According to ChainCatcher, at the recent EMW2025 conference, Coatue Management co-founders Philippe and Thomas Laffont were interviewed by podcast BG2, providing an in-depth interpretation of their latest market research report on the valuation logic of crypto assets, stablecoin development trends, and their institutional significance.
Philippe stated that Bitcoin is gradually evolving into a "corporate-level asset" with a current market capitalization of approximately $2 trillion, which still represents a low proportion of the global net assets of nearly $500 trillion, indicating further upside potential. He predicted that as institutions gradually accept its volatility, Bitcoin's market capitalization could rise to $5-6 trillion in the future, becoming an asset class with more systemic influence.
Thomas emphasized that the advancement of stablecoin legislation is a significant milestone for the crypto industry, substantially reducing regulatory uncertainty. He anticipates the emergence of "interest-bearing stablecoins" in the near future, potentially issued by governments in different maturity versions, directly targeting global investors and reshaping the issuance mechanism and participation method of sovereign bonds.
The two founders pointed out that traditional VCs have a biased perception of crypto assets after early project failures. However, with the widespread application of Bitcoin and stablecoins, industry valuation methods need to be more flexible and re-evaluate the trend value of top assets. Meanwhile, stablecoins have gradually become a core tool for corporate payments and fund allocation, and the crypto market is shifting from a "hype logic" to "institutional recognition and utility-driven".
