2026 Outlook: Restructuring - Heechang's Perspective

Key Takeaways

• Until 2025, many of the assets moving onchain were merely imagination. Now they are taking on clear direction and becoming reality. Across the three axes of what money looks like, what money means, and where money is used, structural changes are happening simultaneously.

• First shift: the form of money is diversifying. Stablecoins, tokenized deposits, and CBDCs will coexist with distinct roles. On/off-ramps, payment infrastructure, and IT platforms are rapidly adopting stablecoins, expanding the post-issuance business landscape and usage ecosystem at an accelerated pace.

• Second shift: the concept of money is expanding. Tokenization is turning not only physical and financial assets but also intangible elements like attention and prediction into assets. This breaks down the boundary between money and assets, redefining both toward a world where “everything we own” becomes a fluid unit of value.

• Third shift: the uses of money are broadening. Centralized exchanges are evolving beyond simple trading venues, building full-stack financial ecosystems across derivatives, RWA, on-chain debit/credit card, onchain defi, and even their own networks. As a result, real-world blockchain use cases are diversifying around exchanges as central hubs.

All finance will ultimately operate on blockchain.

This is the reason I entered the blockchain industry in the first place. Even if crises like the Terra collapse were to happen again, it’s impossible to imagine an ideal financial system - one that is efficient, transparent, and programmable - without blockchain at its core. I personally believe the most advanced form of financial infrastructure can only be built on-chain, and over time, existing systems will inevitably converge toward this structure.

2025 marks the year when this shift moved to tangible reality. As regulation solidified, financial institutions, fintech firms, and governments stopped asking whether they should adopt blockchain. The question has now shifted decisively from “when” to “how do we participate?”

Changes that once seemed speculative are now materializing with clear direction. The very nature of money - its form, its concept, and its use cases - is undergoing structural shift across all three dimensions.

Now, let’s examine how these shifts are unfolding and explore the key forces driving this transition.

1. The First Shift: The Form of Money Diversifies with Stablecoins

Source: Luca Prosperi – A Network Model of Money

Money is, at its core, the asset we use as a benchmark for value. When we purchase or exchange something, we price it in our national fiat currency. Historically, only two institutions have issued and operated this money: central banks and commercial banks. Central banks manage the total supply and stability of the currency, while commercial banks operate the channels through which money actually moves between institutions and retail.

Stablecoins add an entirely new layer on top of this structure. They enable any company to create its own form of money and build financial infrastructure around it, unlocking especially powerful synergies with digital platforms. This doesn’t mean stablecoins replace central banks or commercial banks. Rather, just as PayPal and Stripe reimagined payments, or Robinhood reshaped how people invest, save, and spend, stablecoins introduce a new form of money purpose-built for the digital world.

Three trends have emerged in 2025.

1.1 Stablecoins, Tokenized Bank Deposits, and CBDC Will Coexist

Source: State of Crypto 2025: The year crypto went mainstream - a16z crypto

In the United States, the first federal comprehensive stablecoin law, the GENIUS Act, passed both chambers of Congress and was signed into law on July 18. The Act introduces a licensing regime not only for banks but also for stablecoin issuers and mandates that reserves be held 1:1 in cash or short-term Treasuries.

Hong Kong moved even faster. The Legislative Council passed the Stablecoins Ordinance in May 2025, and as of August 1, stablecoin issuance officially became a regulated, license-required activity, and expected to get approval in early 2026.

Japan, building on the 2023 amendments to the Payment Services Act, clarified who is eligible to issue stablecoins and began its first full-scale issuance in the second half of 2025. JPYC launched a yen-backed stablecoin with reserves held entirely in domestic deposits and government bonds, fully redeemable in JPY. Japan’s framework strictly limits issuers to licensed financial institutions and allows for trust structures to strengthen investor asset segregation.

Among commercial banks, JPMorgan continues to expand deposit tokenization and real-time settlement through its private blockchain network, Kinexys. JPM Coin allows corporate clients to convert U.S. dollars in their JPMorgan accounts into on-chain tokens that can be used for instant transfers across global subsidiaries or for large-value settlements.

