Session Summaries:
TOKEN 2049
At TOKEN2049 Dubai 2026, momentum meets imagination. Across stages and corridors, leaders and innovators dissect the trends, breakthroughs, and global shifts driving crypto’s evolution. This is more than a conference — it’s where the next chapter of the digital economy begins.
ADENIYI ABIODUN, Mysten Labs – Co-Founder: Sui is evolving beyond an L1 into a full-stack platform for digital assets, storage, and security.
Watch the full session in this link → (00:07–13:14) Adeniyi Abiodun - Sui: Rebuilding the Internet Brick by Brick - TOKEN2049 Dubai 2025
Abiodun detailed Sui’s expansion: “Sui is not a derivative of Libra or Project Diem at Facebook—it was a grounds up build from day one.” He highlighted zkLogin, Warus (decentralized storage), Seal (secret management), and Micretti V2, projecting Sui as coordination infrastructure for multi-chain assets and on-chain apps that rival centralized internet platforms.
■ Daily active wallets >1M; TVL ~$1.7B
■ Deepbook CLOB hit ~$6B trade volume
■ Five BTC wrappers + four stablecoins live on Sui
■ Partnerships: Franklin Templeton, Grayscale, World Liberty
✅ DARecaps: High Relevancy
For controllers, multiple stablecoin issuances, BTC wrappers, and cross-chain asset control could complicate classification. Treasury teams may face new recognition challenges (custody vs. liability vs. off-balance-sheet treatment). The inclusion of major asset managers suggests institutional-grade attestations will become expected.
PAOLO ARDOINO, Tether – CEO: Tether now holds $148B USDT, $120B U.S. Treasuries, 100K+ BTC, and 50 tons of gold—positioning it as a sovereign-scale balance sheet.
Watch the full session in this link → (00:07–20:45) Paolo Ardoino - Tether - A Once in a Century Company - TOKEN2049 Dubai 2025
Ardoino outlined Tether’s expansion: “We just passed $148 billion… we are the 18th largest holder of U.S. Treasuries—surpassing Germany.” He stressed that 400M+ users rely on USDT in emerging markets, and less than 5% of $13B profits were distributed, with the rest reinvested into energy, mining, AI, biotech, and education. Tether aims to be the “stable company” underpinning global finance.
■ $148B USDT issued; 60% of exchange volumes settled in USDT
■ $120B in U.S. Treasuries; 18th largest holder globally
■ >100,000 BTC + 50 tons of gold on balance sheet
■ 400M+ users, 37% use USDT as savings account
✅ DARecaps: High Relevancy
For controllers, this scale rivals national reserves—audits may require sovereign-level reserve validation, split disclosures (fiat vs. commodities vs. crypto), and recognition of token liabilities. Treasury and audit teams could face classification complexity across stablecoins, tokenized gold, Bitcoin holdings, and RWA platforms like Hedron.
TRACY (MEXC – Exec): Centralized exchanges push liquidity scale, but hybrid “DEX Plus” models are emerging to ease UX and access.
Watch the full session in this link → (00:07–06:15) What’s Next for Crypto Markets: The Exchange Perspective - TOKEN2049 Dubai 2025
Tracy highlighted how MEXC listed 4,000 tokens yet still faces demand for millions more. “We want users to merge both—centralized experience and on-chain assets.” The DEX Plus product integrates order books with CEX UX to handle liquidity gaps and wallet friction.
■ 4,000+ tokens listed, still short of user demand
■ DEX Plus merges CEX UX with on-chain liquidity
■ Slippage and poor liquidity on-chain drive adoption
■ Custody risk shifted to exchange IT/security teams
✅DARecaps: Moderate Relevancy
For controllers, hybrid custody models may complicate liability assessment—does the exchange or user retain control? Accounting for off-chain vs. on-chain liquidity pools could blur reconciliation of assets under custody.
BC (KuCoin – CEO): Compliance and backend resilience define the survival path for exchanges.
