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Four Pillars
Abstract Away, Build the Real Blocks
: : [Report] 2026 Outlook: Restructuring
Perspectives from Four Pillars researchers
Written by @FourPillarsFP
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2025 marked the first year in which the crypto market began to be redefined under clearly articulated rules. With the institutional foundation being put in place, token models that had long gravitated toward narrative-driven or overly financialized structures are being reconstructed based on fundamental value once again.
This is not merely a recovery phase or the start of a new bull cycle; it represents a broader transition in which the entire crypto ecosystem is moving toward new operating principles and new economic models. This is why we define 2025 as a year of Restructuring.
In 2025, the market is undergoing rapid restructuring, and the ability to read the depth of this shift will determine who holds the advantage in the next cycle. With this context in mind, this report captures the perspectives of each Four Pillars researcher on how they foresee the market in 2026. We hope that our insights serve as a useful guide as you navigate the crypto ecosystem in the coming year.

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: : [Report] The New Financial Order: How RWAs and Stablecoins Are Reshaping Financial Infra
Written by @FourPillarsFP, Hashed Open Research, Shinhan Securities, Bae Kim Lee LLC
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The global financial system is reorganizing around RWAs and stablecoins. Absent timely legislation and a coherent national strategy, Korea risks becoming not an architect of the digital financial era but a user of systems designed elsewhere. The “Digital G2” vision advanced in our earlier reports remains attainable only if Korea actively helps shape the protocols of this new financial infrastructure.
This report sets out a blueprint for a future structured around RWAs and reaffirms the indispensable role of stablecoins as the engine of this ecosystem. Through these two pillars — RWAs and stablecoins — we outline strategic directions for Korea to establish leadership in the next generation of global finance.
▫️ Introduction: The Future Economy Needs Future Money
▫️ PART 1. Digital Transformation and the Inevitability of RWA
▫️ PART 2. The Issuance of Local Stablecoins and Asset Tokenization Must Proceed Simultaneously
▫️ PART 3. Issuance & Strategy of Global RWA Platforms
▫️ PART 4. Korean RWA: Security Tokens
▫️PART 5. Legal Structures of Real-World Asset Tokenization and Proposed Regulatory Framework in Korea

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