In recent years, cryptocurrencies have gradually transitioned from being viewed solely as speculative assets to becoming an important component of financial infrastructure. Their integration with traditional finance (TradFi) can be analyzed from several dimensions:

The GENIUS Act (Stablecoin Regulatory Act) passed by the U.S. Congress explicitly requires stablecoins to be backed by a 1:1 reserve of U.S. dollars or low-risk assets, ensuring transparency and regulatory alignment. Meanwhile, the STABLE Act is being advanced in conjunction with the GENIUS Act to establish a dual-layer federal and state regulatory framework. This marks a shift in cryptocurrency market regulation from undefined to institutionalized.

Industry initiators such as the DeFi Education Fund and a16z are urging the U.S. SEC to establish a "safe harbor" policy, allowing neutral DeFi infrastructure to be exempt from traditional broker-dealer regulation, promoting a balance between regulation and innovation.

Citibank is exploring custodial services for stablecoins and their underlying assets, and has launched stablecoin-based payment products, indicating that mainstream banks are moving from the periphery into digital asset infrastructure. Additionally, JPMorgan's collaboration with Coinbase allows JPM clients to purchase digital currencies using rewards points from their debit cards, marking a significant step in the integration of traditional banks and crypto platforms.

Companies like Paxos, Circle, and Ripple are applying for U.S. national trust bank licenses to enhance regulatory compliance capabilities and further bridge the gap between crypto and fiat financial systems.

Tradeweb and Digital Asset have partnered to achieve real-time on-chain financing of U.S. Treasury bonds on the Canton Network, using USDC as a cash instrument, with asset settlement on-chain and 24/7 financing available, breaking traditional market time and clearing constraints. The Canton Network, built by multiple financial institutions, is a key node in the integration of crypto technology and financial trading infrastructure.

Tokenization is becoming a bridge connecting real financial assets with blockchain technology. The BIS believes that the tokenization of central bank reserves, commercial bank money, and government bonds will form the foundation of the future financial system. Securitize, as a leading tokenization platform, has managed tokenized real assets worth billions of dollars, promoting the digitalization of traditional capital markets.

The success of Circle's IPO not only reflects market enthusiasm but also establishes a transparent and compliant image for stablecoin issuers, laying the groundwork for integrating digital assets into mainstream investments. Meanwhile, the U.S. Federal Housing Finance Agency is exploring the inclusion of digital assets held by clients on compliant platforms in mortgage qualification assessments, pioneering a new path for integrating crypto assets into housing finance.

Research shows that under the influence of institutional holdings, the correlation between Bitcoin and traditional markets such as the Nasdaq 100 and S&P 500 has significantly increased, with a peak correlation coefficient of 0.87 in 2024, indicating that Bitcoin's role as a hedging and risk management tool in investment portfolios is becoming increasingly prominent.

With the continuous clarification of policies and regulations, financial institutions actively embracing crypto assets, and the maturation of technological tokenization infrastructure, cryptocurrencies are gradually becoming an important part of the traditional financial framework. Future focus should be on the following key strategies:

Accelerating regulatory alignment and international coordination: Promoting the implementation of legislation like GENIUS and strengthening cross-border regulatory collaboration to establish unified legal compliance standards;

Deepening cooperation mechanisms among financial institutions: Encouraging traditional banks to collaborate with digital asset platforms to provide more convenient asset trading and payment channels;

Promoting the application of real asset tokenization: Optimizing infrastructures like the Canton Network to expand the range and efficiency of traditional financial assets on-chain;

Cultivating the integration of investment and credit scenarios: Expanding the application of digital assets in financial products such as mortgages and pension accounts;

Enhancing market education and risk awareness: Helping investors and regulators develop a comprehensive understanding of the volatility, holdings, and compliance of crypto assets.

The integration of cryptocurrencies into traditional finance is no longer a conceptual hype but a tangible emerging financial practice. Through the coordinated advancement of institutions, technology, and markets, digital and traditional assets will jointly build a more efficient, inclusive, and transparent financial ecosystem in the future.

Related: Hong Kong introduces new regulations for cold wallet crypto asset custody, with a comprehensive upgrade of regulatory standards.

Original: “Integration of Cryptocurrency into Traditional Finance: Regulatory Progress and Practical Pathways”

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