Foreword: Standing at the financial singularity of 2026, as we enter May 2026, the global financial system is at a delicate and dangerous juncture. With the trend of rising global inflation and the protracted geopolitical game, the traditional "60/40" allocation logic is gradually becoming ineffective amidst the volatility. Recently, JPMorgan Chase announced a further expansion of its on-chain asset settlement business, causing considerable ripples in both traditional finance and the digital asset world. Many habitually interpret this as a "victory for blockchain technology," but from an asset manager's perspective, the truly thought-provoking logic lies in this: when Wall Street giants begin processing trillions of dollars in real-world settlements on-chain, the underlying value logic of digital assets is evolving from "profiting from price fluctuations" to "profiting from system efficiency." This is no longer a story about Bitcoin's rise and fall, but a story about how financial infrastructure is redefining asset value. I. A "Dimensional Reduction Attack" on Settlement Efficiency: What Exactly is JPMorgan Chase Focusing On? In traditional asset management logic, we are accustomed to separating "assets" and "settlement": buying assets is investment, while asset allocation and clearing are back-office operations. However, in the high-interest-rate and high-volatility environment of 2026, this "separation of investment and settlement" model is generating huge friction costs. JPMorgan Chase's expansion of Kinexys' on-chain settlement business has sent a clear signal to the market: mainstream traditional financial institutions no longer regard on-chain assets as experimental "digital toys," but have begun to use them as core financial tools. 1.1 A revolution in asset turnover: In the past, cross-border US Treasury bond collateralized transactions were often constrained by the redundancy of the traditional financial system, resulting in long settlement cycles and high costs. Especially in the current environment of increasingly frequent market fluctuations and extremely rapid global capital flows, large institutions are now racing against time to mobilize funds, utilize collateralized assets efficiently, and manage settlement times between different markets. In the past, these transactions relied primarily on traditional financial systems; however, with tokenized collateral enabled by Kinexys, institutions can now complete cross-border asset transfers instantly. This increased efficiency essentially creates "certainty." When institutions can process settlements in real time, their ability to control liquidity risk undergoes a qualitative change. 1.2 On-chain assets enter "real-world financial scenarios": This means that digital assets have gradually moved beyond the "conceptual stage."As on-chain US Treasury bonds and tokenized deposits become the daily fuel of the Kinexys ecosystem, digital assets, which originally existed only on paper, have truly penetrated the real heart of finance, such as cash management and mortgage lending, evolving into the "main artery" of the global financial system. II. The Transformation of the Return Narrative: Returning to the Common Sense of "Cash Flow Management". In the "wild west" era of digital assets, returns were almost synonymous with "volatility". The market logic at that time was: to obtain a premium by predicting one-sided price movements. However, entering 2026, this return model, which purely relies on market sentiment, is being marginalized by institutional funds. 2.1 The Paradigm Shift from "Cheap Trading" to "Interest-Generating Assets": Previously, institutions approached digital assets primarily as highly elastic "chips" like Bitcoin or Ethereum. But in the evolution of the past two years, more and more institutions have realized that what can truly support long-term, large-scale funds must be assets with endogenous cash flow. This is why the scale of on-chain US Treasury bonds (Tokenized Treasuries) has seen explosive growth since 2024. Institutions like BlackRock's BUIDL and Franklin Templeton are not simply "moving" US Treasuries onto the blockchain for sale. The core logic lies in providing a "24/7 real-time interest-bearing and instantly available" liquidity tool. In traditional finance, US Treasuries are static outside of trading hours; however, on the blockchain, these assets remain "active" even late at night, serving as collateral and instantly participating in global clearing and settlement and interest rate spread capture. 2.2 The True Logic of RWA: Not Just "Tokenization," but "Asset Activation." Many believe that adding RWA (Real-World Assets) to the blockchain is merely to lower the barrier to entry, but this is only superficial. For professional asset management institutions, the true value of RWA lies in the "collateral efficiency premium." In 2025, with the average gold price reaching $3,431 per ounce and repeatedly hitting record highs, we observed that global central banks continued their high-intensity gold purchases, indicating that their logic has shifted from short-term speculation to ensuring the "liquidity and independence" of reserve assets. Similarly, the widespread adoption of on-chain US Treasury bonds and money market funds in 2026 was also due to institutions no longer simply waiting for prices to rise, but instead valuing their "real certainty" across four dimensions: the authenticity of returns, the stability of cash flow, the transformation of holding value, and the seamlessness of fund mobilization. 