I believe stablecoins are not here to replace the existing monetary system. Instead, they will coexist with central bank money, bank deposits, and new forms of digital assets - each serving a distinct purpose. Let’s revisit those roles.

Central banks act as Controllers. They issue fiat currencies such as KRW or USD, manage supply, and serve as the ultimate backstop during financial stress.

Commercial banks function as Coordinators. Under central bank supervision, they operate deposit accounts, provide credit, and intermediate capital flows between savers and borrowers. Put simply: if the central bank creates KRW/USD, the commercial bank creates something like JPMorganUSD in the form of deposits.

Stablecoins serve as Catalysts. Backed by cash or short-term sovereign debt, they are not designed to replace central banks or commercial banks. Rather, they enable companies to build their own digital-first financial ecosystems and allow money to circulate more quickly and more broadly across services.

Ultimately, the future is not about replacement but about coexistence. CBDCs will reinforce monetary sovereignty and macro-level stability. Tokenized deposits will preserve regulated financial intermediation. Stablecoins will bridge the slower pace of central banks and commercial banks with the speed, programmability, and interoperability required in a digital economy.

Each form of money will play a complementary role in a financial system that is increasingly on-chain.

1.2 The Businesses That Govern the “Next Layer” of Stablecoin Issuance Will Grow Rapidly

To use stablecoins in practice, the first requirement is issuance. But for stablecoins to function in everyday life or business operations, one more step is essential: converting stablecoins to local currencies and back. In 2025, a wave of companies began integrating the infrastructure needed for these on/off-ramp payment flows.

Africa’s largest crypto on-ramp company, Yellowcard, has become a regional hub that connects stablecoins with local currencies in full compliance with national regulations. Bridge, acquired by Stripe for $1.1 billion, serves a similar role. Companies like Zero Hash and BVNK - which Mastercard and Coinbase are reportedly considering acquiring for around $2 billion - now operate as backend infrastructure for enterprises, exchanges, and fintech platforms, enabling real-world usage of stablecoins at scale.

These services provide secure payment settlement, and AML/KYC workflows so that businesses can accept and convert stablecoins into local currencies without bypassing domestic payment regulations. This architecture shows that stablecoins are becoming deeply embedded within the existing financial system rather than operating outside of it.

Major exchanges such as Binance, Bybit, and OKX are also expanding their own on/off-ramp capabilities, either in-house or by outsourcing fiat connectivity to specialized partners. Payment companies like Banxa, Mercuryo, and OpenPayd play a central role in this ecosystem, offering fiat payment rails that seamlessly integrate with stablecoin flows.

All of this points to a clear shift: stablecoins are no longer defined merely by their issuance, but increasingly enables people and businesses to use them.

1.3 IT Platforms Will Begin Adopting Stablecoins in Full Scale

IT platforms, where daily consumer activity and corporate operations are concentrated, are becoming the most powerful hubs for expanding stablecoin utility. Asia’s “super apps,” which combine messaging, shopping, payments, and financial services, already generate massive user activity and transaction volume with their (non-crypto) digital wallets. By internalizing stablecoins, these platforms can build their own native financial ecosystems and significantly amplify user engagement.

In 2025, PayPal and Cloudflare have started initiatives on stablecoins yo make it as a mainstream payment and internet infrastructure.

PayPal has integrated PYUSD across remittances, commerce, and e-commerce settlement, and recently invested in Stable, a Layer 1 blockchain optimized for USDT-based payments that can further streamline PayPal’s global payment infrastructure.

Cloudflare introduced Net Dollar, a stablecoin designed to let AI agents autonomously settle API fees and cloud usage payments, effectively embedding programmable money into internet services.

This signals a broader shift: stablecoins are becoming the foundational monetary unit for platform economies. Whether platforms issue their own stablecoins or partner with external issuers like Circle and Tether, stablecoins begin to function as the standard currency of these digital ecosystems.

