Bitwise: Why is top capital crazy about the new chain? The answer is hidden at three

Original title: Canton, Arc, and Tempo

Original by Matt Hougan, Chief Investmentr of Bitwise Officers
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The news of the industry is often mixed. This is a moment of great concern, as there must be a major trend behind it。

Just this Monday, the stabilizer, Circle, announced that Arc had completed $222 million in financing, with an overall estimate of $3 billion. The investor base is luxuriant and includes top-level institutions such as Belet, Apollo Funds and the New York Stock Exchange Platform parent company。

The day before, another emerging block chain, Canton Network developer Digital Assemblyt, sent a financing message: a16z-led investment to raise $300 million in $2 billion in value。

Unprecedented, the Tempo block chain, under the umbrella of Stripe, has long led the track: $500 million in financing, valued at $5 billion, was completed at the end of last year, followed by strategic cooperation with businesses such as DoorDash and Visa。

Arc, Canton, and Tempo are three public chains designed to stabilize the currency and asset monetization scene. This wave of concentrated financing also brings me to three crucial revelations about the encryption industry。

Capital always follows regulatory legislation

All of the hundreds of millions of dollars in financing came after the Genius Act was passed by the United States Congress in July 2025。

I have always believed that, before the bill came to the ground, the United States ' encryption-legislation process was slow and directly slowed down industry investment heat; and that major institutions were reluctant to pre-empt operations and build public-chain infrastructure without a clear regulatory outlook. Today, regulations are being clarified and industry patterns are changing。

No one can be certain that without the Genius Act to protect the escorts, these projects will be able to maintain current valuations and complete large-scale fund-raising, but it is certain that clarity of regulation is an essential catalyst。

For investors, the most interesting question is: How many industry opportunities will be released if the comprehensive market architecture bill for the encryption industry, Clarity, is passed successfully in Congress

The Clarity Bill is much broader than the Genius Bill, and the final text of the Bill has not yet been finalized and it is not possible, for the time being, to accurately prejudge the scope of the impact. However, it can be determined that asset monetization tracks, compliance financial infrastructure will be the most beneficial direction. I also expect that the final version of the bill will simultaneously benefit from the centralization of finance, innovative design, etc., and will still have to wait for the official text to land. The Clarity Bill deserves everyone's constant follow-up。

Privacy protection or will become a phenomenon-level core application

Arc, Canton, Tempo has a common feature and is the largest difference between Solana and the Taiji: all three public chains are built into private trading functions。

This design logic is very relevant as encrypted assets are gradually integrated into the mainstream business landscape. The openness and transparency of the public sector block chain, which was a cornerstone of confidence-building, would instead be short-set in the commercial landscape。

Businesses do not want every outstanding transaction to be made public on the Internet, nor do they want pay flows to be freely searched by anyone through block browsers. At that point, transparency was no longer an advantage, but rather a reality。

Even the strongest proponents of transparency in the block chain have to admit that the business world would have required moderate privacy and confidentiality of information. The three emerging public chains pre-empt privacy functions from the bottom of the design and accurately capture the real needs of traditional institutions. The recent round of high-value financing also confirms that this track has gone in the right direction。

The traditional giants officially ended up competing on the race track

Arc, Canton, Tempo, most of all, is back to top businesses and financial institutions。

• Arc is developed by a listed company, Circle

• The investments behind Canton include Wall Street giants such as Goldman Sachs, Citadel, the United States Depository and Trust Clearing Company (DTCC), NASDAQ, BNY Mellon, Universal and Virtu

• Tempo was created jointly by the payment giant Stripe and the encrypted windfall Paradigm, with the participation of Anthropic, Deutsche Bank, Revolut, Shopify, Visa and OpenAI in project architecture design。

The old card chain is very different: the Etherject was founded by a 19-year-old school dropout at the Bitcoin Forum, and Solana came up with a brilliant vision of high-tech engineers。

It doesn't mean, of course, that traditional giants are going to win, actually, I personally have a longer view of encryption projects. It is undeniable, however, that the entry of banks and large technology enterprises will bring greater capital, greater enforcement and more professional and normative operations to the industry。

Peers competed to grow, and I believe that the pace of innovation and development of the entire encryption industry would be further widened in the two-way competition between giants and primitive projects。

After all, with steel and steel, the competition can lead to progress。

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