Token2049迪拜：稳定币是关键基础设施，加密行业从猜测转变为实际应用

这份由Tiger Research撰写的报告对Token2049 Dubai会议的主要趋势进行了深入分析，表明Stablecoins正在成为关键基础设施

This report, written by Tiger Research , provides an in-depth analysis of the key trends from the TOKEN2049 Dubai Conference.

Tiger Research撰写的这份报告对Token2049 Dubai会议的主要趋势进行了深入分析。

According to the research report , TOKEN2049 Dubai 2025 once again consolidated its position as the world's top crypto industry event, attracting more than 15,000 participants from more than 160 countries . The two-day conference covered a series of high-level speeches and discussions, reflecting the evolution of market dynamics and the rise of emerging trends.

根据研究报告，Token2049 Dubai 2025再次巩固了其作为世界上最高加密行业活动的地位，吸引了来自160多个国家 /地区的15,000多名参与者。为期两天的会议介绍了一系列高级演讲和讨论，反映了市场动态的演变和新兴趋势的兴起。

As an important forum in the industry, TOKEN2049 is regarded as a barometer of the future direction and narrative shift of the Web3 market. This report systematically reviews the main contents of TOKEN2049 Dubai 2025, categorizes and deeply analyzes some important announcements according to core themes, and captures the changes in the overall priorities of the ecosystem, providing strategic insights to help interpret the future potential direction of the industry.

作为行业中的重要论坛，Token2049被视为Web3市场未来方向和叙事转变的晴雨表。该报告系统地回顾了Token2049 Dubai 2025的主要内容，根据核心主题对一些重要的公告进行了分类并深入分析，并捕获了生态系统整体优先事项的变化，提供了战略洞察力，以帮助解释行业的未来潜在方向。

2. Emerging trends: What does the agenda reveal?

2。新兴趋势：议程揭示了什么？

TOKEN2049 Dubai 2025 covers a wide range of blockchain topics, fully demonstrating the evolution of industry priorities. Infrastructure-related topics account for the largest proportion (15.7%), followed by AI (11%) . Although the initial enthusiasm around AI agents has cooled, the continued integration efforts of AI and blockchain show that this topic is still structurally important.

Token2049迪拜2025涵盖了各种区块链主题，这充分证明了行业优先事项的发展。与基础设施相关的主题占最大比例（15.7％），其次是AI（11％）。尽管对AI代理的最初热情已经冷却，但AI和区块链的持续整合工作表明，该主题在结构上仍然很重要。

It is worth noting that the combined proportion of stablecoins (8.7%) and real assets (RWA, 5.5%) has exceeded AI . This reflects the market's growing interest in blockchain applications with direct practicality. In particular, stablecoins have attracted much attention due to their actual value in payment and settlement, while RWA has become a leading category of next-generation blockchain applications.

值得注意的是，稳定币（8.7％）和实际资产（RWA，5.5％）的总比例已超过AI。这反映了市场对具有直接实用性的区块链应用的日益兴趣。特别是，由于稳定​​的付款和结算价值，Stablecoins引起了很多关注，而RWA已成为下一代区块链应用程序的领先类别。

In this year's DeFi discussion, the industry's perspective is more mature than in previous years. Instead of focusing on replacing traditional finance, the focus of the discussion has shifted to how decentralized systems can complement existing institutions. This is also consistent with the industry's overall trend towards regulatory involvement and institutional adoption.

在今年的Defi讨论中，行业的观点比往年更加成熟。讨论的重点不是专注于取代传统财务，而是转向了分散的系统如何补充现有机构。这也与该行业的监管参与和机构采用的总体趋势一致。

One notable change is the growing attention paid to the Solana ecosystem . Despite suffering a major blow during the FTX debacle, the Solana ecosystem has successfully rebounded and is now even more popular on the scene and in technical discussions than Ethereum. This shift in ecosystem dynamics is worth paying close attention to and has the potential to be an inflection point in the Layer 1 blockchain landscape.

一个值得注意的变化是对Solana生态系统的关注日益增长。尽管在FTX崩溃期间遭受了重大打击，但Solana生态系统已经成功反弹，现在在现场和技术讨论中更受欢迎，而不是以太坊。生态系统动态的这种转变值得关注，并有可能成为第1层区块链景观中的拐点。

Overall, the main stage of the conference showed a more down-to-earth and pragmatic way of thinking . Although eye-catching elements such as meme coins and celebrity appearances still exist, they are only secondary. The core discussions revolve around long-term growth drivers, including regulation, financial integration, infrastructure construction and artificial intelligence.

