This report, written by Tiger Research, provides an in-depth analysis of the key trends at TOKEN 2049 Dubai, that stablerising as infrastructure while the crypto of industry is gradually shifting from speculation to practical applications.
Key Points
Ablecbecome a core infrastructure. Stablecoins, once driven by narratives, demonstrate a clear product-market fit and are establishing their position as a core component component of the digital economy.
AI expectations exceed actual development. Although AI was a significant conference theme (occupying 11% of the agenda), many attendthatees the growing gap hype and implementation progress.<>industry is entering a structurally mature stage. crypto industry is from a speculative "ulative frontier era" to infrastructure a phase focused on infrastructure construction and practical use cases The market's demand for verified applications and clear value propositions is gradually surpassing expectations for conceptual innovation.
<>. Strategic Web3 Market DirectionStablecoins transcending narrative, becoming digital economy infrastructure
AI fever high, but market sentiment tends to be cautious
Dubai consolidates its Web3 regulatory and capital center status
research report, TOKEN 049 dubai 2025025 once again its global top crypto industry conference, attracting over 15,000 participants from more than 160 countries. The two-day conference covered a series range of high-level speeches and discussions, reflecting market dynamics and emerging trends.
In response, industry participants are shifting their focus from research to execution. Increasing efforts are concentrated on developing strategic market entry plans, understanding liquidity flows, establishing exchange relationships, and designing user-friendly token models. While technical excellence remains important, the ability to create meaningful value will be limited without an effective distribution strategy.
Market participants are increasingly concerned that short-term returns and immediate utility are taking priority over long-term innovation. In the current environment, execution capability trumps potential capability. The market has evolved into a competitive arena where technology alone cannot ensure survival.
4. Key Announcements
Tether – Launching New Compliant Dollar Stablecoin Initiative
Tether CEO Paolo Ardoino announced plans to launch a new US-compliant dollar stablecoin, different from the existing USDT, expected to be released between 2025 and 2026. This plan reflects Tether's ongoing efforts in regulatory engagement and includes discussions with US legislators.
OKX – Launching OKX Pay and Institutional Collaboration Program
OKX launched OKX Pay, a crypto payment app supporting user self-custody with zero transfer fees and wallet recovery through split-key technology. Additionally, OKX disclosed multiple institutional collaborations, including a partnership with Standard Chartered Bank in Dubai's VARA regulatory sandbox, and previewed integrations with Mastercard and Stripe.
Zodia Custody – Entering UAE Market and Strengthening Regulatory Cooperation
Zodia announced the acquisition of Tungsten Custody to establish a regulated business base in the UAE. Simultaneously, Zodia revealed a new custody partnership with Bybit and jointly published a custody framework with Abu Dhabi regulators.
Mesh – Retail Crypto Payment Integration
Mesh demonstrated a new integration with Apple Pay, enabling users to pay with cryptocurrency while merchants receive stablecoins. This feature, based on Mesh's "SmartFunding" solution, is planned for launch in Q2 2025 and aims to simplify crypto payment processes in retail environments.
World Liberty Financial and TRON – $2 Billion Stablecoin Investment
MGX Fund from Abu Dhabi completed a $2 billion investment in Binance through stablecoin USD 1. After the transaction, USD 1 will be natively integrated into the TRON ecosystem.
MEXC Ventures – Launching Ecosystem Development Fund
MEXC Ventures announced a $300 million fund focusing on modular chains, ZK-rollups, and self-custody solutions. This initiative reflects renewed interest in infrastructure investment following the market downturn in 2022.
Lightspark – Bitcoin-Based Payment Infrastructure
Former PayPal executive David Marcus launched Spark, a native protocol based on the Bitcoin Lightning Network. The protocol aims to enable high-speed, low-cost payments, expanding Bitcoin's applications beyond "value storage".
These announcements align closely with TOKEN 2049's themes. Stablecoins remain a core topic, with Tether's compliance plan and the $2 billion stablecoin investment case clearly demonstrating this. Infrastructure development is another key focus, with companies like OKX, Zodia, and MEXC notably advancing in scalability, custody, and modular architecture.
Bitcoin's functional evolution is emphasized through Lightspark's Spark protocol, further driving discussions about Bitcoin's broader application potential. While AI occupied a significant portion of the speaking sessions, it was relatively inconspicuous in major announcements. Instead, the focus remained on practical deployment of payments, compliance, and institutional access, signaling the industry's continued transition from experimental to scaled implementation.
5. Moving from Frontier to Urbanization Stage
This year's conference clearly showcased the crypto industry's transformation—from speculative enthusiasm to a focus on utility and infrastructure development. Three key directional themes emerged:
Stablecoins are no longer just a concept but have demonstrated tangible product-market fit, gradually establishing their position as core infrastructure for the digital economy.
Despite AI receiving significant attention at the conference, many attendees noted that the market's enthusiasm is increasingly diverging from the actual maturity of AI technology.
The UAE continues to play a leadership role in global Web3 expansion, with Dubai becoming a crucial regulatory and capital hub in this domain.
The conference did not introduce entirely new trend waves but emphasized further consolidation of existing narratives, particularly around AI, stablecoins, and real-world assets (RWA). Increased institutional participation and continuous regulatory framework refinement indicate that the market is entering a new stage of structural transformation.
The idealistic experimental era is giving way to a phase of pragmatic execution. Just as the transition from frontier to urban economy was driven by transportation and distribution revolutions, the Web3 ecosystem is now entering a stage dependent on infrastructure development, system integration, and delivery capabilities.
While the attention economy remains a significant factor, the market no longer solely buys into conceptual innovation. Stakeholders now expect actual applications and clear value propositions. This shift marks a broader maturation of the entire ecosystem, paving the way for more stable, long-term development—one could say, the arrival of Web3's "urbanization" era.
