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 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 ideological clashes; now, it’s turning toward hardcore infrastructure and institutional building. The changing status of artificial intelligence clearly illustrates this point. In the conference agenda, it is positioned as "shared infrastructure," with the discussion centered on power distribution and large-scale governance. Policymakers’ competition for computing power is as intense as the historic oil race. Business leaders are pondering how to solidify their organizational foundations to withstand the next decade—system stability is now more critical than growth speed.

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

Trump’s presence provides political support 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, concerns about regulation and the international status of the dollar remain. While Davos does not legislate, it is a key venue for setting policy priorities. The return of the U.S. Pavilion indicates that this has become a leading stage for discussions on technology and capital topics.