The traditional four-year crypto cycle, long associated with bitcoins halving events, may be past.
Han Lin, founder and CEO of Gate and an early proponent of bitcoin, told CoinDesk on Thursday that the digital asset market has matured into a global macroeconomic pillar, now moving in lockstep with U.S. stocks and AI-driven technological shifts rather than internal supply shocks.
Lin, who heads the world’s fourth-largest exchange with a daily volume of more than $2 billion, laid out his vision for an industry that has gone from an “existential threat” to the basic infrastructure of traditional finance.
The American Bankers Association (ABA) called on the US Congress to ban dividends on stablecoins and revise open banking rules, framing the changes as necessary for consumer protection and competitive balance. Crypto and fintech critics say the ABA’s agenda will tilt the regulatory playing field against banks by limiting how wallets, stablecoin issuers and apps 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 an upward move driven by the convergence of crypto and TradFi. “The market is bigger now. It’s more related to the global economy and the US stock market. You can’t see it in isolation.”
Lin’s outlook comes as Gate undertook a massive global rebrand, moving to the Gate.com domain and securing high-profile sponsorships with Oracle Red Bull Racing and Inter Milan. The goal, Lin says, is to prepare for a wave of real-world asset (RWA) tokenization that extends far beyond the current stablecoin market.
While stablecoins like USDC and USDT are the “most successful use cases” today, Lin expects a rapid migration of stocks, precious metals and commodities to blockchain. Gate is already facilitating this shift, giving users access to traditional assets in a tokenized, 24/7 format.
“We will beat traditional exchanges and banks very soon,” Lin claimed, citing the inherent efficiency of onchain liquidity. He argues that while legacy institutions like the New York Stock Exchange are only now exploring 24/7 trading, crypto-native platforms have already perfected the infrastructure required for a global 24/7 market.
Lin dismissed the idea that stablecoins are an inherent threat to bank deposits. Instead, he sees them as a technological upgrade that banks are increasingly eager to adopt.
“I have spoken to some banks; they are no longer eager to go against crypto,” Lin said. “They can use stablecoins to speed up their own service. We use them as a rail for money transfer.”
Despite the competitive landscape, Lin confirmed that his crypto exchange has no plans to develop its own stablecoin, preferring to remain a neutral venue that integrates existing tokens like Circle’s USDC. This strategy focuses on “building the infrastructure” rather than competing with the assets themselves.
Market resilience and AI tailwind
Despite a volatile 2025 in which many retail participants were sidelined, Lin remains optimistic about the “believers” who continue to accumulate at low points. He points to the 15x growth in crypto-based payments over the past two years as evidence that digital assets are finding “real use” beyond simple speculation.
Lin sees the current AI boom as a “strong support” for crypto. As investors chase the next technological frontier, the intersection of AI and blockchain, particularly in terms of lowering the barrier to entry for new users, is expected to drive the next wave of adoption.
“We don’t care about the price alarms,” Lin concluded. “We care about the applications. We do it at a lower cost and more efficiently. The technology works and no one can stop it.”