Watch the full session in this link → (06:31–13:05) What’s Next for Crypto Markets: The Exchange Perspective - TOKEN2049 Dubai 2025
BC recounted KuCoin’s 2020 $300M hack: “A very large amount… a lesson for us to learn that backend construction is very important.” KuCoin shifted to infrastructure spending, with >90% staff as engineers, to rebuild wallets, reconciliation, and risk systems.
■ 40M registered users, compliance as top priority
■ 2020 hack loss ~$300M reshaped strategy
■ 1,000+ staff, 90% engineers
■ SEC/DOJ settlements raised compliance urgency
✅ DARecaps: High Relevancy
Audit trails, reconciliation systems, and segregation controls may shape how firms classify exchange counterparty risk. Controllers must evaluate whether exchange custody meets “qualified custodian” standards for audit sign-off.
LUKE (Deribit – Exec): Deribit dominates crypto options (80% market share), prioritizing institutional custody and speed.
Watch the full session in this link → (02:48–32:11) What’s Next for Crypto Markets: The Exchange Perspective - TOKEN2049 Dubai 2025
Luke noted: “Options are what we’re known for… 80% market share volume and OI.” He stressed institutional safeguards, working with seven custodians including Fidelity and BitGo, plus infrastructure upgrades (multicast feeds, broker solutions) to prepare for a 2025 bull cycle.
■ 80% options market share, institutional-heavy
■ 7 custodial partners incl. Fidelity, BitGo
■ Custom wallet governance features for clients
■ Speed focus: multicast feeds, broker block trades
✅ DARecaps: High Relevancy
For financial controllers, exchange-provided custody partnerships and option dominance affect derivative valuation, counterparty exposure, and audit evidence. Increased institutional adoption raises pressure for SOX/ISO-compliant controls.
GIAN, Intramuros – CEO: Builder demand is higher than five years ago—regulatory clarity and scalable chains keep crypto competitive against AI.
Watch the full session in this link → (00:07–02:52)
Is Crypto Losing the Builder Mindshare War? - TOKEN2049 Dubai 2025
“People basically don’t expect crypto to go away anymore.” Gian argued that regulatory improvements and scaling ecosystems make crypto more attractive today than five years ago, even with AI’s pull.
■ Ecosystem choice widened (Ethereum, Solana, Base)
■ Builders no longer fear industry collapse
■ SEC clarity boosted confidence
■ Mindshare still resilient despite AI hype
✅ DARecaps: Moderate Relevancy
Controllers may need to prepare for more sustainable project financing models, as longer builder commitment could stabilize treasuries and token economics.
YU, Kaito – CEO: Token launches before product-market fit create “negative flywheels” that distract from building.
Watch the full session in this link → (03:00–07:40) Is Crypto Losing the Builder Mindshare War? - TOKEN2049 Dubai 2025
Yu cautioned: “It is so hard to manage a token once a token is out there in the market.” He noted investor and employee pressure often forces premature tokenization, leading to misaligned incentives, distraction from product, and distorted user expectations.
■ Kaito shifted from equity raise → token issuance
■ Community/investor pressure accelerates TGE
■ Liquidity mgmt + exchange demands divert focus
■ Vesting tied to time, not milestones
✅ DARecaps: High Relevancy
Accounting teams may need frameworks for milestone-based vs. time-based vesting, token liability disclosures, and liquidity management reporting.
MER, Helios – CEO: Speculation tests infrastructure, but sustainable adoption depends on solving real problems.
Watch the full session in this link → (10:00–20:00) Is Crypto Losing the Builder Mindshare War? - TOKEN2049 Dubai 2025
“One of the biggest tricks in crypto is that since the liquidity is so easy, people will just make up problems.” Mer framed speculative cycles (ICOs, NFTs, meme coins) as stress tests for blockchains like Solana but argued true builder retention requires real-world use cases beyond speculation.
■ Solana stability improved after NFT/memecoin stress
■ Physical infra projects (Helium, Render) emerging
■ Regulatory pressure cleared low-quality projects
■ Mass adoption still tied to payments & tokenized assets
✅ DARecaps: High Relevancy
Controllers should expect a shift toward tokenized equities, payments, and stablecoins. These use cases could blur accounting lines between traditional securities and on-chain liabilities.
