In the latest episode of Dorsum Expert Talk, Kanti Péter, Head of Blockchain and Digital Assets at Dorsum, sat down with Ivan Wu, Researcher at The Block, to reflect on one of the most turbulent and contradictory years the digital asset industry has seen. Their conversation not only unpacked the complexity of 2025 but also provided a grounded outlook on what might define the coming year.
A Year of Contradictions
If a single word could capture 2025 in crypto, it would be conflicted. The year produced moments of exuberance, with the total market cap touching approximately $4.3 trillion, only to dive to nearly half that value by year‑end. Bitcoin, after several roller‑coaster swings, ultimately finished the year marginally in the red — a symbol of how uneven and unstable the broader picture was.
Sentiment across crypto‑native communities mirrored this volatility. Crypto Twitter oscillated between euphoric optimism and sharp pessimism, sometimes within the span of days. Yet behind the emotional tides, a deeper story was unfolding: one of quiet, steady progress.
The Institutional Engine Keeps Running
Despite the shaky markets, institutions did not slow down. In fact, they accelerated. According to Ivan Wu’s observations, financial giants spent much of 2025 actively hiring crypto and blockchain specialists, signalling that their interest had matured beyond experimentation.
A notable shift took place: institutions no longer wanted to run endless proof‑of‑concepts. Instead, they began asking how to bring production‑ready, on‑chain solutions to life. From fund administration to settlement and collateralization, the focus moved toward deploying real, operational products rather than theoretical pilots.
This hunger for progress also exposed a widening talent gap. As Ivan put it, institutions now need people who not only understand markets, but can truly grasp the technical foundations of blockchain systems. Demand for crypto‑native expertise has never been greater.
AI Steps Onto the Blockchain Stage
The conversation also highlighted one of the most promising developments: the rise of AI‑enhanced smart contract auditing. With OpenAI and other leaders publishing new research on automated auditing capabilities, the industry is entering a new era where intelligent systems can help detect vulnerabilities faster and more accurately than before.
This is especially important in a space where “vibe coding” — shipping code without robust security checks — has caused countless exploits and losses over the years. AI offers the possibility of more reliable, scalable, and comprehensive audits, while still working hand‑in‑hand with human expertise. The intersection of AI and blockchain security will likely become a defining theme of the next few years.
2026: A Year of Utility and Maturity
As the discussion moved toward the year ahead, both experts agreed that 2026 will be shaped less by hype and more by meaningful utility.
Stablecoins are expected to continue their steady rise. Their position as the backbone of on‑chain value transfer is becoming more entrenched, and their adoption by institutions will only accelerate this momentum. Tokenized assets — from T‑bills to equities — are also poised for expansion, driven by both investor interest and institutional innovation.
However, the truly transformative change won’t come from simply tokenizing these assets, but from actually using them on-chain. Will tokenized T‑bills be deployed as collateral in DeFi protocols? Will tokenized equities be actively traded or integrated into automated strategies? These questions point to the real frontier of tokenization: functional utility, not just digital representation.
This evolution still faces bottlenecks, including regulatory interpretation, liquidity challenges, and the integration of legacy systems with blockchain infrastructure. Even so, both Péter and Ivan see clear momentum. For the first time, we may see meaningful institutional transaction volume happening on-chain — not as pilots, but as routine operations.
The Foundation for the Future
Despite the turbulence of 2025, the industry left the year stronger than it entered it. Under the noise of market cycles, the foundations of long‑term adoption continued to solidify. As we step into 2026, the focus is shifting toward pragmatic implementation, cross‑industry collaboration, secure infrastructure, and real-world use cases that extend far beyond speculation.
This blend of maturing technology, institutional readiness, and AI‑driven security innovation sets the stage for a year where the digital asset ecosystem becomes more functional, more reliable, and more deeply integrated into global finance.
Want the Full Story?
This article only scratches the surface of the insights shared in the conversation.
To hear Kanti Péter and Ivan Wu discuss these topics in depth, tune in to the latest episode of the Dorsum Expert Talk podcast. Highly recommended for anyone following the evolution of blockchain, tokenization, and institutional digital asset strategies.
Listen to the full podcast episode here:
