Interview | Correcting 3 Major Misconceptions: The U.S. Crypto Market is Not a 'White People's Game,' Here’s the Breakthrough for Chinese Teams

This article is a reprint of Techub News' interview with Charlie.

Interviewer: Alma, Founder of Techub News

Interviewee: Charlie, former macro investor at Franklin Templeton, Adyen global payments, Strike cryptocurrency payments, and currently Venture Partner at Generative Ventures.

In the lobby of Franklin Templeton in Silicon Valley, we had an in-depth conversation with veteran investor Charlie. He previously served as Vice President of Global Payments at Adyen and Vice President of Cryptocurrency Payments at Strike, and is now a Venture Partner at Generative Ventures. As a seasoned practitioner spanning traditional finance and the cryptocurrency sector, Charlie also holds multiple roles as a content creator and startup advisor. During the conversation, he shared unique insights from the perspective of institutional investors on U.S. regulatory policies, the competitive landscape of stablecoins, and the development trends of RWA (Real-World Asset Tokenization), providing valuable firsthand industry observations to the Chinese-speaking community.

1. Cross-Border Experience: A Global Exploration from Traditional Finance to the Crypto Field

Alma: Your career spans macro research at Franklin Templeton, Adyen payments, Strike crypto payments, and you're also involved in content creation and entrepreneurial consulting. How do these roles influence each other?

Charlie: My career began in the global macro department at Franklin Templeton, where we were the largest creditors in several countries. This experience gave me deep insight into the global and regional differences in currencies. From the foundational Web2 of traditional finance to the financial globalization revolution brought by blockchain, I have witnessed how technology has made 'permissionless, anonymous transfers' of funds a reality.

Writing, for me, isn't about running self-media but rather a process of organizing thoughts—American undergraduate writing training cultivated my critical thinking, which aligns directly with the investment analysis logic of 'not blindly following sell-side opinions and finding hidden market opportunities.' My experience as an entrepreneurial consultant allows me to combine theory with practice, turning insights into actionable business advice across different markets. The three roles form a closed loop of 'observation-thinking-output.'

Alma: In one sentence, what are the core keywords that summarize your career trajectory?

Charlie: The core keyword is 'Global.' Whether it's cross-border debt investments in traditional finance or borderless capital flows in the crypto space, the essence lies in exploring the nature of finance and the core value of currency in a globalized context. I have experienced the rule restructuring of traditional finance and witnessed how blockchain technology disrupted existing business models. This cross-era perspective makes me focus more on 'balance'—finding sustainable development paths between technological innovation and risk control, globalization and localization.

Alma: What sense of responsibility does having multiple identities bring you? How would you prefer to be defined?

Charlie: Writing has cultivated a habit of viewing issues dialectically. I don’t want to just be an information messenger; I aim to provide differentiated perspectives. There’s a lack of in-depth content originating from the front lines of U.S. institutions in the Chinese-speaking world, especially given the differences in societal foundations and forms of capital markets between the Asia-Pacific and U.S. regions, leading to information gaps in many industry views. My responsibility is to build this communication bridge.

I prefer to be seen as a 'practically experienced observer'—not a pure theorist, nor a practitioner confined to a single field, but someone who can combine traditional financial logic with crypto innovation to provide cross-market, cross-sector insights as a connector.

II. US Regulation and Stablecoins: New Competitive Dynamics Amid Policy Changes

Alma: What are the core changes in the current US stablecoin policy framework? What are the practical impacts on industry participants?

Charlie: The US regulatory framework in 2025 is undergoing a disruptive adjustment. After Trump took office, cryptocurrencies, as an important part of his voter base, received more policy support. From the 'Genius Act' to the SEC’s Project Crypto, and then to the coordinated regulation between the OCC and CFTC, the focus has been on addressing three key issues: 'scope of regulation, regulatory bodies, and regulatory philosophy.'

For the industry, the biggest impact is the entry of traditional financial institutions—Wall Street giants like BlackRock and Franklin Templeton are actively lobbying to push regulatory rules in their favor. This signals industry standardization but also indicates that market competition will become even fiercer. At the same time, regulation is forcing the industry to undergo internal iteration; traditional financial institutions face challenges with an aging talent pool, while the crypto industry gains opportunities to attract global talent.

Alma: What new characteristics have emerged in the US stablecoin market after the implementation of the 'Genius Act'? What trends will emerge by 2026?

