PANews reported on May 13th, citing The Block, that Bitwise CIO Matt Hougan stated that three blockchains focused on stablecoins and tokenization—Arc, Canton, and Tempo—have collectively raised over $1 billion, highlighting the growing institutional demand for privacy-centric crypto infrastructure. Circle recently raised $222 million for Arc, valuing it at $3 billion; Digital Asset is reportedly raising $300 million at a $2 billion valuation; and Tempo, backed by Stripe and Paradigm, previously raised $500 million at a $5 billion valuation. Hougan pointed out that this funding wave reflects three major trends: clearer US regulations, increased institutional demand for privacy deals, and intensified competition in enterprise-backed crypto networks. As crypto enters mainstream finance, fully transparent public chains like Ethereum and Solana are seen as a "flaw rather than a feature" for enterprise users and consumers, and privacy may become the next "killer application" for crypto. The passage of the GENIUS Act has significantly boosted institutional confidence in investing in crypto infrastructure.