In October 2025, the TOKEN2049 Singapore Summit concluded at Marina Bay Sands. This largest global event for cryptocurrency and Web3 once again became the industry’s focal point with astonishing participation: over 25,000 attendees, 500 exhibitors, more than 300 speakers, and over 1,000 side events across the city, collectively turning Singapore into the “United Nations Headquarters” of the crypto world. From institutional investors to tech geeks, regulatory representatives to startup teams, every link in the ecosystem chain converged here to discuss how blockchain could reshape the future of the global financial system.
I. Summit Highlights: The “Coming of Age” Ceremony of the Crypto World
Unlike the fervor and extravagance of earlier summits, TOKEN2049 in 2025 resembled a sober “industry check-up.” The theme of “Web3’s Maturation Transformation” ran throughout, with participants no longer fixated on short-term coin prices but instead focusing on underlying technology, compliance pathways, and macro value. Data shows DeFi’s total value locked surpassed $150 billions, and stablecoins’ monthly trading volume exceeded $300 billions—behind these numbers lies a silent revolution as crypto assets move from the fringes to mainstream finance.
Singapore, with its open regulatory environment and status as a financial hub, further solidified its role as a global crypto center. At the summit, Western institutions in suits walked side by side with Middle Eastern capital in traditional robes, while Asian developers in minimalist T-shirts mingled among them—this diversity is a microcosm of the industry’s path to maturity.
II. Macro Perspective: The Resonance of Crypto Assets and the Global Economy
In macroeconomic discussions, crypto assets were widely regarded for the first time as a “systemic opportunity” rather than a “systemic risk.” Despite global GDP growth expectations dropping to 3.2%, the total crypto market capitalization remained steady at $2.3 trillions, showing a “decoupling” trend from the traditional economy.
Malcolm Duman, former official at the Bank for International Settlements, pointed out in a panel discussion that daily trading volumes of stablecoins like USDT and USDC now account for 10% of emerging market forex transactions. This not only improves cross-border payment efficiency but also quietly challenges the old dollar-dominated order. Meanwhile, the correlation coefficient between bitcoin and gold has risen to 0.65, far higher than its correlation with the Nasdaq index. In 2025, amid inflation concerns and geopolitical tensions, institutions are including crypto assets in their hedging toolkits: pension funds and sovereign wealth funds now account for 25% of crypto fund inflows, and Singapore’s Temasek has publicly announced an increase in its crypto allocation from 5% to 8%.
Regulatory progress also sends positive signals. The EU’s MiCA regulation has been fully implemented, and the US SEC has approved the Ethereum ETF, shifting the industry atmosphere from “defensive” to “offensive.” In his keynote speech, Vitalik Buterin emphasized: “Compliance is not a shackle, but a bridge. When the world establishes unified KYC/AML standards, blockchain technology can provide inclusive financial solutions for developing countries, directly supporting the United Nations’ Sustainable Development Goals.”
III. Fundamental Breakthroughs: From Proof of Concept to Large-Scale Deployment
On the technical front, Web3 in 2025 has moved beyond theoretical discussions and entered the stage of substantive deployment. Layer1 and Layer2 solutions have become focal points: public chains like Solana and Sui have achieved TPS breakthroughs in the tens of thousands, far surpassing traditional payment networks like Visa, clearing technical barriers for the tokenization of real-world assets (RWA).
RWA is undoubtedly the star track of this summit. The head of BlackRock’s iShares bitcoin ETF revealed that the RWA market size will soar from $50 billions in 2024 to $200 billions, covering diverse assets such as real estate, art, and carbon credits. The tokenization platform for Southeast Asian real estate demonstrated on the Sui chain enabled 24/7 trading of real estate—not just a technical showcase, but a liberation of liquidity for trillion-dollar idle assets.
The evolution of DeFi and stablecoins is equally remarkable. Institutional-grade protocols account for 70% of DeFi’s total value locked, and mainstream protocols like Aave and Compound offer yields stabilized at 4%-6%, on par with traditional fixed-income products but with superior capital efficiency. Tether’s published reserve audit shows that 90% of its assets are US Treasuries, deeply binding the crypto market to the global bond market and further strengthening industry fundamentals.
Notably, the integration of AI and blockchain has opened a new battleground. The PoW/PoS hybrid consensus demonstrated by the Conflux network achieves 3,000 TPS at one-tenth the cost of Ethereum, providing a new paradigm for on-chain AI model validation. Decentralized AI not only solves data transparency issues but also gives rise to innovative concepts such as “emotional data tokenization,” heralding the emergence of a brand-new economic ecosystem.
IV. Challenges and Reflections: Anchoring the Future Amid Uncertainty
● Regulatory Fragmentation: Policy differences among countries may lead to market segmentation
● Technical Bottlenecks: Energy consumption remains a focal point of controversy for PoW chains
● External Risks: The potential threat of quantum computing to cryptographic algorithms
These challenges call for global collaborative responses. Several speakers proposed establishing a “Crypto Paris Agreement” under the G20 framework to set unified standards for the industry.
V. Conclusion: Looking Toward 2030 from Marina Bay Sands
As night falls over Marina Bay in Singapore, the conclusion of TOKEN2049 in 2025 marks the beginning of a new journey. The crypto world has shed its immaturity and is integrating into the global financial system with a steadier pace. In the next five years, if DeFi’s total value locked surpasses $1 trillion and stablecoins handle 10% of cross-border settlements, what we witness today will be a true turning point in financial history. This summit tells us: cryptocurrencies are no longer casino chips, but financial instruments supported by fundamentals; Web3 is not just a technological revolution, but a historic wave reshaping the global economic landscape. The torch ignited in Singapore is illuminating a more open, efficient, and inclusive financial future.