2. The Second Shift: The Concept of Money Expands with Tokenization

Through tokenization, asset ownership moves onto the blockchain. In the past, ownership was recorded in documents, bank accounts, or centralized databases.

On-chain, ownership can be divided into fractions, and these fractional units can be transferred under specific conditions, distributed automatically as yield, or deposited and exchanged through smart contracts.

This structure dramatically expands accessibility. Historically, markets for assets such as us equities, bonds, or private credit were accessible only to institutions or high-net worth individuals. Once tokenized, however, the same asset can be split into one-thousandth units and traded in real time. Individuals can now participate through fractional ownership, opening up entirely new modes of investment and consumption.

Ultimately, tokenization expands the very concept of money.

What we traditionally called “money, ”a medium of exchange, a store of value, and a unit of account - is no longer limited to fiat currency. Increasingly, the assets themselves can perform monetary functions. Government bonds, money market funds, investment funds, real estate, and even corporate equity are all becoming forms of programmable money that could be programmed and spent.

2.1 The Tokenized Asset Market Will Accelerate Even Faster

Source: RWA News: Tokenized Real-World Assets Could Reach $18.9T by 2033, Ripple and BCG Report Says

Just five years ago, the stablecoin market was only $20 billion. Today, it has surpassed $300 billion, and the tokenized real-world asset (RWA) market has grown from $13 million to $34.7 billion. Digital dollars, tokenized Treasuries, and tokenized money market funds have become practical investment and settlement tools for both institutions and individual investors.

At the center of this momentum are global financial institutions. BlackRock made on-chain U.S. Treasury exposure through its tokenized MMF, the BUIDL fund. Apollo tokenized private credit funds, opening a new liquidity channel for traditionally illiquid assets. Securitize - the infrastructure provider enabling these products - now tokenizes funds, equities, and alternative assets and is even pursuing a U.S. public listing. Tokenization has moved far beyond blockchain startupsto global financial giants.

According to the joint report by BCG and Ripple, the tokenization market is expected to grow 30-fold over the next eight years, reaching approximately $18.9 trillion by 2033.

The direction is clear: tokenized assets are becoming one of the fastest-growing segments of the global financial system.

2.2 Even Intangible Things Will Be Tokenized

Source: Kalshi Founders Tarek Mansour & Luana Lopes Lara On Turning Events Into Assets

This year, Kaito opened a new concept. Kaito measures and quantifies how much a topic is mentioned or marketed on Twitter using a unit called “yap”, introducing the concept of the attention economy. In short, the level of public attention is turned into a measurable unit of value.

Prediction markets have also gained significant traction. Strictly speaking, prediction markets are not the same as tokenization, but they are conceptually similar in that they turn non-financial information or future events into tradable assets.

Tokenization converts tangible assets or financial products like Treasuries, real estate, funds into on-chain tokens. Prediction markets convert future possibilities, such as “Will a specific candidate win the election?”, into tradeable contracts.

In other words, tokenization assigns ownership over an existing asset, while prediction markets assign value to a probability.

Platforms such as Polymarket and Kalshi issue each event as YES/NO tokens. When the event resolves, the winning side settles at $1. Unlike tokenized assets, which are redeemed using collateral or legal trust structures, prediction markets settle using oracles and verified data, relying on “the truth of the outcome.”

Yet both systems share a core principle: they made previously non-tradable subjects into market-native assets with price and liquidity.

Ultimately, prediction markets represent the tokenization of belief and information, and moving from “What do you own?” to “What do you believe, and how do you evaluate it?” - expanding the domain of what can become an asset in a blockchain-enabled world.

Source: X (@Crypto_Dep)

2.3 Tokenization Will Change Our Perspective on Money

The essence of tokenization is not simply transferring assets onto a blockchain. It changes the way how assets function. Traditionally, the world of “money” (dollars, euros, etc.) and the world of “assets” (bonds, stocks, real estate) were treated as separate domains. Tokenization fuses these worlds into a single system.

