchanges;
• Banks;
• Brokers;
• Stablecoin issuers;
• Blockchain networks;
• Regulators.

Guest Insights Summary

Luke (HGI)

Key Takeaway:

The future financial system will not be controlled by a single institution.

Different participants will control different layers:

He particularly emphasized the importance of stable coins.

Because:Without tokenized money flows, a complete tokenized financial system cannot be built.

Imanuel (Nebula AI)

Key Takeaway:

The future is more likely to develop into a shared ecosystem.

Different participants will serve different functions:

Banks and brokers:Maintain customer relationships and traditional asset service capabilities;

Exchanges:Provide liquidity and price discovery;

Stablecoins:Become tools for payments and settlements.

The future competition is not:“Who controls the entire financial system？”

Instead:Who can become the most important infrastructure provider？

Ahiya (Freedom Asset)

Key Takeaway:

The future financial system will become more unbundled.

Different participants will focus on different areas:

Banks: Customer relationships;

Stablecoins and tokenized deposits: The money layer;

Blockchain networks: Settlement infrastructure;

Exchanges, wallets, and aggregators: Distribution, liquidity, and transaction routing.

The real competition is not:Who owns the blockchain？

Instead:Who owns user relationships, liquidity, and the best access points？

Xpower Representative

Key Takeaway:

The future financial system will inevitably become multi-layered.

There will be no single winner.

The ultimate advantage will belong to platforms that control:Critical financial infrastructure and key user access points.

Question 3: Tokenization is considered the next major financial revolution. What is actually being transformed？

Is it:

• The assets themselves？
• The settlement system？
• Or the entire market structure？

Guest Insights Summary

Imanuel (Nebula AI)

Key Takeaway:

The assets themselves will not fundamentally change.

For example:

A stock remains a stock;

A bond remains a bond;

Real estate remains real estate.

The real transformation lies in:The settlement layer and the overall market structure.

Traditional financial transactions require:

Multiple intermediaries;

Multiple databases;

Coordination between different systems.

After tokenization:

Asset ownership records and transaction data can exist on a shared, programmable infrastructure.

This creates several improvements:

Faster settlement;

Greater transparency;

Lower friction;

More open financial markets.

Ahiya (Freedom Asset)

Key Takeaway:

Tokenization does not change the asset itself. Instead, it transforms everything surrounding the asset, including:

Ownership records;

Settlement methods;

Collateral systems;

Transfer efficiency;

Trading hours;

The connection between different asset classes.

The biggest opportunity is not simply:Putting assets on blockchain.

Instead:Redesigning market structures to enable capital to move more efficiently.

Xpower Representative

Key Takeaway:

Using tokenized U.S. Treasuries as an example:

The Treasury asset itself does not change.

What changes is:The way investors access and trade these assets.

Luke (HGI)

Key Takeaway:

The greatest value of tokenization lies in:Programmability.

In the future, assets can have built-in rules, such as:

Automatic payments;

Automated compliance execution;

Automatic asset transfers.

Future financial markets may increasingly operate like software:Financial systems will become more automated and programmable.

Question 4: Amid tariffs, trade conflicts, and geopolitical uncertainty, is global asset diversification more important than ever？

Will geopolitical fragmentation accelerate demand for borderless financial infrastructure？

Guest Insights Summary

Imanuel (Nebula AI)

Key Takeaway:

Global diversification is becoming increasingly important.

The reason is that investors and businesses are facing:

Tariffs;

Trade restrictions;

Geopolitical risks;

Changes in monetary policies.

Over-reliance on:

A single country;

A single currency;

A single financial system;

can increase risk.

Therefore, stablecoins and blockchain-based settlement systems may become important tools for cross-border capital movement.

However, the key challenge is:How to combine global accessibility with institutional compliance and market trust.

Ahiya (Freedom Asset)

Key Takeaway:

Geopolitical fragmentation is indeed accelerating demand for borderless financial infrastructure.

However:Borderless finance does not mean regulation-free finance.

In the future, investors will need diversification across:

Assets;

Currencies;

Countries and regions;

Custodians;

Financial infrastructure.

The future winners will not simply be systems that provide global access.

Instead, they will be platforms that can achieve:

Global connectivity;

Local regulatory compliance;

High levels of trust.

Xpower Representative

Key Takeaway:

Global politics is becoming increasingly fragmented, but capital still seeks free movement.

For example:

After Russia faced sanctions, traditional financial systems became restricted.

Meanwhile, dollar stablecoins such as USDT demonstrated the possibility of digital dollar transfers across borders.

Stablecoins cannot solve every issue, including:

Sanctions;

Capital controls;

Geopolitical conflicts.

However, they demonstrate that the market has a real demand for:Neutral, open, and interoperable financial infrastructure.

Luke (HGI)

Key Takeaway:

The most important factor is:Diversification.

Investors should not place all assets within:

One country;

One currency;

One financial system.

Blockchain can create financial networks that do not depend on a single banking system, while stablecoins make cross-border capital movement easier.

This AMA highlights several key conclusions:

Crypto and TradFi are not competitors — they are converging

The future financial system will not be:Crypto winning over TradFi, or TradFi defeating Crypto.

Instead:The two will merge to create a new financial ecosystem.

Regulatory clarity, especially in 2026, will be one of the key drivers behind this transformation.

Future financial control will be distributed across multiple layers

There will not be a single winner in the future financial system.

Competition will take place across different layers:

Infrastructure;

Liquidity;

User relationships;

Money issuance;

Regulatory capabilities.

The platforms with the greatest advantages will be those that become:Critical infrastructure providers and key access points.

The true impact of tokenization is the transformation of financial structures

The value of tokenization is not simple:Moving assets onto the blockchain.

Instead, it lies in redesigning:

Settlement processes;

Market structures;

Capital flow efficiency.

The financial system of the future may become:A more automated and programmable software-driven system.

Geopolitical fragmentation is increasing demand for global financial infrastructure

Future financial systems will need to simultaneously provide:

Global liquidity;

Cross-border efficiency;

Local regulatory compliance;

Market trust.

The new financial order of the future will not be determined by either Crypto or TradFi alone.

The true winners will be the platforms and technologies that can build the infrastructure enabling global capital to:

• Move faster;
• Be allocated more efficiently;
• Connect more freely;

while still complying with the regulatory requirements of different jurisdictions.

The core competition in the next wave of global capital will not be about controlling a specific asset class, but about who can build and control the new financial infrastructure that connects global capital.