The traditional four-year crypto cycle, long linked to Bitcoin halving events could be a thing of the past.
Han Lin, founder and CEO of Gate and an early advocate of Bitcoin, told CoinDesk on Thursday that the digital asset market has become a global macroeconomic pillar that now moves in step with U.S. stocks and AI-driven technological changes rather than internal supply shocks.
Lin, who runs the world’s fourth-largest stock exchange with daily volume topping $2 billion, outlined his vision for an industry that has evolved from an “existential threat” to the core infrastructure of traditional finance.
The American Bankers Association (ABA) has urged the US Congress to ban payment stablecoin yield and revise open banking rules, framing the changes as necessary for consumer protection and competitive balance. Critics of crypto and fintech say the ABA program would tip the scales in favor of 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 cryptocurrencies and TradFi. “The market is bigger now. It is more linked to the global economy and the US stock market. It cannot be seen as isolated.”
Lin’s prospects come as Gate has made a massive global rebranding, moving to the Gate.com domain and securing high-profile sponsorships with Oracle Red Bull Racing and Inter Milan. The goal, says Lin, is to prepare for a wave of real-world asset (RWA) tokenization that extends well beyond the current stablecoin market.
While stablecoins like USDC and USDT are the “most successful use cases” today, Lin foresees a rapid migration of stocks, precious metals and commodities to blockchain. Gate is already facilitating this shift, providing users with access to traditional assets in a tokenized format 24/7.
“We will beat traditional exchanges and banks very soon,” Lin asserted, citing the inherent efficiency of on-chain liquidity. He argues that while traditional 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 24/7 global market.
Lin rejected the idea that stablecoins pose an inherent threat to bank deposits. Rather, he sees them as a technology upgrade that banks are increasingly eager to adopt.
“I have spoken with some banks; they are no longer willing to oppose crypto,” Lin said. “They can use stablecoins to speed up their own service. We use them as a means of transferring 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 for the assets themselves.
Market Resilience and AI Tailwind
Despite a volatile 2025 that has seen many retail players sidelined, Lin remains optimistic about the “believers” continuing to accumulate at low points. He points to the 15-fold increase in crypto-based payments over the past two years as proof that digital assets are finding “real-world utility” beyond mere speculation.
Lin sees the current AI boom as “strong support” for crypto. As investors seek the next technological frontier, the intersection of AI and blockchain, including lowering barriers 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 make them cheaper and more efficient. The technology works and no one can stop it.”
