Traditional four-year crypto cycle, long-term peg to Bitcoin The halving event may be a thing of the past.
Han Lin, founder and CEO of Gate and an early advocate of Bitcoin, told CoinDesk on Thursday that digital asset markets have matured into global macroeconomic mainstays and are now in sync with U.S. stock markets and artificial intelligence-driven technological changes rather than with internal supply shocks.
Lin, who leads the world’s fourth-largest exchange with more than $2 billion in daily trading volume, laid out his vision for an industry that has transformed from an “existential threat” to the infrastructure of traditional finance.
The American Bankers Association (ABA) urges the U.S. Congress to ban stablecoin earnings and amend open banking rules, arguing that the changes are necessary for consumer protection and competitive balance. Cryptocurrency and fintech critics say the ABA’s agenda would tilt the regulatory playing field in favor of banks by limiting how wallets, stablecoin issuers and applications can access users and their financial data.
“I no longer believe in the four-year cycle,” Lin said, noting that Gate (formerly Gate.io) is positioning itself for upward growth driven by the convergence of cryptocurrencies and TradFi. “The market is bigger now. It’s more connected to the global economy and the U.S. stock market. You can’t think of it in isolation.”
Lin’s outlook comes as Gate undergoes a massive global rebrand, moving to the Gate.com domain and securing high-profile sponsorships from Oracle, Red Bull Racing and Inter Milan. Lin said the goal is to prepare for a wave of tokenization of real-world assets (RWA) that extends well beyond the current stablecoin market.
While stablecoins like USDC and USDT are the “most successful use cases” today, Lin expects stocks, precious metals and commodities to quickly migrate to the blockchain. Gate is already facilitating this shift, providing users with access to traditional assets in a tokenized, 24/7 format.
“We will soon beat traditional exchanges and banks,” Lin claimed, citing the inherent efficiency of on-chain liquidity. He believes that while traditional institutions such as the New York Stock Exchange are only now beginning to explore 24/7 trading, cryptocurrency-native platforms have already completed the infrastructure required for global markets around the clock.
Lin dismissed the idea that stablecoins pose an inherent threat to bank deposits. Instead, he sees them as technological upgrades that banks are increasingly eager to adopt.
“I’ve talked to some banks; they are no longer eager to oppose cryptocurrencies,” Lin said. “They can use stablecoins to speed up their services. We use them as rails for remittances.”
Despite the competitive landscape, Lin confirmed that his cryptocurrency exchange has no plans to develop its own stablecoin, preferring to remain a neutral venue that integrates existing tokens such as Circle’s USDC. The strategy focuses on “building infrastructure” rather than competing with the assets themselves.
Market resilience and AI tailwinds
Although 2025 will be volatile and many retail investors are on the sidelines, Lin is still optimistic about those “believers” who continue to accumulate funds at the lows. He pointed to a 15-fold increase in cryptocurrency-based payments over the past two years as evidence that digital assets are finding “real-world utility” beyond simple speculation.
Lin sees the current artificial intelligence boom as “strong support” for cryptocurrencies. As investors look for the next technological frontier, the intersection of artificial intelligence and blockchain, especially in terms of lowering barriers to entry for new users, is expected to drive the next wave of adoption.
“We don’t care about price alerts,” Lin concluded. “We care about the application. We’re making it cheaper and more efficient. The technology works and no one can stop it.”