For over a decade, Bitcoin has gradually established its position as the world's primary digital asset. It is revered as "digital gold," serving as a tool to hedge against inflation, market volatility, and monetary policy risks. However, despite its fame, approximately 87% of Bitcoin remains idle globally—sleeping in wallets, stored in cold storage, or resting on corporate balance sheets, failing to create value.

This status quo is about to change, and the impact of this transformation will reshape the world's perception of Bitcoin: it will no longer be just a speculative asset but will become the cornerstone of a new type of operating capital.

​​Macroeconomic Shift: The Era of Institutions Pursuing BTC Returns Has Arrived​​

Global financial institutions are granting Bitcoin legitimate status. Public companies like Tesla and MicroStrategy have collectively held $87 billion in Bitcoin spot. Bitcoin spot ETFs attracted institutional inflows of 1.13 million BTC (approximately $107 billion) in their first year, and hedge funds and asset management companies are also accelerating their layouts in Bitcoin derivatives.
But a deeper question arises: What if Bitcoin's value goes beyond just price appreciation?

Scarcity, anti-fragility, and the ongoing integration with traditional finance make Bitcoin an ideal asset for allocation. However, institutional demand is shifting from passive holding to active utilization—asset management companies, corporate treasuries, and family offices are beginning to explore lending strategies to activate Bitcoin reserves for additional returns. This shift aligns with three major trends: a low-interest-rate environment in traditional finance, a surge in demand for digital-native financial tools, and a growing appetite for programmable scarce assets. Once viewed as a static store of value, Bitcoin is being redefined as the infrastructure for institutional capital efficiency.

​​Asia Leads the Global Bitcoin Financialization Process​​

As institutional demand rises, Hong Kong, the UAE, and Singapore are forming three major hubs for Bitcoin innovation. Clear regulatory frameworks, robust infrastructure, and government support are giving these regions a competitive edge:

• The Hong Kong Securities and Futures Commission was the first to approve Bitcoin spot ETFs and opened a fund tokenization sandbox.
• The Monetary Authority of Singapore is advancing the "Guardian Program" pilot to simplify the RWA tokenization process.
• Japan's Financial Services Agency has relaxed restrictions on the listing of overseas stablecoins, enhancing public accessibility.

These regulatory breakthroughs not only foster innovation but also lay the institutional groundwork for Bitcoin to become a core component of modern finance.

​​Institutional Practices: Three Paths to Activate Bitcoin Capital​​

Currently, institutions are primarily releasing Bitcoin value through three methods:

1. ​​Wrapping BTC​​: Cross-chain mapping of BTC through custodians, but it carries counterparty risks and transparency issues.
2. ​​Alliance Bridge Solutions​​: While enhancing decentralization, it faces challenges in balancing liquidity and security.
3. ​​Bitcoin Native Layer​​: Expanding functionality while maintaining decentralization and security is becoming the optimal solution.

This is precisely the vision that Stacks aims to achieve. As a Bitcoin layer-two network focused on smart contracts and capital deployment, Stacks is reshaping institutional perceptions of Bitcoin—it is not just a store of value but also the foundation for building real financial applications.

​​Stacks Practice: Making Bitcoin Productive Capital​​

Stacks adds smart contract and decentralized application capabilities to Bitcoin without altering its underlying protocol. Its core innovation, sBTC, is a 1:1 Bitcoin-pegged asset that allows users to engage in lending, DeFi strategies, and other operations within the Stacks ecosystem, achieving capital efficiency for the first time on the Bitcoin base layer. Currently, over 5,000 BTC are participating in yield generation through sBTC, with Asian institutions like Aspen Digital and SNZ actively promoting regional implementation.

​​Asia Builds a New Paradigm for Bitcoin Finance​​

Despite global differences in opinion on Bitcoin, several Asian countries have initiated groundbreaking practices:

• The Hong Kong Securities and Futures Commission has clarified the issuance rules for Bitcoin ETFs, opening up crypto-structured products to retail investors.
• The UAE has established a crypto innovation magnet through VARA, implementing an efficient licensing system.
• Thailand has implemented a five-year crypto tax exemption for venture capital institutions, accelerating the development of digital assets in Southeast Asia.
• Institutions like Shinhan Bank in South Korea have launched stablecoin payment pilots, with World Vision Korea becoming the first compliant non-profit organization for crypto trading.

These regions are not only embracing Bitcoin but are systematically integrating it into modern financial infrastructure.

​​A New Chapter for Bitcoin: From Holding to Allocation​​

For institutions, holding Bitcoin is just the starting point. With innovations like sBTC and Stacks, investors are building a new financial system based on Bitcoin. As infrastructure improves and regulations become clearer, Bitcoin yield mechanisms will open up to more institutions. The global capital landscape is undergoing a paradigm shift from "holders" to "allocators."

This is far from a simple narrative upgrade—Bitcoin will transcend its role as a store of value to become deployable and creatable active capital. For financial institutions, this is not just an investment opportunity but a strategic window to participate in shaping a future financial system built on Bitcoin.

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