According to Duong, regulated spot ETFs have dramatically expanded access to crypto markets, enabling participation from institutions, corporates, and conservative allocators previously sidelined by custody and compliance concerns.
As approval timelines compress and additional products launch, ETFs are expected to become a primary on-ramp for long-term crypto exposure, rather than a short-term trading vehicle.
Corporate crypto treasuries have also gained traction, reinforcing ETFs’ role as a bridge between traditional balance sheets and digital assets.
Stablecoins move deeper into financial plumbing
Stablecoins are playing an equally critical role.
In the U.S., the passage of stablecoin legislation under the GENIUS Act has given institutions clearer guardrails for using dollar-pegged tokens in payments, settlement, and collateral management. In Europe, the Markets in Crypto-Assets (MiCA) framework has brought regulatory consistency across member states.
“The practical consequence is real operational readiness,” Duong said, pointing to delivery-versus-payment workflows and treasury operations increasingly powered by stablecoins.
Rather than being viewed as a crypto-native tool, stablecoins are now being integrated as infrastructure for modern finance.
Tokenization connects crypto to real-world assets
Tokenization is the third pillar of the adoption thesis.
Duong said tokenized assets are becoming more widely recognized across traditional transactions, enabling faster settlement, improved capital efficiency, and programmable ownership.
As tokenized collateral gains acceptance, it further ties crypto infrastructure into mainstream financial workflows, reinforcing demand for both stablecoins and on-chain liquidity.
Adoption steadies as the market matures
Data from analytics platform Demand Sage shows global crypto adoption hovering in a narrow band from 10.3% in early 2023 to 9.9% in early 2025.
Duong described this stability not as stagnation, but as a sign of market maturity, with crypto usage increasingly shaped by macroeconomic conditions, regulation, and real-world utility rather than hype cycles.
“Demand no longer hinges on a single story,” he said, adding that crypto exposure is now evaluated through a long-term strategic lens.
Coinbase pushes toward an “Everything Exchange”
Coinbase’s own strategy reflects this shift.
Last month, the company announced plans to acquire The Clearing Company as part of its ambition to become an “Everything Exchange” spanning spot trading, derivatives, prediction markets, and tokenized assets.
Coinbase has also filed lawsuits against the U.S. states of Michigan, Illinois, and Connecticut over regulatory authority surrounding prediction markets, signaling that exchanges are racing to define their role under the new regulatory landscape.
Why 2026 could matter more than any year before
Duong’s outlook suggests that crypto’s next growth phase will not be driven by a single asset or narrative, but by infrastructure convergence.
ETFs provide access.
Stablecoins enable settlement.
Tokenization connects real-world assets.
Together, they turn regulatory clarity into scalable adoption.
As these systems compound in 2026, crypto may move decisively from a parallel financial system into a core layer of global markets.
Disclosure: This article is for informational purposes only and does not constitute investment advice.
