Crypto’s Big Dance: TradFi’s In, But They’re Bringing Their Own Chairs

by

So, I’m at this Consensus Hong Kong 2026 thing, right? And let me tell you, it’s like a bar mitzvah where everyone’s talking about the buffet but no one’s eating yet. Here’s the deal-institutions are finally showing up, but they’re acting like they’re still deciding if the food’s kosher.

  1. The RWA War: Stablecoins, Speed, and Who’s Really in Charge
  2. Crypto’s AI Pivot: All Hype, No Pants
  3. Crypto’s TradFi Moment: Institutions Are In, but They’re Bringing Their Own Chairs

So, this BlackRock guy gets on stage, right? Not your typical crypto bro with a hoodie and a Lambo. No, this guy’s got a suit and a calculator. He’s like, “Hey, if 1% of Asia’s wealth goes into crypto, that’s $2 trillion.” And I’m like, “Great, but did you bring the check or are you just here for the free drinks?”

Turns out, institutions are like that friend who says they’re coming to your party but shows up an hour late and still hasn’t ordered food.

The $2 Trillion Maybe

Nicholas Peach, the BlackRock guy, does this whole math thing. $108 trillion in Asia, 1% into crypto, boom-$2 trillion. Sounds great, but let’s be real, these guys move slower than my uncle after Thanksgiving dinner. Meanwhile, their Bitcoin ETF’s already at $53 billion. Asian investors are in, but it’s like they’re only dipping their pinky toe in the pool.

Asia’s Building the On-Ramps, But Who’s Driving?

So, Asia’s like, “We’ll build the roads, but you gotta bring your own car.” SGX launches crypto perpetual futures, and boom-$2 billion in two months. But guess what? No altcoins. Just Bitcoin and Ethereum. These guys are like, “We’re not here for the meme coins, we’re here for the grown-up stuff.”

Japan’s banks are doing stablecoins, Hong Kong’s approving ETFs, but Wendy Sun from Matrixport’s like, “Yeah, stablecoins are hot, but no one’s using them yet. Institutions are more rule-based than a Larry David script.”

TradFi Meets Crypto: It’s Like a Blind Date Gone Wrong

At this HashKey Cloud event, it’s like TradFi and crypto are on a first date, and neither knows what the other’s talking about. Louis Rosher from Zodia Custody’s like, “Banks don’t trust crypto guys. It’s like they think we’re all selling snake oil.” And Steven Tung from Quantum Solutions? He’s like, “These guys want reports, not block explorers. It’s like they’re still using fax machines.”

Samuel Chong from Lido’s got it right-security, maturity, regulation. But then he drops this bomb: “Institutions don’t want their positions exposed. They’re like, ‘We don’t want to be front-run, but also, can we get a discount?’”

Regulation: The Only Thing Slower Than Institutions

Anthony Scaramucci shows up, talks about the Clarity Act. He’s like, “This bill’s gonna pass because politicians don’t want to lose crypto PAC money.” But then he’s like, “Trump’s meme coins are slowing everything down. It’s like he’s both the problem and the solution.”

Meanwhile, Asia’s like, “We’re not waiting for the U.S. We’re building our own rules.” Hong Kong, Singapore, Japan-they’re setting up the playground while the U.S. is still arguing over who gets to use the slide.

The Market’s Like a Bad Sequel

Binance’s Richard Teng’s like, “Retail’s quiet, but institutions are still in. It’s like the smart money’s waiting for the discount rack.” Vicky Wang from Amber Premium drops this stat: $2.3 trillion in institutional crypto transactions in Asia by mid-2025. But it’s all market-neutral, yield stuff. No one’s swinging for the fences.

At the side events, it’s like everyone’s running the same playbook. Crypto’s becoming a license-driven business. It’s like the cool kids are gone, and now it’s just the accountants running the show.

The Endgame? It’s Finance, Duh

Lily Liu from Solana’s like, “Blockchain’s about finance, not NFTs or gaming.” And CJ Fong from GSR’s like, “Most tokenized assets will be securities. It’s like crypto’s finally growing up, but now it’s got to deal with the in-laws.”

“The end state is moving into assets that have value, can also command price, and bring more inclusivity for five and a half billion people on the internet into capital markets,” Liu said. Or, as I’d put it, “Everyone gets a seat at the table, but no one’s sure who’s paying the bill.”

So, that $2 trillion? It’s coming, but it’s like waiting for your luggage at the airport. You know it’s there, but it’s taking its sweet time. Meanwhile, Asia’s laying the pipes, and institutions are finally showing up-but they’re still deciding if they like the music.

Inside Consensus Hong Kong 2026 – This series covers the key debates and trends that emerged from Consensus Hong Kong 2026, drawing on main stage sessions, side events, and on-the-ground interviews during the second week of February.
1. The RWA War: Stablecoins, Speed, and Control
2. Crypto’s AI Pivot: Hype, Infrastructure, and a Two-Year Countdown
3. Crypto’s TradFi Moment: Institutions Are In, but on Their Terms

Read More

2026-02-17 14:43