Venture capital firm Hashed has released its report, "The Protocol Economy: 2026 Thesis," highlighting 2025 as a pivotal year for the crypto industry, transitioning from storytelling to execution. The report emphasizes that real users, transaction volumes, and revenues are becoming the core metrics for evaluating the sector, with stablecoins emerging as the foundational infrastructure for real-world applications. Looking ahead to 2026, Hashed anticipates a surge in applications connecting with the real economy. The report suggests that AI will transform Web3 development and interaction, while privacy will become a major structural issue following scalability. Stablecoins are expected to evolve from payment tools to essential corporate working capital infrastructure. Additionally, Real World Assets (RWA) are projected to achieve scalable application, with on-chain private credit and sustainable yield markets rising. ETH and BTC will remain key indicators of risk cycles.