LEAH, BitGPT – Founding Partner: AI wallets could become the default gateway for commerce, but user trust requires guardrails.
Watch the full session in this link → (00:07–32:03)Autonomous Agents: When AI Wallets Outnumber Humans - TOKEN2049 Dubai 2025
“We built a wallet co-pilot… before I’m doing 20 different trading steps, cross-chain, remembering seed phrases—AI is apt at doing all those steps.” Leah explained how BitGPT uses small, task-specific models to keep autonomy without losing user control. Signing intent, not every transaction, preserves trust while enabling autonomous commerce.
■ Wallet AI can simplify swaps, staking, seed phrase mgmt
■ Small LMs + swarm intelligence = guardrails
■ Human approval by signing intent still required
■ Enterprise interest (luxury brands, airlines) in a-commerce
✅ DARecaps: High Relevancy
Controllers may need to assess liability when agents transact autonomously. Audit teams could face challenges in attribution: was it the user, or the agent, that authorized spend? Classification of AI-managed wallets may require new internal controls for segregation of duties.
JENSEN, Virtual Protocol – Co-Founder: AI wallets with goals and capital could outnumber human wallets within four years.
Watch the full session in this link → (00:07–32:03)
Autonomous Agents: When AI Wallets Outnumber Humans - TOKEN2049 Dubai 2025
“An AI wallet is when money is controlled by an autonomous agent that has a goal and the ability to manage resources.” Jensen predicted every human will have a “butler agent,” and businesses will deploy fleets of AI wallets for supply chains. Adoption depends on MCP standards making APIs composable across CEXs and DEXs.
■ Autonomous Commerce Protocol pitched as “SWIFT of agents”
■ Agents manage yield farming, portfolio rebalancing
■ MCP standards ease exchange integration
■ Projecting billions of agent wallets by 2029
✅ DARecaps: High Relevancy
If agents act as financial actors, controllers may need to reconcile millions of microtransactions and introduce audit procedures for AI-driven instructions. Liability, KYC, and intent validation could become recurring audit items.
BEN, BBIT – Co-Founder & CEO: AI in trading already powers quant firms, but retail won’t hand $500K to bots soon.
Watch the full session in this link → (00:07–32:03) Autonomous Agents: When AI Wallets Outnumber Humans - TOKEN2049 Dubai 2025
“To me an AI wallet today is more of running errands… I haven’t seen retail users comfortable enough to put a bunch of money into an AI agent.” Ben argued AI is real in arbitrage/HFT, but speculative directional trading remains human-dominated. BBIT uses AI for customer support, token summaries, and internal ops.
■ Quant firms use AI in HFT at scale
■ Retail still hesitant to delegate trading fully
■ BBIT launched TradeGPT with exchange data
■ AI improves legal, translation, ops efficiency
✅ DARecaps: Moderate Relevancy
Controllers face limited short-term disruption—AI trading is already embedded in quant ops. But over time, retail adoption may force clearer policies on loss attribution and AI-agent controlled funds.
KAIN WARWICK, Infinex – Founder: DeFi’s next phase depends on user adoption, not decentralization maximalism.
Watch the full session in this link → (00:52–01:15)Is DeFi Eating CeFi? Slowly, Then All at Once - TOKEN2049 Dubai 2025
Kain argued that centralized exchanges still dominate because of UX. “The first centralized exchanges… dominated all of crypto activity. The reason is it’s by far the best user experience until the point where you lose all your money.” He stressed DeFi must first reach feature parity with CeFi, then exceed it with unique use cases like portfolio margining and composability.
■ Infinex focuses on transitioning away from CEXs
■ UX is central barrier vs. decentralization purity
■ Perpetuals + spot must hit parity before scaling
■ Composability may drive next adoption wave
✅ DARecaps: High Relevancy
Controllers should anticipate more DeFi-native trading data to reconcile as volume shifts from CEX to on-chain venues. Accounting systems may need to capture composability-driven rehypothecation, impacting audit traceability.
