The Weekly Peg (1/3): Singapore hangover

Here's our rundown of last week's Token 2049 gathering in Singapore.

Cash Equivalence was in Singapore last week, attending Token 2049 and Network State. Hence, the delay in the wrap. This will now be split into a number of parts due to the volume of material.

Token 2049:

Overall mood: Held at the Marina Bay Sands conference center in Singapore, Token 2049 is arguably one of the world’s largest crypto-dedicated trade fairs. The number of exhibitors on display over two days and five floors was truly jaw-dropping, as was the volume of branded merch giveaways.

But we weren’t there for the crypto T-shirts and stress balls. Stablecoin-themed sessions represented a good chunk of the agenda, with all the main issuers present, from Tether’s Paolo Ardoino to Paxos’ Charles Carsciclla and Donnie Jr. representing World Liberty Financial. The sense I got was that there’s no shortage of money sloshing around the industry — more than can be said for other fringe asset classes like art or wine.

And as far as stablecoins go, if there was one overarching TLDR theme to take away, it was that while issuing a native stablecoin can make sense for many ecosystems with sufficient scale, the future will not be one of endless fragmentation. Instead, liquidity will coalesce around a smaller number of well-adopted stablecoins, with each surviving coin linked to strategic distribution advantages, business model improvements, or broader integrations.