Coinbase’s head of investment research David Duong argues that developments in 2025—ranging from regulated ETF access and corporate crypto treasuries to the deeper integration of stablecoins and tokenized assets into payments and settlements—are beginning to reinforce one another. With global adoption holding steady near 10% and regulatory frameworks like the US GENIUS Act and Europe’s MiCA providing clearer guardrails, Duong believes crypto demand is maturing beyond short-term speculation. Crypto Moves Closer to the Financial Mainstream Momentum from crypto exchange-traded funds (ETHs), stablecoins, tokenization, and clearer regulation is expected to accelerate global crypto adoption in 2026. This is according to David Duong, head of investment research at Coinbase. In a year-end wrap-up that was shared on X, Duong argued that the structural shifts seen over the past year are beginning to reinforce one another, creating a compounding effect that could move crypto deeper into the core of the global financial system. David Doung X post Duong said 2025 was a turning point in how digital assets are accessed and used. Spot crypto ETFs provided regulated on-ramps for both retail and institutional investors, while digital asset treasury strategies became a new way for corporations to hold crypto on their balance sheets. At the same time, tokenization and stablecoins moved beyond experimentation and into more practical financial workflows, particularly in payments, settlements, and collateral management. He expects these developments to build on each other in 2026 as ETF approval timelines shorten, stablecoins play a larger role in delivery-versus-payment structures, and tokenized collateral becomes more widely accepted in traditional transactions. Despite volatile markets, Duong explained that global crypto adoption stayed relatively steady over recent years. Data from analytics platform Demand Sage shows adoption hovering around 10% between early 2023 and early 2025, suggesting a resilient user base that extends beyond short-term speculative cycles. According to Duong, this stability suggests that there is a more mature market structure than in crypto’s early years. Global crypto adoption statistics (Source: Demand Sage ) Regulation was another central theme in Duong’s outlook. He mentioned clearer global frameworks as a key driver behind crypto’s shift from a niche asset class toward an emerging layer of financial infrastructure. In the United States, policymakers focused on stablecoin oversight and market structure clarity through initiatives like the GENIUS Act. In Europe, regulators consolidated rules under the Markets in Crypto-Assets Regulation, or MiCA. Duong said these developments are less about restriction and more about operational readiness, which gives institutions clearer guardrails to manage risk, compliance, and product design. He also believes that crypto demand is no longer driven by a single narrative. Instead, it is a mix of macroeconomic pressures, technological progress, and geopolitical considerations, with a growing share of long-term allocators shaping market behavior. Over time, Duong believes this shift could support more durable capital flows and reduce purely speculative churn.