Treasuries, venture funds, and even real estate can now be represented as programmable, interoperable tokens that can be transferred instantly and integrated directly into services. Once tokenized, an asset can be used, stored, and priced in real time. This breaks down the boundary between what we own and what we can use, erasing the line that used to separate financial products from liquidity.

Our traditional financial mindset was linear: we earn cash → save cash → invest cash → spend cash. Tokenization dismantles the distinction between “money” and “assets.” Everything we own becomes a liquid expression of value.

3. The Third Shift: The Uses of Money Expand with CEX

Source: Gate Research: The Ecosystem Landscape and Convergence Trends of CEXs and DEXs

“How much did it go up?”

This simple question has long driven the crypto market. News of Bitcoin rising 1,000%, Ethereum surging, or new tokens skyrocketing captured public attention. Price movement became the narrative, and trading sat at the center of everything.

At the center of this trading activity were centralized exchanges.

Founded in 2017, Binance now processes roughly $100 billion in daily trading volume, making it one of the most liquid venues across all global financial markets. Bybit (2018) and OKX (2017) quickly followed, while exchanges like Upbit and Coinbase became the dominant entry points to crypto in their respective markets.

Decentralized exchanges have grown rapidly, but the majority of trading still happens off-chain, inside centralized platforms.

In regions like Korea, Japan, and Taiwan, regulatory constraints and user perception make on-chain activity accessible only to a subset of users. Moving users from centralized exchanges into decentralized ecosystems requires both a technical shift and a psychological shift - a transition that is far from trivial.

Centralized exchanges remain the primary gateway through which most users encounter crypto, shaping how money moves, trades, and circulates in the digital economy.

Source: Uniswap vs. Coinbase and Binance Trade Volume (7DMA)

These platforms are no longer just cryptocurrency exchanges - they are evolving into full-scale digital-asset financial ecosystems.

Today’s exchanges go far beyond simple spot trading. They now offer perpetual futures, options, and a wide range of structured derivatives, and more recently, even support trading for tokenized stocks and RWAs.

For example, Bybit integrated tokenized stocks through xStocks, enabling 24/7 trading of tokenized equities, and Binance has expanded through derivatives and Launchpad to become a platform that encompasses the entire token economy.

Exchanges are also building a full financial stack that connects trading → deposits → lending → spending.

As centralized exchanges move toward becoming comprehensive financial infrastructures, it is worth examining the strategies they are deploying, and how they are positioning themselves for the next phase of on-chain finance. Let’s look into the strategies.

3.1 Exchange Services Will Continue to Expand

Exchanges are evolving from simple trading venues into “financial super apps.”

In the past, users could only trade tokens that had already been listed. Now, with the launch of pre-launch platforms, they can trade assets even before their TGE (Token Generation Event). This gives users direct access to early-stage projects with high growth potential, an on-chain equivalent to participating in pre-IPO opportunities.

Launchpads are also rapidly expanding as a way to distribute tokens from new projects before they are listed on exchanges. Binance, Bybit, and OKX operate their own launchpads, attracting millions of participants and becoming key drivers of user acquisition. In this model, users are no longer just traders - they become early stakeholders in the projects themselves.

Exchanges are also pushing beyond cryptocurrencies into tokenized real-world assets (RWAs).

Bybit’s xStock is a prime example: users can trade tokenized global stocks and ETFs 24/7, signaling a shift toward “decentralized access to traditional assets.” On-chain demand for real-world investment exposure is steadily growing.

Coinbase has expanded into Bitcoin-based lending through its integration with the lending protocol Morpho, and Robinhood is experimenting with prediction markets, further integrating new financial primitives directly into their platforms.

Beyond trading, exchanges are building a full stack of services designed to maximize the utility of customers’ assets, across yield, credit, and spending.

Yield products such as staking and interest-bearing vaults offer attractive returns on assets held within the exchange. On the spending side, products like the Bybit Card and Coinbase Card connect crypto balances directly to everyday real-world payments.

