[Grayscale Research Director: Bitcoin Will Benefit from the Stablecoin and Tokenization Wave] According to a report by Golden Finance, on February 26, Grayscale Research Director Zach Pandl published an article stating that stablecoins and tokenized assets are the two major trends driving the adoption of public blockchains today. The growth of these application scenarios will most directly benefit smart contract platforms (such as ETH, SOL, SUI, BNB, AVAX, CC) and key middleware technologies (such as LINK). Although Bitcoin currently does not support stablecoins or tokenized assets (though it may offer support on Layer 2 networks in the future), Bitcoin remains the foundational asset of the crypto ecosystem. If stablecoins and tokenized assets demonstrate the powerful capabilities of blockchain technology, users and capital are highly likely to be drawn to Bitcoin. In a market environment dominated by Ethereum, Solana, and other smart contract platforms, Bitcoin's dominance may decline. However, it is hard to imagine a scenario where the crypto asset class grows significantly without an increase in BTC's price.