ANTONIO JULIANO, DYDX – Founder: DeFi derivatives could flip CeFi within 3 years if performance and liquidity catch up.
Watch the full session in this link → (03:30–08:10) Is DeFi Eating CeFi? Slowly, Then All at Once - TOKEN2049 Dubai 2025
Juliano emphasized scale: “Right now, the DYDX chain is doing about 5 to 10,000 transactions per second, all with no gas fees.” He believes perpetuals will be the next category to surpass CeFi because switching costs are low for traders. DYDX’s mission is to support millions of tradable assets CeFi can’t list.
■ Perps grew from 9% to 15% market share vs. Binance
■ DYDX built on its own chain for throughput
■ Sees trillions of assets traded on DeFi rails
■ Expects spot/perps to flip CeFi within 2–3 years
✅ DARecaps: High Relevancy
If perps migrate on-chain, accountants may face complex mark-to-market valuation and collateral cross-margining. This could blur lines between securities accounting and derivatives reporting under GAAP/IFRS
CINDY, Drift – Co-Founder: Real-world assets and daily spending use cases will anchor DeFi adoption.
Watch the full session in this link → (08:50–14:30)Is DeFi Eating CeFi? Slowly, Then All at Once - TOKEN2049 Dubai 2025
Cindy explained: “We are the largest exchange on Solana and… all-in-one DeFi protocol.” She highlighted that Drift users can already borrow, lend, and trade under one roof, and stressed the appeal of using DeFi yield for real-world spending. Examples included crypto cards tied to borrow-lend balances and potential mortgage/auto payment integrations.
■ Drift integrates borrow, lend, spot, margin, and perps
■ Composability enables cross-margin with staked assets
■ RWAs like tokenized stocks could expand adoption
■ DeFi cards may let yield fund daily purchases
✅ DARecaps: Moderate
Tokenized stocks or yield-funded credit cards could complicate revenue recognition and classification (interest income vs. investment income). Audit teams may need new disclosure frameworks if stablecoins and yield flows fund real-world liabilities.
DAN MOREHEAD, Pantera Capital – CEO: Blockchain is a decades-long shift; banks may be displaced by stablecoins as the core deposit system.
Watch the full session in this link → (00:07–18:45) Dan Morehead - A Multi-Decade Transformation - TOKEN2049 Dubai 2025
“When we launched our first funds the entire market cap was $1 billion… it’s up three orders of magnitude and I still feel exactly the same way.” Morehead urged institutions to think beyond short cycles, citing tariffs and fiat debasement as tailwinds for “stateless currencies.” He predicted stablecoins could eventually replace banks’ deposit-taking role and noted U.S. strategic Bitcoin reserves already exist.
■ $250B+ demand for stablecoins; 5B people could access finance via tokens
■ U.S. owns ~1% of BTC; GCC countries likely accumulating
■ Figure Markets did $40B mortgages on-chain
■ Pantera invested in scaling (Arbitrum, Starkware) + tokenization
✅ DARecaps: High Relevancy
If stablecoins displace bank deposits, treasurers may treat them as primary cash equivalents. Controllers and auditors could face new rules for fair value vs. amortized cost, cross-border recognition of tokenized Treasuries, and strategic reserve disclosures. Banking risk could shift from FDIC-insured accounts to smart contract audits.
RAOUL PAL, Real Vision – Co-Founder: Liquidity explains 90% of Bitcoin’s price moves—alts follow later in the cycle.
Watch the full session in this link → (00:07–02:14)Undercapitalized Alpha: Why Crypto Still Offers Outsized Opportunity - TOKEN2049 Dubai 2025
Pal emphasized: “When I look at what moves Bitcoin, 90% of the entire price action is explained by liquidity.” He tracks global M2 and the U.S. dollar as leading indicators, with altcoins typically outperforming in the later part of the cycle.
