Moody's, the rating agency, recently released the "2026 Digital Finance Outlook" report, giving us an interesting perspective — blockchain technology will fundamentally change the way financial services operate next year.

The core message of the report is straightforward: blockchain-based technology is no longer just a niche innovation but is set to become a key layer of infrastructure in the financial industry. In other words, from the perspective of traditional financial institutions, blockchain is transforming from a novelty into an essential tool.

The most noteworthy developments are the practical applications of stablecoins and tokenized assets. The report points out that by 2025, these have already seen real-world use cases in payment clearing and liquidity management. Especially in the areas of tokenized issuance and programmable settlement, they are reshaping operational efficiency — accelerating asset realization and significantly reducing reconciliation costs.

In terms of specific applications, sectors like transitional finance, private credit, and emerging markets, which were once independent, are forming a unified digital ecosystem under the connectivity of blockchain. The report even mentions that tokenized U.S. Treasury products are already being hosted and operated on digital platforms. This is not a future concept but a current reality.

Of course, Moody's does not shy away from risk issues. Operational risk, regulatory risk, cybersecurity risks — all are explicitly listed. But the report's stance is clear — despite these challenges, the adoption of new technologies will continue to expand in 2026.

Cristiano Ventricelli, Vice President of Digital Assets at Moody's, succinctly captured the key point: the development of stablecoins, tokenization, and blockchain technologies is not isolated but interacts and reinforces each other. This process has only just begun.