总体而言，会议的主要阶段表明了一种更务实和务实的思维方式。尽管仍然存在诸如模因硬币和名人露面之类的引人注目的元素，但它们只是次要的。核心讨论围绕着长期增长驱动因素，包括法规，金融整合，基础设施建设和人工智能。

3. Deep changes beyond the spotlight

3.深度变化超出了聚光灯

As in previous years, the most meaningful developments often occurred off the stage. Side events and closed-door meetings revealed deeper industry dynamics, strategic reshaping, and fundamental shifts in direction—factors that often had a profound impact on the market long before the public narrative.

与往年一样，最有意义的发展通常是在舞台上发生的。附带事件和闭门会议揭示了更深层次的行业动态，战略性重塑以及方向的根本转变，这些因素通常会在公众叙事之前对市场产生深远的影响。

3.1 Stablecoins have become infrastructure

3.1 Stablecoins已成为基础设施

Stablecoins have now been established as the core infrastructure of the digital economy and are seen as a key opportunity in the Web3 space. There is a growing view that stablecoin transactions will expand from on-chain activities to the real economy, potentially forming a trillion-dollar market. This prospect has attracted more and more participants to enter the stablecoin space.

现在已经将Stablecoins确定为数字经济的核心基础设施，并被视为Web3领域的关键机会。越来越多的观点是，Stablecoin交易将从链上的活动扩展到现实经济，可能形成万亿美元的市场。这一前景吸引了越来越多的参与者进入Stablecoin空间。

As this view solidifies, the industry's focus has shifted from simple integration to control of the payment layer. The goal is not just to stop at the issuance stage, but to extend to building end-to-end financial infrastructure. Web3 projects and institutions are stepping up their efforts to take a leading position in the stablecoin technology stack.

随着这种观点巩固，行业的重点已经从简单集成转变为控制支付层。目标不仅是在发行阶段停止，还要扩展到建筑物端到端的金融基础设施。 Web3项目和机构正在加紧努力，以在Stablecoin Technology Stack中处于领先地位。

Although still in its early stages, this shift has already driven ecosystems such as Solana, Tron, and TON to accelerate their efforts to establish themselves as foundational settlement platforms. Their strategies are not limited to the issuance of stablecoins, but also cover wallet development, payment infrastructure construction, and institutional adoption.

尽管仍处于早期阶段，但这种转变已经驱动了诸如Solana，Tron和Ton之类的生态系统，以加速他们作为基础和解平台的努力。他们的策略不仅限于签发稳定的策略，还涵盖了钱包的开发，支付基础设施建设和机构采用。

3.2 AI in Crypto: Exciting but Still Experimental

3.2 AI在加密货币中：令人兴奋但仍在实验

A general tone of caution prevailed in the discussion on AI . Many participants pointed out that the gap between market enthusiasm and the maturity of current technological development is widening. In particular, some AI agent projects have been criticized for lacking clear use cases, further deepening the perception that much of the activity in the field is still speculative.

关于AI的讨论，普遍的谨慎态度占了上风。许多参与者指出，市场热情与当前技术发展的成熟度之间的差距正在扩大。特别是，一些AI代理项目因缺乏明确的用例而受到批评，进一步加深了人们认为该领域的大部分活动仍然是投机性的看法。

Despite these concerns, there is long-term confidence in the potential role of Web3 in the AI market. Concepts such as decentralized AI computing and open-source agent frameworks are seen as areas with real potential. These are seen as long-term opportunities rather than short-term trends and are expected to gradually gain traction after the current market noise subsides.

尽管有这些担忧，但人们对Web3在AI市场中的潜在作用仍然有信心。分散的AI计算和开源代理框架等概念被视为具有真正潜力的领域。这些被视为长期机遇，而不是短期趋势，预计在当前的市场噪声消退后会逐渐获得吸引力。

While AI continues to attract widespread attention, most attendees agreed that the field should be

尽管AI继续引起广泛的关注，但大多数与会者都同意该领域应该是