Crypto’s Next Breakout Will Come From Infrastructure, Not Narratives, Hashed Says

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Hashed says the crypto market is finally shifting from storytelling to structure and that 2026 will be the year digital assets start behaving like an economy rather than a speculative category as stablecoins become global settlement rails and AI agents emerge as autonomous economic participants, reshaping where real investable value lies.

In its Protocol Economy 2026 report, which acts as its investment thesis for the year, the Korea-based VC firm argues that Asia is where this transition is becoming visible, with regulated stablecoin pilots, early AI agent deployments, and expanding RWA and treasury workflows forming the first on-chain enterprise systems.

Hashed says the investable frontier is now anchored in these structural layers, where payments, credit, and settlement move onto programmable rails, and applications evolve into adaptive economic systems driven by stable liquidity and verifiable demand. The firm is concentrating capital on teams with real users and compounding on-chain activity rather than projects tied to momentum narratives.

Hashed frames this shift as a correction from the past two years, when excess liquidity and speculative flows obscured which parts of the stack were generating real usage.

The firm says the data now points clearly to stablecoins, on-chain credit, and automation infrastructure as the categories where activity compounds rather than spikes. That trend is especially evident in Asia, where regulators in Korea, Japan, Hong Kong, and Singapore are building frameworks that allow stablecoin settlement, tokenized deposits, and RWA issuance to plug into existing financial systems.

Hashed argues that AI will accelerate this transition because agents can route payments, manage liquidity, and execute transactions programmatically, thereby creating demand for transparent rails.

This next phase of growth will favor builders working at the intersection of real liquidity and automation, where digital assets operate as economic systems rather than speculative instruments – and that is where Hashed will be investing.

BTC: Bitcoin is drifting around $92,000 after failing to hold an overnight move toward $94,000, reinforcing the view from some analysts that it is settling into a low-liquidity range between $85,000 and $95,000.