■ Global M2 liquidity leads Bitcoin by ~3 months
■ Alt season emerges in year four of cycles
■ Risk-taking expands from BTC → Solana, Sui, etc.
■ Hedge funds buy tokens 70% cheaper post-TGE
✅ DARecaps: High Relevancy
For controllers, liquidity-driven cycles shape revenue forecasting, treasury risk, and fair-value accounting. Alts may require impairment testing as volatility peaks later in cycles.
DIOGO MÓNICA, Anchorage Digital – Co-Founder: On-chain IPOs could democratize access to early-stage equity.
Watch the full session in this link → (09:11–10:38)Undercapitalized Alpha: Why Crypto Still Offers Outsized Opportunity - TOKEN2049 Dubai 2025
Mónica argued: “On-chain IPOs… tokens that are a superposition of a publicly traded equity and an on-chain token that have the same rights.” He sees RWA issuers and stablecoin rails as catalysts, with fintechs moving wholesale to crypto infrastructure.
■ Equity + token hybrids with governance rights
■ RWAs and stablecoins as primary growth drivers
■ Fintech apps (10–20M MAUs) shifting to crypto rails
■ Institutions (BlackRock, Visa, Stripe) setting adoption clock
✅ DARecaps: High Relevancy
Accounting teams could face dual frameworks: tokens as securities (rights/flows) and tokens as liabilities. Controllers may need processes for hybrid equity-token revenue recognition and disclosures aligning with SEC-registered standards.
HAIDER RAFIQUE, OKX – CMO: Exchanges must pivot from speculation-driven growth to real-world utility—wallets, payments, and compliance.
Watch the full session in this link → (00:07–13:32)The Mild Mild West, Crypto's Future State - TOKEN2049 Dubai 2025
Rafique said: “We have a responsibility to get people away from that addictive cycle and more towards real world utility.” He described OKX’s 20x growth in its Web3 wallet (130+ chains integrated), efforts to resist pressure to list speculative tokens, and partnerships with Mastercard and Stripe to drive payment adoption. The firm also launched a short film, Mild Mild West, to reshape crypto’s reputation.
■ OKX wallet grew 20x in 2–3 years; integrates 130+ chains
■ Licensed in Singapore, UAE; compliance-first expansion
■ Strategic focus: self-custody, payments, Web3 DApps
■ Public film project to counter “wild west” narrative
✅ DARecaps: High Relevancy
For controllers, the pivot from speculation to payments could mean more stable, recurring transaction flows requiring classification as revenue vs. custodial liabilities. Multi-chain wallet growth introduces reconciliation challenges across chains. Compliance-led licensing increases reliance on exchange-provided audit evidence for custodial assets.
MATTHEW WHITE, VARA – CEO: Dubai’s “principles-based, activity-based” framework makes it the most advanced crypto regulator globally.
Watch the full session in this link → (00:07–07:30)UAE’s Rise as a Global Crypto Leader - TOKEN2049 Dubai 2025
White explained VARA’s approach: “We chose to be activity based… nothing doesn’t fall within that.” VARA regulates exchanges, brokers, asset managers, and token issuers without product bias. He tied this to Dubai’s D33 plan to double GDP by 2033, with virtual assets as a growth pillar.
■ VARA is tech-agnostic, activity-based, not product-based
■ Framework shaped with industry partnership
■ 200+ crypto firms now applying for VARA licenses
■ VARA + UAE SCA coordination ensures nationwide clarity
✅ @DARecaps: High Relevancy
For controllers, UAE licensing may provide clearer counterparty standards vs. offshore exchanges. Audit reliance on VARA licenses could ease proof-of-reserve and segregation reviews.
FAISAL AL-HAMADI, Further Ventures – Managing Partner: UAE fosters crypto through size, talent, and onshore stablecoin regulation.
Watch the full session in this link → (01:14–10:43) UAE’s Rise as a Global Crypto Leader - TOKEN2049 Dubai 2025
Al-Hamadi stressed: “The UAE went ahead and regulated crypto in the most innovative fashion.” He cited the DOE’s Bitcoin miner (500MW, JV with Marathon Digital), banks piloting domestic stablecoins, and state-backed commodity flows as natural adoption drivers.
