Next week's Davos will feature a heavyweight guest. Trump will make his first appearance at the World Economic Forum in six years, and the U.S. pavilion has also officially returned, this time with the largest U.S. delegation in history—these details reveal a clear signal: the focus of discussion is shifting.

Previously, it was all about clashes of ideas; now it has shifted to hardcore infrastructure and institutional building. The changing status of artificial intelligence clearly illustrates this point. In the agenda, it is positioned as "shared infrastructure," with the discussion centered on power distribution and large-scale governance. Policymakers' competition for computing power is no less intense than the competition for oil in the past. Business leaders are pondering how to solidify the foundation of their organizations so they can withstand the next decade—system stability is now more critical than growth rate.

This "system-first" mindset is spreading in the digital finance field. The daily settlement volume of stablecoins has already surged to tens of billions of dollars, and tokenization in capital markets is accelerating. BTC, cryptocurrencies, and related assets have evolved from experimental fields into essential components of financial infrastructure. Last year, the Davos Web3 center released a declaration supporting innovation and accountability, and this year, this direction will be further promoted.

Trump's attendance provides a political support point for this shift. He has always emphasized sovereignty, influence, and competitiveness, and cryptocurrencies happen to sit at the intersection of these three elements. On one hand, they can improve efficiency and promote growth; on the other hand, concerns about regulation and the international status of the dollar remain. Although Davos does not legislate, it is a key venue for setting policy priorities. The return of the U.S. pavilion indicates that this place has already become a forefront stage for leading technology and capital topics.