2.3 Redefinition of Asset Value: Turnover Rate Equals Returns. This shift signifies that the market is returning to basic financial common sense: the value of an asset no longer depends solely on the slope of the price curve, but on the frequency with which it is used within the system.If an asset can only lie in an account waiting to appreciate, its value is static; if an asset can be used as collateral on the blockchain, participating in interest rate spread harvesting, cross-market arbitrage, or settlement offsetting every second, then its "overall rate of return" will be magnified many times by infrastructure efficiency. This is precisely the "new return narrative" defined by giants like JPMorgan Chase and BlackRock using infrastructure such as Kinexys after entering the market: making every penny "working" every second. III. The Second Half of Digital Asset Management: Why is "Asset Management Capability" Becoming a New Moat? When the "liquidity" of assets is instantly activated, the logic of market competition also undergoes a dimensional reduction: if the first half was about who could "buy" good assets, then the second half is about who can "manage" living assets well. 3.1 The Complete Divergence Between Trading Logic and Asset Management Logic: In the market of 2026, we observed an interesting divergence. While native assets like Bitcoin still experience volatility, the operational methods of large funds have fundamentally changed: previous trading logic remained obsessed with Beta (directional speculation), essentially betting on price movements and "relying on luck." In contrast, the core logic of institutional asset management is Alpha (structured returns). Asset management institutions no longer blindly pursue one-sided price increases, but instead construct multi-strategy portfolios, leveraging the 24/7 settlement efficiency of Kinexys to squeeze out "certain" profits through asset liquidity, collateralization, and hedging. 3.2 Three Real Dimensions of Asset Management Competition in 2026: In today's mature infrastructure and near-transparent information environment, the competition among asset management institutions has entered a deeper phase, including refined risk analysis, liquidity penetration, and complementary strategy management. IV. Deshang Qidian Technology's Practice: Returns are a Byproduct of "Structure." From Deshang's perspective, we always adhere to a simple financial common sense: returns are never "chased" back, but rather designed through a reasonable "structure." Today's market competition is no longer about who can drive the fastest growth or who has the strongest sentiment, but rather about how institutional funds integrate these digital assets into their daily portfolio management and return planning. 4.1 Structural Defenses Against "Vulnerability": In a naturally volatile market like digital assets, periods of high returns are not uncommon. The real challenge lies in: when the market environment changes drastically, and when the original one-sided advantages disappear, can your portfolio continue to operate stably? This is why Deutsche Bank and more and more mainstream institutions are beginning to re-examine: "What is behind the returns?""We attempt to break down returns into granular components to understand their underlying vulnerabilities or stability: directional returns (Beta), structured returns (Arbitrage/Basis), and defensive returns (Cash Management). 4.2 From "Can it make money?" to "Can it manage risk?": When these diverse sources of returns appear in a portfolio simultaneously, the true competitive standard in the market has shifted. We believe that the measure of an asset management solution's quality is no longer simply the rate of return, but rather the dispersion of its sources, the transparency of risk, the controllability of volatility, and the complementarity of its strategies. 4.3 Desheng's Structured Asset Management: The Digital Descent of Traditional Logic. This is the underlying reason why Desheng is now committed to promoting "structured asset management." In the market environment of 2026, relying solely on single-directional positions can no longer cover systemic risks in the long term. We are comprehensively introducing the toolkit previously more inclined towards traditional advanced asset management—liquidity stratification, risk boundary isolation, deep decomposition of return sources, and multi-strategy matrix configuration—into the digital asset field. 4.4 Conclusion: Long-termism in management." As more and more institutional funds enter this sector and intend to participate long-term, the ultimate competition in the market is no longer about "who can catch a single market trend," but about who can manage returns, risks, and liquidity in the long run. From Deshang's perspective, digital assets are no longer a sprint, but a marathon that demands extreme precision. V. Conclusion: Building Certainty Amidst Volatility. Looking back, it's clear that the second half of the digital asset era is a competition about "respecting common sense." In the past, we pursued "explosive growth"; now we pursue "endurance." In the past, we were obsessed with "one-sided market trends"; now we cultivate "management structure." In the past, we gambled on "luck"; now we manage "certainty." In the ever-changing world of 2026 and beyond, where macroeconomic expectations and geopolitical risks intertwine, what truly differentiates us is no longer how many times a certain asset class can rise, but whether our asset management system possesses the resilience to withstand uncertainty. "No longer just about betting on rises and falls"—this is not just a slogan, but Deshang Singularity Technology's solemn response to this era. [Deshang Singularity Technology]