■ 500MW mining JV with Marathon Digital
■ UAE central bank built onshore stablecoin regime
■ Expect multiple bank-issued stablecoins live by 2026
■ Ports, oil, and trade flows seen as stablecoin use cases
✅ @DARecaps: High Relevancy
Controllers may face tokenized flows tied to trade finance. Stablecoin settlement of commodity exports could blur accounting between FX hedges and digital liabilities.
HENRY FOD, CEX Middle East – COO: Talent migration and M&A activity turn UAE into crypto’s deal hub.
Watch the full session in this link → (15:00–20:00) UAE’s Rise as a Global Crypto Leader - TOKEN2049 Dubai 2025
“Some of the biggest deals in crypto are being discussed or closed here.” Fod noted Zodia’s acquisition of Tungsten, talent inflows from the US/UK/Asia, and growing M&A driven by UAE’s regulatory clarity. He urged founders to stay longer in Dubai post-conference to tap into the ecosystem.
■ Zodia acquired UAE-born Tungsten
■ UAE now a “hotbed for dealmaking”
■ Talent inflows from global finance hubs
■ Ecosystem mimics Mayfair/NY midtown proximity
✅ @DARecaps: Moderate Relevancy
Controllers may view UAE-incorporated entities as stronger audit counterparties. M&A concentration could simplify due diligence but also require tracking ownership shifts in custodial firms.
KEVIN, Monad – Co-Founder: Ethereum must fix L1 bottlenecks—execution, consensus, validator overhead—before it can anchor the next billion users.
Watch the full session in this link → (00:49–03:19)Why Performance Matters: Scaling the Next Billion Users - TOKEN2049 Dubai 2025
Kevin explained: “Right now there’s a million virtual validators in Ethereum… that million is really slowing things down.” He argued Ethereum should optimize consensus and signature aggregation to remain the hub of rollups. Without this, alt-DAs like Celestia or Avail may peel off activity.
■ Ethereum throughput stuck at ~1M tx/day
■ Validator overhead causes inefficiency
■ Rollups risk pivoting to alt-DA if blobs stay costly
■ Ethereum must define DA + L2 brand rules
✅ @DARecaps: High Relevancy
Controllers should note that higher L1 throughput and cheaper blobs may reduce gas-fee volatility and stabilize accounting for DeFi treasury ops. If rollups migrate to non-ETH DA, auditors may face fragmented record-keeping across chains.
SANDIP NAILWAL, Polygon – Co-Founder: Ethereum should focus on being the most decentralized settlement layer, not chase 100K TPS execution.
Watch the full session in this link → (00:49–05:55) Why Performance Matters: Scaling the Next Billion Users - TOKEN2049 Dubai 2025
Sandip argued: “Ethereum should stick to its basics… the most decentralized, the most credible value creation and settlement layer.” He warned that pursuing L1 execution at scale risks undermining Ethereum’s core advantage against Bitcoin. Polygon’s thesis: dedicated execution environments will emerge, while L1s serve as liquidity hubs.
■ Decentralization is Ethereum’s moat vs. BTC
■ Apps outgrow general-purpose chains, need dedicated L2s
■ Shared chains evolve into liquidity hubs
■ Trustlessness > decentralization for apps
✅ @DARecaps: High Relevancy
Accounting teams may need to reconcile between execution-level DADARecapss (L2/app chains) and settlement layers. Fragmentation could complicate audit trails, requiring cross-chain reconciliation standards.
SHU, MegaETH – Founder: Users prioritize UX and performance—decentralization can be “outsourced” to Ethereum mainnet.
Watch the full session in this link → (06:00–18:40)Why Performance Matters: Scaling the Next Billion Users - TOKEN2049 Dubai 2025
Shu emphasized: “Decentralization has to be banned as a word… we outsource censorship resistance and security to Ethereum mainnet.” He framed MegaETH as ultra-low-latency infra for new apps like real-time trading clubs. Builders care less about decentralization, more about fast finality and user adoption.
