Korean blockchain venture capital firm Hashed stated that the cryptocurrency market has finally begun to shift from narrative-driven to truly effective products and structures. As stablecoins become the global settlement rails and AI agents rise as autonomous economic participants, 2026 will be the year when digital assets start to behave more like an economy, rather than just a speculative asset class, which will also redefine where capital truly deserves to be invested.
In its (Protocol Economy 2026) report (which is also the company's annual investment thesis), Hashed believes that Asia is the first stage where this transformation is emerging: regulated stablecoin pilots, early AI agent deployments, and the continuously expanding on-chain real-world assets (RWA) and treasury operations are collectively forming the first batch of on-chain enterprise systems.
Hashed points out that the real 'investable frontier' is now anchored in these structural aspects: payments, credit, and settlement are moving onto a programmable track, while applications are evolving into adaptive economic systems driven by stable liquidity and verifiable demand. The company is concentrating capital on teams that have real users and sustainable on-chain activity, rather than relying solely on sentiment and narrative.
Hashed describes this shift as a correction of the past two years: during that time, excess liquidity and speculative capital obscured which foundational layers truly generated practical applications.
The company states that data now clearly points to several areas—stablecoins, on-chain credit, and automated infrastructure—in which activity is a continuous 'compound accumulation,' rather than a brief spike followed by a pullback. This trend is particularly evident in Asia.
Hashed believes that AI will accelerate this transition, as various AI agents can programmatically route payments, manage liquidity, and execute transactions, thereby naturally fostering a demand for transparent settlement tracks.
The next stage of growth will lean towards teams that build systems at the intersection of 'real liquidity and automation'; in this regard, digital assets operate in an economic system rather than merely as speculative targets—this is precisely the direction Hashed plans to bet on.
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