At TOKEN2049 Singapore 2025, CoinEx’s Head of Research, Jeff Ko, shares his perspective on the forces reshaping digital assets—from DAT tokens and tokenized stocks to stablecoins and real-world assets—arguing that institutional capital is breaking crypto’s four-year cycle and paving the way for true mass adoption.
This year, the morning queue for Token2049 Singapore stretched over 40 minutes as thousands gathered for the event. After navigating through the massive crowd, BeInCrypto could sit with Jeff Ko, the Head of Research at CoinEx, who shared insights on crypto’s evolution and institutional transformation.
The conversation explored emerging trends reshaping digital assets and TradFi convergence. He examined shifts from DAT tokens to tokenized stocks, stablecoins, and on-chain issuance. He believes institutional capital is breaking crypto’s four-year cycle and mainstream adoption awaits killer apps. Ko emphasized that true mass adoption depends on building better Web3 applications that outperform Web2 counterparts.
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What are your impressions of Token2049 Singapore this year, regarding atmosphere and industry focus?
It’s amazing, as always. Token2049 is one of the greatest crypto events in the world. Today is the first day, but I’m already excited. Of course, I already experienced the queue this morning, and there will be countless side events to look forward to over the week.
DAT tokens have recently drawn significant attention. How do you view this emerging class of crypto assets?
I also came across quite a few DAT deals recently, so I can definitely feel that the shift is happening. We’re moving beyond BTC, and investors are diversifying into Ethereum or Solana and BNB, AVAX, Chainlink, Casper, or even Babylon. One key factor to consider is the deal structure. Many investors contribute cash, but some opt for in-kind contributions, swapping tokens purchased or mined at low cost for equity shares. These deals are not simple, and multiple dimensions impact the risk and return.
Tokenized stocks are being described as a bridge between TradFi and crypto. What potential and challenges do you see?
It’s easy to tell the potential advantages of tokenizing shares, making assets more accessible through fractional ownership, markets that run 24/7, and the ability to plug into DeFi protocols to tap into liquidity pools and even be used as collateral. But things are not all rosy: multiple versions exist across different platforms, causing fragmented liquidity and insufficient market makers due to low volume and incentives. Investors in tokenized shares may not receive voting rights or legal protections. Finally, regulation is still unclear; for example, the US has not yet given them a green light.
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SponsoredThe convergence of TradFi and crypto is a major theme. How do you assess this trend?
The convergence of crypto and TradFi is happening. We are seeing the proliferation of tokenized assets, not just US treasuries or equities but also fixed income, gold, and private equity funds. Traditional players like Robinhood offer crypto trading, while centralized exchanges roll out tokenized stocks. At the same time, crypto companies are going IPO. The entire market structure blurs the lines between TradFi and crypto, showing that integration is underway on both sides.
Stablecoins remain a key part of the crypto infrastructure. With regulation advancing globally, how do you see their evolution?
Whether it’s MiCA in Europe, the Genius Act in the US, or Hong Kong’s framework, they create a solid backbone for the sector. Stablecoin market capitalization keeps hitting all-time highs, now over 300 billion. We have seen many new models launched recently. Exchanges are pushing stablecoin earn products, which are often subsidized. This is shifting yield-seeking behavior across TradFi and crypto. In TradFi, people get around 4% from US treasuries, while stablecoins in crypto may offer double digits. This blurs the line between the two markets as TradFi crosses over to crypto in search of yield.
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SponsoredBeyond tokenization and stablecoins, could RWAs and on-chain issuance be the next breakthroughs for deeper TradFi–Web3 integration?
They are already happening. Tokenization and stablecoins show product-market fit, but we should also look at on-chain equity or fixed income issuance. Fixed income is a massive market, more for institutional players. Blockchain could supercharge efficiency with faster capital flows, automated coupon distribution, and settlement. In August, financial institutions like Bank of America and Citadel pulled off the first fully on-chain US treasury financing with USDC and real-time settlement. That pilot shows deeper integration has already started.
With institutional capital increasingly flowing in, do you believe the traditional four-year crypto cycle is being disrupted?
Yes, the four-year cycle is breaking. It began with the introduction of ETFs, which brought billions of institutional funds into the market. Pension funds and national reserves are also starting to tap in. Countries are legalizing crypto and stablecoins. Tokenized assets are proliferating. This is not just retail chasing pumps anymore, but institutions using crypto as a core portfolio strategy. It is a structural change in investing.
As a Gold Sponsor of Token2049, how does CoinEx uphold its philosophy while engaging with Web3, DeFi, and infrastructure?
CoinEx started in 2017 and has been through many ups and downs. We have seen many projects that have not made it through the cycles. Our philosophy is that we don’t chase narratives. We remain prudent, observing, learning, and analyzing the market. We distinguish short-term hype from sustainable opportunities. The focus is on what we do best: enhancing our platform, building infrastructure, and delivering a seamless, reliable trading experience. That is why we survived all these years.
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SponsoredFinally, how can Web3 move beyond niche communities and achieve true mainstream adoption?
We have yet to see killer apps in Web3 that outperform their counterparts in Web2. It’s all about user experience. If someone can build a better Facebook, Instagram, Google, or Visa/MasterCard on Web3, we will have mass adoption in crypto. That’s what it takes.
Toward a Smarter, More Inclusive Future for Web3
As the conversation drew to a close, Jeff Ko highlighted what he believes is the most critical factor for the next phase of crypto evolution — better user experience.
“Web3 doesn’t need more speculation; it needs better products. Once we have applications that outperform Web2 in usability, trust, and utility, true mass adoption will follow.”
About CoinEx
Established in 2017, CoinEx is an award-winning cryptocurrency exchange designed with users in mind. Since its launch by the industry-leading mining pool ViaBTC, the platform has been one of the earliest crypto exchanges to release proof-of-reserves to protect 100% of user assets. CoinEx provides over 1400 coins, supported by professional-grade features and services, for its 10+ million users across 200+ countries and regions. CoinEx is also home to its native token, CET, incentivizing user activities while empowering its ecosystem.The exchange has remained steadfast through every market cycle and continues to focus on sustainable growth over hype. Its enduring mission — to make crypto trading simpler, safer, and more accessible to users worldwide — reflects the very spirit that has kept the company thriving for eight years.To learn more about CoinEx, visit: Website | Twitter | Telegram | LinkedIn | Facebook | Instagram | YouTube