■ Web2 devs are the growth target
■ MegaETH latency focus → niche use cases
■ UX > decentralization in user surveys
■ Builders need optimism + growth narratives
✅ @DARecaps: Moderate Relevancy
While decentralization tradeoffs may not directly hit accountants, the rise of app-specific chains could scatter transaction data. Controllers may need chain-agnostic reporting systems to consolidate across low-latency but semi-trusted environments.
ERIC TRUMP, World Liberty Financial – Board Member: “Modern finance is absolutely broken”—stablecoins like USD1 aim to replace banks’ opaque, fee-heavy systems.
Watch the full session in this link → (00:07–30:56)A Fireside Chat with Eric Trump and World Liberty Financial - TOKEN2049 Dubai 2025
Trump argued: “Modern finance is absolutely broken… the Swift system is broken and it’s going to be replaced by cryptocurrency.” He tied his family’s experience with cancel culture to broader banking fragility, calling USD1 a hedge against both political and financial exclusion. The session announced USD1’s role in closing a $2B Binance deal and plans for native minting on Tron.
■ $2B deal: USD1 selected for MGX–Binance investment
■ USD1 backed 1:1 with U.S. Treasuries & cash equivalents
■ Monthly attestations & audits pledged for transparency
■ 1.4B+ unbanked cited as target market
✅ @DARecaps: High Relevancy
Controllers should track whether USD1 evolves into a reporting benchmark. If auditors rely on attestations, stablecoin liability treatment may converge with cash equivalents. Cross-border adoption could complicate FX disclosures, while Tron integration suggests high-volume minting events to monitor for treasury and tax reporting.
BAM AZIZI, Mesh – CEO & BALINT LAKATOS, Mesh – CTO: Stablecoins already move more money than Visa and Mastercard combined—Mesh Pay shows they can power real-world payments.
Watch the full session in this link → (00:08–16:49)Bam Azizi and Balint Lakatos - Mesh Demo - TOKEN2049 Dubai 2025
Azizi declared: “Stablecoin went from less than $200B to $27.6 trillion—more than Visa and Mastercard combined.” The team demoed Apple Pay integrated with crypto: customers pay in any asset, merchants settle instantly in USDC. Mesh built hundreds of wallet/exchange integrations to make it “grandma easy” and cost-efficient for PSPs.
■ Stablecoin usage hit $27.6T in annual flows vs. Visa $11.6T
■ Market cap still <1% of global money supply
■ Mesh Pay: patent-pending “smart funding” behind Apple Pay UX
■ Merchant receives USDC instantly, demoed via Coinbase Trust Wallet
✅ @DARecaps: High Relevancy
For controllers, stablecoins at Visa-scale volumes shift how treasuries classify payments—instant settlement in USDC may be treated as cash equivalents. Auditors may need to validate third-party attestations and monitor cross-border AML/KYC. PSP adoption means enterprises could soon face dual rails (card + stablecoin) for receivables reconciliation.
PAOLO ARDOINO, Tether – CEO: Stablecoins are shifting from trading tools to remittances, savings, and $45M+ oil trades—replacing banks in commodity finance.
Watch the full session in this link → (00:07–20:45)Stablecoins at Scale: Bridging DeFi and TradFi Markets - TOKEN2049 Dubai 2025
Ardoino argued: “Fiat currencies are memecoins with extra steps.” He described how USDT adoption bootstrapped in 2020 when “kids taught their parents to use stablecoins instead of risking COVID exposure to buy cash dollars.” Today, 37% of users use USDT for savings, 30% for payments/remittances, and the rest in trading. He highlighted $45M oil trades and partnerships with agro firms moving cross-border payments to USDT.
■ 420M+ users in emerging markets, 37% use USDT as savings
■ $45M oil trade settled in USDT with Middle East firms
■ Trade finance with AdecoAgro (rice, milk, bioethanol)
■ $20B profit in 2.5 years; <5% distributed, rest reinvested
✅ @DARecaps: High Relevancy
For controllers, commodity trades settled in USDT blur FX vs. digital liabilities. Auditors may need to validate remittance flows and ensure segregation of stablecoin liabilities across jurisdictions. Reinvestment of yields into kiosks, renewables, and acquisitions complicates reserve attestations.