Charlie: Although the 'Genius Act' has been signed, there is significant pressure for subsequent revisions—banks, motivated by deposit competition, are pushing for the 'Clarity Act' to limit the yield functionality of stablecoins, and this tug-of-war will continue. In the current market, apart from the ongoing popularity of USDC, the white-label stablecoin model is rapidly gaining traction.

Many companies want to enter the stablecoin space but lack technical and compliance capabilities. They outsource to white-label service providers like Paxos and Agora, retaining only the commercial logic endorsement. This model will be fully rolled out by 2026. Additionally, Tether is also positioning itself in the US compliant market, hiring former core members of Trump's cryptocurrency committee as the US CEO, showing that the US market remains a highly contested battleground.

Alma: What does a fully compliant stablecoin business model look like? How to cover costs and achieve profitability?

Charlie: Compliant stablecoins are not unprofitable; their revenue mainly comes from two aspects: First, short-term investment returns from the underlying reserve assets. Even a 2%-3% yield under the current US benchmark interest rate is substantial income for a trillion-dollar asset pool. Second, value-added services—referencing the US SaaS model, stablecoin issuers can offer complementary financial services to generate profits.

In terms of costs, compliance and KYC are the largest expenses, especially with the high labor costs of US-based employees. However, in the long term, as economies of scale take effect, these costs can be fully covered. Take Circle, for example; its deep-rooted compliance advantages and technical compatibility in the US market over the years give it a differentiated competitive edge when combined with AI.

3. RWA Track: Core Value and Implementation Challenges of Asset Tokenization

Alma: What pain points in traditional finance are solved by RWA applications like tokenized US Treasuries? What is the current development scale?

Charlie: The US financial market has a pyramid structure, with Treasury bonds serving as the underlying risk-free asset that forms the basis of all returns. Tokenizing assets like Treasury bonds amplifies liquidity, composability, and programmability, allowing for the creation of more innovative financial products on-chain. For instance, traditional investments are restricted by exchange trading hours, whereas on-chain trading enables 24/7 operations, which will redefine the trading logic of financial markets.

The scale of RWA is currently growing rapidly, especially for low-risk assets like US Treasuries and money market funds where there is strong demand for tokenization. However, it should be noted that RWA is not intended to replace traditional financial products but rather offers a more efficient means of circulation and combination, representing an incremental market rather than a replacement for existing ones.

Alma: What regulatory pain points and challenges does real estate and private equity tokenization face?

Charlie: The core challenge with real estate tokenization lies in the fact that the US already has mature financialization pathways—REITs, for example, have already packaged and layered real estate, allowing investors to participate without needing RWAs. This makes short-term demand less urgent. However, in the long run, the value of RWAs lies in lowering entry barriers (through fractionalized asset division) and achieving global reach, enabling assets like vineyards and luxury homes to directly connect with global investors while helping issuers gain access to real buyer data.

The key value of tokenizing private equity is enhancing transparency and credibility. Traditional private credit markets suffer from issues such as double pledging and invoice fraud, but once assets are tokenized, all transactions become traceable and verifiable, creating an effective system of checks and balances. Additionally, the advantage of customized contracts in private credit can further enhance liquidity under blockchain technology, breaking through the limitations of limited counterparty interactions.

Alma: What are the differences between the RWA markets in the US and Hong Kong? How should startups choose their development path?

Charlie: The advantage of the US market lies in its depth and complexity within the financial ecosystem, with clear demands for tokenizing traditional assets like Treasury bonds and commercial real estate. Focusing solely on this market offers significant profit potential. Meanwhile, Hong Kong is quickly catching up in terms of regulatory frameworks and serves as a suitable regional hub.

The advice for startup teams is: first, clearly identify the target users — if targeting the Asia-Pacific and Middle East markets, Hong Kong, Singapore, and Dubai are all good choices; if aiming for globalization, U.S. compliance endorsement carries higher credibility. In terms of approach, choose underlying assets based on the risk preferences of target users. Low-risk assets can be prioritized in the U.S., then gradually penetrate the global market through regional successes.

4. Payment Innovation and Global Expansion: Opportunities and Challenges for Chinese Teams

Alma: What are the prospects for stablecoin payments in consumer markets? Are models like YouCard (UCard) a long-term trend or transitional products?

Charlie: The development of stablecoin payments depends on the target market — U.S. domestic consumers have a high reliance on credit card cashback, leading to lower willingness to use stablecoins for payment. However, for merchants, stablecoins can reduce transaction fee costs. The core value of products like YouCard lies in being the 'greatest common denominator globally,' helping businesses quickly access international markets. But to deeply cultivate local markets, they still need to rely on localized payment networks, such as PIX in Brazil and UPI in India.

