Digital assets are entering a new phase of adoption, marked by a shift away from experimentation toward commercially viable use cases, according to private equity giant Apollo.
The industry is moving beyond years of pilot projects and proof-of-concept initiatives, with institutions now focusing on building scalable businesses around blockchain technology, Christine Moy, a partner at the firm, said at the ETHCC 2026 conference in Cannes, France.
Her comments reflect a broader change in sentiment among institutional investors, who have historically approached digital assets cautiously despite repeated waves of optimism around adoption.
Experimentation to execution
Speaking on a panel, Moy said previous announcements often failed to translate into sustained commercial activity. That dynamic is now changing, with market participants placing greater emphasis on practical applications such as tokenization, stablecoins and infrastructure development.
"But I feel like now, we are kind of at an inflection point," Moy said. "People care less about trying to build prototypes and more about creating durable, scalable businesses that matter."
She added that the industry has moved beyond sandbox programmes that some people call "innovation theatre," where projects were often driven by signalling an intent rather than long-term viability, toward a more sustainable path.
Institutional adoption emerging
Moy said the current environment differs from earlier periods in which institutional involvement was frequently anticipated but slow to materialize beyond .
She said commercial use cases are now emerging across areas such as payments, asset tokenization and capital markets infrastructure, suggesting that adoption is becoming more tangible.
While she did not point to a single catalyst, Moy said the cumulative effect of improved technology, clearer regulation and sustained industry investment is contributing to the shift.
The change comes as large financial institutions increasingly explore blockchain-based systems for settlement, liquidity management and asset issuance.
Focus on scale
Moy said participants still building in blockchain are now focused on long-term business outcomes rather than short-term visibility.
She suggested that the sector is entering a more disciplined phase, where success will be defined by the ability to generate revenue and scale operations rather than demonstrate technical capability.
The shift also reflects competition from other emerging technologies, particularly AI, which has drawn attention away from blockchain in recent years. Moy said this may ultimately benefit the sector by filtering out speculative activity and reinforcing a focus on practical deployment.
