Standard Chartered and Ant Group's collaboration has recently reignited. There's actually a lot to ponder behind this—are traditional big finance entering crypto to embrace the industry? Or rather, is it more about trying to incorporate crypto into their existing rules?

Looking at the trends over the past few years makes it clear. The so-called "blockchain applications" launched by big institutions appear impressive on the surface, but what's the reality? They're essentially just a new packaging of traditional finance. Standard Chartered's tokenized deposits, JPMorgan's tokenized funds—all of these are built on private or permissioned blockchains, with the core logic being one word—control. In contrast, what should true blockchain look like? Using public chains, emphasizing decentralization, and resisting censorship. The two are fundamentally different.

Retail investors need to stay grounded in this wave. There are three key things to pay close attention to.

**First, distinguish between a "tool" and a "revolution."** The examples of Standard Chartered, JPMorgan, and others are tools—aimed at improving efficiency in traditional finance, nothing more. The truly revolutionary assets are those driven by public blockchains, capable of breaking free from traditional financial constraints. Don't confuse the two.

**Second, don't be blinded by "compliance."** Big institutions are experts at this—they use "compliance" as a cover, and "technological innovation" to mask monopolies. Their "security products" sound good, but you need to see the costs clearly: assets may be frozen, transactions censored, and users may not truly own their assets. This is just moving you from one cage to another. The core advantage of crypto is its ability to bypass these restrictions. Without that, what’s the difference between it and traditional assets?

**Third, focus on native assets like Bitcoin and Ethereum.** Market narratives can be confusing, but the safest approach is to stick to the core. Bitcoin and Ethereum have withstood years of market testing and are the most resilient. Compared to those seemingly sophisticated "compliant products," these two are your safe anchors.

Essentially, this game is a dialogue between traditional order and crypto ideals. Big capital wants a share, but retail investors should not follow the trend blindly—they need to understand the rules of the game and then decide how to play.