Since 2014 to 2024, cryptocurrencies have experienced a decade of wild growth. Now, in 2025, the story has changed—from the era of gold rush to the period of institutional development.

Think about the appearance of traditional top private banks. What do they need? Privacy. No one should know your account size, your trading counterparties. At the same time, regulators must be able to see that every transaction is legitimate. These two requirements seem contradictory but are actually the underlying logic of all asset transactions.

Now, here’s the question. For example, public blockchains like Ethereum are completely transparent. Your balance, transfer records, are all on-chain for anyone to view. This is fine for daily transactions, but for institutional investors, it’s a nightmare—large positions can be tracked in real-time by bots, and arbitrageurs swarm in. Conversely, private blockchains, while protecting privacy, become liquidity deserts due to their isolation.

Security tokens require something else—similar to smart tinted glass. Transparent in front of regulators, yet frosted for market participants. This is not just a luxury but a necessity in the era of RWA (Real-World Asset) explosion.

Why? Three reasons.

First, privacy and compliance are not mutually exclusive. Privacy protection is crucial when institutions enter—once a position is exposed, the market reacts immediately, and costs skyrocket. But regulators ask: who is trading? Where does the money come from? If these two constraints can be achieved on the same chain, it will be true infrastructure.