In the long run, the biggest opportunities for stablecoin payments are not in consumer (C-end) spending but in business (B-end) scenarios — such as global contract worker salary disbursements, corporate treasury management, and cross-border transfers. These scenarios are more sensitive to efficiency and cost, where the advantages of stablecoins are more prominent.

Alma: What are the strengths and weaknesses of Chinese teams in the RWA and stablecoin sectors? How can they break through?

Charlie: The traditional view holds that Chinese teams excel in technology and product capabilities but are weaker in marketing and collaboration. This stereotype is gradually being broken. In reality, the core advantage of Chinese teams lies in their ability to rapidly iterate on technology, while their weakness is the depth of understanding of overseas local markets, including commercial logic, regulatory details, and relationship networks.

The key to breaking through lies in 'deep cultivation locally + professional collaboration': On one hand, truly understand the user needs and business rules of the target market, avoiding directly replicating domestic strategies overseas. On the other hand, make good use of professional service providers. The development of the U.S. SaaS industry proves that specialized division of labor significantly boosts efficiency. Startup teams don’t need to build all capabilities themselves; by integrating resources from compliance, technology, and financial service providers, they can quickly validate their business models.

Alma: What are the core suggestions for Chinese-speaking startup teams looking to enter the U.S. market?

Charlie: First, do not underestimate the importance of the U.S. as a commercial hub. The 'encircling the cities from the countryside' strategy can work, but it’s crucial not to delay entering the U.S. market until the last moment. Early-stage small-scale pilots can help accumulate experience. Second, compliance is fundamental, but there's no need to solely focus on obtaining your own license. In the early stages, renting licenses can quickly launch operations, and after building customer loyalty, you can apply for your own license. Companies like Stripe and Adyen grew this way. Lastly, respect the logic of the local market. The U.S. business environment, regulatory framework, and user habits differ significantly from those domestically, requiring a localized team and mindset.

V. Industry Outlook: 2025 Summary and 2026 Opportunities

Alma: Using keywords, how would you summarize the crypto-financial industry in 2025, and what opportunities are worth looking forward to in 2026?

Charlie: The keyword for 2025 is “upheaval” — Trump’s rise to power overturned many established rules, with cryptocurrencies transitioning from the fringe to legitimacy. The boundaries between traditional finance and the crypto industry have further blurred, marking an unprecedented period of change since the 2000s. In this great upheaval, practitioners with forward-thinking mindsets and strong execution capabilities will gain more opportunities.

2026 will be the 'acceleration phase of opportunity,' where midterm elections will bring a clearer regulatory framework, and shifts in global geopolitics will also create new market demands. For entrepreneurs, emerging markets will be key growth areas. Crypto payments and RWA applications in regions like Latin America, Africa, and Eastern Europe could become new breakout points. Additionally, the integration of AI and stablecoins will gradually take off, with machine-to-machine payment scenarios growing rapidly, representing a core opportunity for the next three to five years.

Alma: What are the top three misconceptions about the U.S. crypto-financial market that you’d like to correct within the Chinese-speaking world?

Charlie: First, don’t view the U.S. as a monolithic 'white market'—it has complex internal dynamics, and Chinese professionals can absolutely seize opportunities on the mainstream stage through expertise. Second, domestic business strategies don’t apply universally; the U.S. market operates under its unique commercial logic and user habits, requiring tailored adjustments. Third, never underestimate the strategic value of the U.S. market—even when focusing on emerging markets, early positioning in the U.S. allows leveraging its endorsement effect to influence the global landscape.

Alma: What’s your final piece of advice for Chinese entrepreneurial teams?

Charlie: I hope everyone can build a truly global perspective—not just making it easier for Chinese people to do business globally but creating a platform that benefits entrepreneurs worldwide. Chinese professionals already possess global competitiveness in technology but need to improve their business acumen and global vision. I look forward to seeing a great company led by Chinese individuals influencing global commerce.

Summary

The conversation with Charlie spans the intersection of traditional finance and cryptocurrency, revealing how stablecoins and RWA are moving from the fringes to the mainstream. The evolving dynamics of U.S. regulatory frameworks bring both uncertainty and significant opportunities. He emphasizes a global perspective, respect for local markets, and balancing innovation with compliance. For Chinese teams hoping to start businesses in this wave, the most valuable reminder is understanding differences, finding commonalities, and planning with long-term thinking to build a truly global business map. 2026 may well be the acceleration year for visionary implementers.

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