In other words, exchanges are no longer mere intermediaries for buying and selling tokens.

They are being the integrated on-chain financial platforms where saving, investing, borrowing, and spending all occur within a single ecosystem.

3.2 Proven On-Chain Services Will Become Integrated Into Exchanges

Source: Bitcoin-Backed Loans with Morpho

Exchanges are no longer remaining within their own walled gardens. They are expanding user utility by directly integrating on-chain financial services.

A representative example is Bybit’s integration of Ethena’s USDe into its trading pairs and yield products. This allows users to add a yield-bearing synthetic dollar- created and managed entirely on-chain - to their asset portfolio. It signals that exchanges increasingly treat decentralized protocols not as external partners, but as modular service components embedded directly into their platforms.

Coinbase is pushing this even further. By connecting the main exchange app with the Base app, it now enables DEX trading and provides access to millions of on-chain assets. The boundary between centralized and decentralized exchanges is becoming increasingly blurred.

Users maintain the familiar CEX interface while tapping directly into on-chain liquidity, moving exchanges toward a hybrid CEX/DeFi model.

Coinbase has also integrated Morpho’s lending infrastructure directly into the exchange app. Users can deposit Bitcoin and borrow USDC against it, all powered by an underlying on-chain vault. Since launching in January, Coinbase’s Morpho-powered vaults have grown rapidly, reaching $1.48B in deposits and $0.84B in loans.

These developments point toward a broader direction:

Exchanges will increasingly support battle-tested on-chain services within their own apps. This gives users higher yield opportunities and greater asset utility, while allowing exchanges to expand services without taking on protocol risk themselves.

In effect, on-chain services are being absorbed into the backend of centralized exchanges, while the user experience becomes progressively and seamlessly on-chain.

3.3 Exchanges Will Build Their Own Ecosystems

Exchanges are no longer relying solely on external blockchains. They are increasingly building or tightly collaborating with blockchains that support their own vertically integrated ecosystems.

The most prominent example is Binance’s BNB Chain.

BNB began as a simple trading-fee discount token, but has evolved into a fully independent ecosystem hosting hundreds of projects across DEXs, NFT marketplaces, RWAs, and more. Binance uses this structure to seamlessly migrate exchange users into its own on-chain services, expanding the utility and demand for the BNB token.

Bybit is pursuing a similar strategy through Mantle.

Bybit is centering its trading incentives with the MNT token, designing liquidity incentives and ecosystem partnerships to channel users.

Coinbase, with tens of millions of users, leverages Base to make on-chain services accessible to its exchange customers. Base has already become home to high-traction applications such as Morpho and Aerodrome, demonstrating how a CEX-operated chain can become a vibrant on-chain environment.

In the United States, Robinhood is preparing to launch its own Layer 2 blockchain, aiming to process tokenized stocks, options, and crypto trades directly on-chain which would effectively merge its brokerage infrastructure with blockchain settlement.

Vertical integration allows them to control trading, liquidity, user flow, and settlement within a single unified platform - creating tightly bound ecosystems where digital assets circulate end-to-end.

4. Understanding the Change is Important

Ethereum is not even ten years old. Just five years ago, the stablecoin market was only a few billion dollars, and the tokenization market was barely noticeable. Today, both have grown into markets worth hundreds of billions of dollars, becoming a new foundational layer of global financial infrastructure.

The pace of change ahead will be even faster and more multidimensional. Of course, on-chain services are not yet perfect. Security, usability, and regulatory challenges remain. But without understanding this environment, it will be impossible to capture the next wave of opportunity. Change does not arrive slowly at some distant moment - it accelerates from small shifts that have already begun.

Elements of blockchain are no longer framed in technical language like decentralization; they are now expressed in the language of finance - yield products, remittances, payments. Only when more people learn to read and understand the world through this on-chain vocabulary will they truly grasp the changes reshaping finance.

This year marked the beginning of that shift. My hope is that more people move beyond simply “feeling” the change and begin truly understanding and preparing for what comes next.