The traditional four-year crypto cycle, long linked to that of bitcoin Halving events may be a thing of the 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 that now moves at the same pace as U.S. stocks and technological shifts driven by AI rather than domestic supply shocks.
Lin, who leads the world’s fourth-largest exchange with daily volume exceeding $2 billion, laid out his vision of an industry that has gone from an “existential threat” to the fundamental infrastructure of traditional finance.
The American Bankers Association (ABA) urged the US Congress to ban the performance of payment stablecoins and review open banking rules, framing the changes as necessary for consumer protection and competitive balance. Crypto and fintech critics say the ABA agenda would tilt the regulatory playing field toward banks by limiting how wallets, stablecoin issuers and apps can access users and their financial data.
“I don’t believe in the four-year cycle anymore,” 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 look at it in isolation.”
Lin’s outlook comes as Gate executed 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” at present, Lin anticipates a rapid migration of stocks, precious metals, and commodities to the blockchain. Gate is already facilitating this shift, offering users 24/7 access to traditional assets in a tokenized format.
“Very soon we will beat traditional exchanges and banks,” Lin said, citing the inherent efficiency of on-chain 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 necessary for a 24/7 global market.
Lin dismissed the idea that stablecoins are an inherent threat to bank deposits. Rather, he sees them as a technological improvement that banks are increasingly eager to adopt.
“I’ve talked to some banks; they’re not eager to go against cryptocurrencies anymore,” Lin said. “They can use stablecoins to speed up their own service. We use them as a way to transfer money.”
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 tailwinds
Despite a volatile 2025 that saw many retail participants sidelined, Lin remains optimistic about “believers” continuing to accumulate at low points. He points to the 15x growth 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 rise of AI as “strong support” for cryptocurrencies. As investors look for the next technological frontier, the intersection of AI and blockchain, particularly to lower the barrier to entry for new users, is expected to drive the next wave of adoption.
“We don’t care about price scares,” Lin concluded. “We care about applications. We are making them cheaper and more efficient. The technology works and no one can stop it.”
