Lin Han Drops a Gauntlet at Consensus Hong Kong
Gate founder and CEO Lin Han didn't mince words at Consensus Hong Kong 2026. Speaking with CoinDesk's Olivier Acuna, the head of the fourth-largest crypto exchange by daily volume made a declaration that would have been unthinkable three years ago: "We will beat traditional exchanges and banks very soon."
The interview, published February 12, covers Ground from stablecoin adoption and real-world asset tokenization to the death of Bitcoin's four-year halving cycle. For an exchange processing over $2 billion in daily volume and fresh off a global rebrand from Gate.io to Gate.com, these aren't idle predictions. They're a roadmap.
Why Banks Stopped Fighting and Started Cooperating
The most striking claim from Han isn't that crypto will defeat traditional finance. It's that the war is already over, and banks know it.
"I have talked with some banks; they are no longer eager to go against crypto," Han told CoinDesk. "They can use stablecoins to accelerate their own service. We use them as a rail for money transfer."
This reframing matters. Rather than positioning stablecoins as deposit-killers, Han describes them as infrastructure upgrades that banks themselves want to adopt. The data supports his case. Stablecoin transaction volume hit a record $33 trillion in 2025, led by USDC. Monthly crypto card spend grew from roughly $100 million in early 2023 to over $1.5 billion by late 2025, a compound annual growth rate exceeding 100%.
The shift is visible in Asia especially. At the same Consensus event, industry experts noted that institutional crypto transactions across Asia reached $2.3 trillion by mid-2025, a 70% year-over-year increase. Japanese mega-banks are actively developing stablecoin solutions. Institutions aren't fighting the trend. They're building on top of it.
The Four-Year Cycle Is Dead, According to Han
Han's second major claim challenges one of crypto's most sacred narratives. "I don't believe in the four-year cycle anymore," he stated.
His reasoning: Bitcoin's price now correlates more closely with global macroeconomics and U.S. equities than with its own halving supply shocks. The institutional capital that entered through spot Bitcoin ETFs in 2024 permanently changed the market structure. When BlackRock, Fidelity, and pension funds hold BTC, the price responds to Fed rate decisions and AI earnings calls, not just miner economics.
This has practical implications for anyone holding crypto or using stablecoin-funded cards. If Bitcoin's volatility increasingly tracks the S&P 500, the old playbook of buying the halving dip and selling four years later needs updating. Macro awareness becomes as important as on-chain analysis.
Gate's Bet on Real-World Asset Tokenization
Han's forward-looking thesis centers on real-world asset (RWA) tokenization. While stablecoins are "the most successful use cases" of tokenization today, he anticipates rapid migration of stocks, precious metals, and commodities onto blockchain infrastructure.
Gate is already executing on this vision. The exchange's TradFi platform, which launched its public beta in January 2026, now offers stocks, gold, forex, indices, and commodities tradeable with USDT collateral. Cumulative volume crossed $20 billion in January, with peak daily activity surpassing $5 billion. That figure has since grown past $33 billion total, with daily peaks exceeding $6 billion.
Notably, Han confirmed Gate has no plans to issue its own stablecoin. The strategy is to remain a neutral infrastructure provider that integrates existing tokens like Circle's USDC, rather than competing with the assets themselves. It's a "Switzerland" approach: build the rails, don't fight over the currency.
What This Means for Crypto Card Users and Everyday Spenders
Han's stablecoin thesis connects directly to how people spend crypto today. The 15x growth in crypto-based payments he referenced tracks closely with the explosion of stablecoin-linked payment cards over the past two years.
When a card user loads USDC onto their Gate Midnight card or any stablecoin-funded debit card, they're participating in exactly the infrastructure Han describes. The stablecoin acts as a payment rail between the user's crypto holdings and the merchant's bank account. The bank on the receiving end doesn't need to understand blockchain. It just sees a Visa or Mastercard settlement.
This is precisely why Han says banks have stopped fighting. Every stablecoin card transaction is a bank receiving a payment through crypto infrastructure without having to build any of it. The crypto card ecosystem effectively turns every merchant into a stablecoin endpoint, and the banks are happy to process the settlement.
The risk for users to consider: while stablecoin spending avoids the volatility of BTC or ETH, the infrastructure layer is still evolving. Disclosed card fees don't always capture the full cost. Visa and Mastercard network spreads (0.5-0.9%), crypto-to-fiat conversion spreads at point of sale, and gas fees for on-chain top-ups can add up beneath the surface.
Gate's Ambition in a Crowded Field
Gate's positioning goes beyond talk. The exchange recently secured multi-year sponsorships with Oracle Red Bull Racing in Formula 1 and Serie A champions Inter Milan. These aren't cheap deals. They signal a company betting its future on mainstream brand recognition.
But Gate isn't alone. Binance continues to dominate volume. OKX is pushing self-custody and DEX aggregation. Bybit and Bitget are expanding card programs and copy trading. The race to absorb traditional markets into crypto infrastructure has at least five serious contenders, and that's before counting the banks themselves.
Han's confidence rests on a structural argument: crypto-native platforms already have 24/7 trading, global settlement, and programmable smart contracts. Traditional exchanges are still exploring how to offer after-hours trading. The infrastructure gap is real. Whether it translates into market share gains before regulatory headwinds close the window remains the open question.
FAQ
Did Lin Han say Gate will replace banks? Not exactly. He said banks have lost the "existential" war against stablecoins, meaning they can no longer prevent stablecoin adoption. Instead, banks are integrating stablecoins as payment rails. Gate aims to outcompete traditional exchanges, not eliminate banks entirely.
Is the Bitcoin four-year halving cycle really dead? Han argues that institutional capital (ETFs, pension funds) has permanently changed Bitcoin's market structure, making it correlate more with U.S. equities and macro conditions than with halving supply shocks. Many analysts still debate this, but the ETF-driven market structure shift is undeniable.
What is Gate's TradFi platform? Gate's TradFi offering lets users trade stocks, gold, forex, indices, and commodities using USDT as collateral. It launched in January 2026 and has crossed $33 billion in cumulative volume, with peak daily activity exceeding $6 billion.
Does Gate plan to launch its own stablecoin? No. Lin Han confirmed Gate will not issue a proprietary stablecoin. The strategy is to remain a neutral infrastructure provider that integrates existing tokens like USDC.
Overview
Gate CEO Lin Han used Consensus Hong Kong 2026 to make three bold claims: banks have lost the existential war against stablecoins, Bitcoin's four-year halving cycle is dead, and crypto-native exchanges will outcompete traditional finance soon. Backed by $2 billion in daily crypto volume and $33 billion in cumulative TradFi volume, Han is betting on real-world asset tokenization and stablecoin rails as the next growth vectors. He confirmed Gate will not launch its own stablecoin, preferring to build neutral infrastructure. The interview arrives as institutional crypto transactions in Asia hit $2.3 trillion and stablecoin transaction volume topped $33 trillion in 2025. For users, Han's thesis explains why stablecoin card payments keep growing and why banks are choosing to cooperate rather than compete.
Recommended Reading
- Gate.io Crosses $20 Billion in TradFi Volume as Crypto Exchanges Race to Absorb Traditional Markets
- White House Stablecoin Talks Collapse as Banks Demand a Total Ban on Yield, Freezing the CLARITY Act
- Binance and Franklin Templeton Launch Tokenized Money Market Fund Collateral Program for Institutional Traders