GUY YOUNG, Athena Labs – CEO: Decentralized stables like USDₐ serve traders with yield-bearing collateral, complementing rather than competing with Tether.
Watch the full session in this link → (06:20–10:38)Stablecoins at Scale: Bridging DeFi and TradFi Markets - TOKEN2049 Dubai 2025
Young explained: “Athena is actually quite helpful to the growth of Tether… for every $1 in USDₐ minted, ~$0.70 of USDT demand is created.” He said Athena’s main use case is trading collateral—yield-bearing ETH staked collateral that can be sliced and securitized. Institutions see it more like a structured product offering 18% annualized returns in 2024 than a payments coin.
■ Use cases: trading collateral, DeFi savings, remittances
■ USDₐ yield ~18% annualized in 2024
■ Demand in perpetual swap markets complements USDT
■ Top-5 Tether holder during parts of 2024
✅ @DARecaps: Moderate Relevancy
For auditors, yield-backed stablecoins complicate classification: debt-like vs. derivative-like vs. tokenized equity. Controllers may need frameworks for hybrid products that resemble both liabilities and structured investments.
ROB HADDOCK, Dragonfly – GP: The $200T B2B payments market is the real prize—but stablecoins need reconciliation, fraud controls, and chargeback layers.
Watch the full session in this link → (08:39–12:06) Stablecoins at Scale: Bridging DeFi and TradFi Markets - TOKEN2049 Dubai 2025
Haddock noted: “The cross-border B2B payments market is $200 trillion a year… that’s what people are really playing for.” He warned adoption hinges on better reconciliation, fraud prevention, and compliance before banks/PSPs can comfortably move volume. He expects 50+ stablecoins with >$1B supply within five years, but issuers may need to share yield economics with distribution partners to stay competitive.
■ $200T B2B payments market ripe for stablecoins
■ Banks failing in trade finance, PSPs stepping in
■ Predicted 50 stablecoins >$1B, 20 >$10B by 2030
■ Circle’s Payment Network may face partner disincentives
✅ @DARecaps: High Relevancy
Controllers in corporates may face new reconciliation demands as stablecoin B2B adoption scales. Expect tension between instant-settlement tokens vs. traditional credit terms, requiring hybrid DADARecaps reconciliations and fraud/liability allocation frameworks.
JEREMY ALLAIRE, Circle – CEO: Stablecoins are entering mainstream finance—USDC grew 150% in 16 months, $6T transacted in Q1 alone.
Watch the full session in this link → (00:07–18:03) Jeremy Allaire - Mainstream Adoption of Stablecoin Payments Has Arrived - TOKEN2049 Dubai 2025
Allaire said: “Stablecoins are becoming legal cash equivalent electronic money everywhere, which is extraordinary.” He highlighted Citi’s forecast of $1.6T–$3.5T supply by 2030, with Visa already reporting stablecoins equal 20% of card network volumes. Circle launched its Payments Network with 30+ banks and PSPs onboard, modeling cross-border settlements like SWIFT but built natively on stablecoins.
■ USDC up 150% since Jan 2024; fastest-growing stablecoin
■ Q1 2025: $6T onchain transactions (600% YoY growth)
■ Circle Payments Network partners: 30+ firms, 5 GSIBs
■ TAM: $90T global e-money deposits + trillions in payments
✅ @DARecaps: High Relevancy
Controllers should prepare for stablecoins to be treated as cash equivalents in global reporting. Cross-border settlements on CPN may demand new reconciliation procedures across fiat/stablecoin rails. If federal U.S. rules pass, auditors could classify USDC under regulated e-money, reducing uncertainty in treatment but heightening compliance scrutiny for treasury disclosures.
CAG Advisors · Crypto Accounting & Financial Solutions for Web3 Businesses