Amid the unprecedented transformation of the global financial system, blockchain technology is evolving from a fringe innovation to a core infrastructure, driving deep integration between traditional finance (TradFi) and crypto finance. In 2025, on July 31, U.S. Securities and Exchange Commission (SEC) Chairman Paul S. Atkins officially announced the launch of the “Project Crypto” initiative, aiming to make the United States the global crypto capital.

The core of this plan is to migrate stocks, bonds, U.S. dollars, and other assets entirely onto public blockchains, and to create a “super app” model where traditional securities trading, crypto assets, stablecoin payments, DeFi lending, and other financial services can be completed on a single platform.

This not only signals a fundamental regulatory shift but also heralds a systemic transformation in settlement architecture, asset formats, and trading ecosystems.

The programmability, openness, and global nature of blockchain make it inherently suited to serve as the foundation for next-generation financial infrastructure. The growth curve of global active crypto addresses is approaching the pace the internet saw when it neared one billion users, while stablecoin transaction volumes have already surpassed those of some traditional fiat systems.

With regulatory clarity advancing, TradFi is fully entering the space, focusing on three key directions:

1. Tokenized Deposits
   Cross-border payments and treasury settlements have been shortened from days to seconds, significantly reducing operational and reconciliation costs while unlocking the capital efficiency of idle funds.

2. Settlement Infrastructure Upgrade
   Leveraging Layer 2 technology (e.g., zkSync) to enable near-real-time cross-border settlements and repo market operations, providing virtually latency-free capital flows for global markets.

3. Tokenized Collateral
   Turning bonds, notes, and similar instruments into programmable assets to unlock liquidity, lower capital buffers, and directly integrate them into on-chain financial markets for reuse.

This trend is already taking shape worldwide. BlackRock’s BUIDL wraps off-chain funds as tokenized products; Franklin Templeton’s BENJI uses blockchain directly as its registration and settlement system, distributing across multiple chains such as Aptos, Arbitrum, Avalanche, Base, Ethereum, Polygon, Solana, and Stellar.

Furthermore, these tokenized funds are being integrated into DeFi protocols (e.g., Morpho Blue) as yield-generating collateral. Meanwhile, stablecoin payment networks are rapidly replacing traditional cross-border channels like SWIFT, with Revolut and Nubank incorporating the Lightning Network to boost transaction speeds.

With Project Crypto improving the regulatory environment, capital markets are reopening their windows, ushering in a new IPO wave for centralized exchanges. Kraken, Gemini, Bullish, and others have announced listing plans, which not only enhance financing capabilities but also impose stricter transparency and compliance requirements.

In this new competitive arena, evaluating a trading platform’s long-term potential goes beyond trading volumes, requiring a holistic view of revenue diversification, data integrity, compliance, and user stickiness.

Coinbase is a prime example of successful transformation. In 2021, nearly all of its revenue came from trading fees—a business model highly dependent on market volatility. By Q2 2025, trading income had dropped to 51%, subscriptions and services had grown to 44%, and the remaining 5% came from interest income. This diversification greatly improved business stability and resilience.

At the same time, trading volume authenticity is becoming increasingly important to investors. Practices like wash trading or volume inflation not only mislead markets but also distort valuations. Tools like Coin Metrics’ transaction authenticity verification are becoming key reference points for institutional evaluations.

The future of exchange competition will center on compliance, transparency, business diversification, and liquidity stability.

Among diversified exchange strategies, on-chain U.S. stocks and stock tokenization are becoming hot new sectors. This “Web2.5 hybrid innovation” combines the investment logic of traditional assets with blockchain’s openness and composability—retaining the maturity of TradFi mechanisms while introducing the flexibility and interoperability of DeFi.

On-chain U.S. stocks directly address pain points in traditional markets:

• High account opening thresholds

• T+2 settlement delays

• Limited trading hours

• Complex U.S. dollar conversions for global investors

• High barriers for fractional and portfolio investing

• Inability to use stocks as collateral or for on-chain liquidity

Tokenized securities solve these issues through 24/7 trading, distributed custody to reduce single-point risk, composability for lending and DEX market-making, and deep integration with stablecoin ecosystems.

Representative cases include:

• Dinari: compliant custody and tokenized U.S. stock mapping

• Backed Finance: stock tokens on Solana

• Robinhood: trialing on-chain securities in the European market

• Models like Vote and sTSLA: staking stock tokens in DeFi for yield generation

All follow a shared principle: introducing traditional securities into on-chain ecosystems under a compliant framework to build multi-layered, composable financial applications.

Faced with both the deep entry of TradFi and the restructuring of the crypto industry, Nivex has chosen to upgrade from a “crypto exchange” to a “multi-asset on-chain operating system.”

Technology Core
Nivex centers its architecture on an AI strategy engine that integrates on-chain data, macroeconomic factors, quantitative signals, and expert strategies to create actively managed yield solutions. Through open APIs and SDKs, it enables banks, brokerages, asset managers, and payment platforms to quickly access intelligent on-chain asset management capabilities.

Compliance & Infrastructure
Nivex actively aligns with multiple regulatory regimes, seeks licensing, and builds transparent, auditable on-chain trading and custody frameworks—ensuring compliance while maintaining the openness and composability of on-chain finance.

Cross-Border & Stablecoin Ecosystem
By combining stablecoins with on-chain assets, Nivex delivers end-to-end solutions covering deposits, trading, and yield distribution, with tailored services for high-growth markets in Asia, the Middle East, and Latin America.

When blockchain becomes part of the core infrastructure of TradFi, and when “super apps” gain regulatory recognition, the competitive dynamics of global finance will be rewritten. For exchanges, this marks a structural shift from mere matching engines to full-spectrum asset platforms.

Nivex aims to seize this historic opportunity—leveraging AI strategies, regulatory readiness, and multi-asset coverage—to secure an irreplaceable position in the new era of on-chain multi-asset operations, becoming the key bridge between TradFi and Web3.