Interviewer: Alma/Techub News

Interviewee: Charlie/Former Macro Investor at Franklin Templeton\VP of Global Payments at Adyen, Crypto Payments at Strike, currently a Venture Partner at Generative Ventures.

In the lobby of Franklin Templeton in Silicon Valley, we had an in-depth conversation with seasoned investor Charlie. He previously served as VP of Global Payments at Adyen and Crypto Payments at Strike, and is currently a Venture Partner at Generative Ventures. As a veteran practitioner straddling both traditional finance and the cryptocurrency space, Charlie also wears multiple hats as a content creator and startup advisor. In our 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 Assets on-chain), providing the Chinese-speaking community with valuable first-hand industry observations.

1. Cross-Industry Experience: A Global Exploration from Traditional Finance to Crypto

Alma: Your career experience spans macro research at Franklin Templeton, payments at Adyen, crypto payments at Strike, and also includes content creation and startup advising. How do these roles influence each other?

Charlie: My career started in the global macro department at Franklin Templeton, where we were the largest creditor in multiple countries. This experience gave me a deep understanding of the global and regional differences in currency. From the foundational layer of traditional finance in Web2 to the financial globalization brought by blockchain, I have witnessed how technology has made the transfer of funds "permissionless and anonymous" a reality.

For me, writing is not about managing a media platform but a process of organizing thoughts—my undergraduate writing training in the U.S. cultivated my critical thinking, which aligns with the logic of investment analysis that seeks to "not blindly follow sell-side views and look for hidden market opportunities." My experience as a startup advisor allows me to combine theory with practice, transforming insights into actionable business advice, creating a closed loop of "observation-thought-output."

Alma: In one sentence, can you summarize your career's main theme? What is the core keyword?

Charlie: The core keyword is "Global." Whether it's cross-border debt investment in traditional finance or the borderless flow of funds in the crypto space, the essence is exploring the nature of finance and the core value of currency in a globalized context. I have experienced the reconstruction of traditional financial rules and witnessed the disruption of existing business models by blockchain technology. This cross-era perspective makes me more focused on "balance"—finding a sustainable development path between technological innovation and risk control, globalization and localization.

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

Charlie: Writing has cultivated in me the habit of dialectically viewing issues. I don’t want to be just a conveyor of information; I hope to provide differentiated perspectives. There is a lack of in-depth content from the front lines of U.S. institutions in the Chinese-speaking world, especially given the differences in social context and capital market structures between the Asia-Pacific and U.S. markets, which creates information gaps in many industry viewpoints. My responsibility is to build this communication bridge.

I would prefer to be seen as "an observer with practical experience"—not merely a theorist or a practitioner limited to a single field, but someone who can combine traditional financial logic with innovations in crypto technology to provide insights that connect across markets and sectors.

2. U.S. Regulation and Stablecoins: A New Competitive Landscape Amid Policy Changes

Alma: What are the core changes in the current U.S. stablecoin policy framework? What practical impacts does it have on industry participants?

Charlie: The regulatory framework in the U.S. is undergoing disruptive adjustments by 2025. After Trump took office, cryptocurrencies became an important voting bloc, receiving more policy support. From the "Genius Act" to the SEC's Project Crypto, and the collaborative regulation by the OCC and CFTC, the core issues are addressing "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 the normalization of the industry and indicates that market competition will become more intense. At the same time, regulation is forcing the industry to iterate internally; traditional financial institutions need to address the aging talent structure, while the crypto industry has the opportunity to attract global talent.

Alma: What new characteristics are emerging in the U.S. stablecoin market after the implementation of the "Genius Act"? What trends can we expect in 2026?

Charlie: Although the "Genius Act" has been signed, there is significant pressure for subsequent revisions—banks are pushing for the "Clarity Act" to limit the yield functions of stablecoins due to competitive concerns in savings. This game will continue. Currently, aside from the ongoing popularity of USDC, the white-label stablecoin model is rapidly rising.

Many companies want to enter the stablecoin space but lack the technical and compliance capabilities. By outsourcing to white-label service providers like Paxos and Agora, they can retain only the commercial logic backing. This model will be fully promoted by 2026. Additionally, Tether is also positioning itself in the U.S. compliant market, hiring former key members of Trump's cryptocurrency committee as its U.S. CEO, indicating that the U.S. market remains a battleground for all parties.

Alma: What is the fully compliant stablecoin business model? How can it cover costs and achieve profitability?

Charlie: Compliant stablecoins are not unprofitable; their revenue mainly comes from two aspects: first, the short-term investment returns of the underlying reserve assets. Given the current U.S. benchmark interest rate context, even a 2%-3% yield is considerable income for a trillion-dollar asset pool; second, value-added services. Referring to the U.S. SaaS model, stablecoin issuers can provide accompanying financial services to achieve profitability.

In terms of costs, compliance and KYC are the largest expenditures, especially since the labor costs of local employees in the U.S. are high. However, in the long run, as economies of scale are realized, costs can be fully covered. For example, Circle's long-standing compliance advantages and technological compatibility in the U.S. market give it a differentiated competitive edge in areas like integration with AI.

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

Alma: What pain points in traditional finance do RWA applications like U.S. Treasury bonds on-chain address? What is the current scale of development?

Charlie: The U.S. financial market is pyramid-structured, with government bonds as the foundational risk-free asset, serving as the basis for all returns. Tokenizing assets like government bonds primarily enhances liquidity, combinability, and programmability, allowing for the construction of more innovative financial products on-chain. For instance, traditional investments are limited by exchange hours, while on-chain trading can operate 24/7, redefining the trading logic of financial markets.

Currently, the scale of RWA is rapidly growing, especially with strong demand for tokenizing low-risk assets like U.S. Treasury bonds and money market funds. However, it is important to clarify that RWA is not meant to replace traditional financial products but rather to provide more efficient circulation and combination methods. This is an incremental market rather than a replacement of existing ones.

Alma: What regulatory pain points and challenges do real estate and private equity face when going on-chain?

Charlie: The core challenge of tokenizing real estate lies in the existing mature financialization paths in the U.S. For example, REITs have already achieved the packaging and layering of real estate, allowing investors to participate without going through RWA, which reduces short-term demand. However, in the long run, the value of RWA lies in lowering entry barriers (achieving asset atomicity) and global reach, enabling assets like wineries and luxury homes to connect directly with global investors while helping issuers access real buyer data.

The key value of tokenizing private equity is enhancing transparency and credibility. The traditional private credit market faces issues like double pledging and invoice fraud, but once assets are on-chain, all transactions become traceable and verifiable, forming an effective check-and-balance mechanism. Additionally, the customization advantages of private credit contracts, supported by blockchain technology, can further enhance liquidity and break through the limitations of limited counterparties.

Alma: What are the differences between the RWA markets in the U.S. and Hong Kong? How should entrepreneurial teams choose their development paths?

Charlie: The advantage of the U.S. market lies in its depth and complexity, with clear demand for tokenizing traditional assets, especially government bonds and commercial real estate. Just mastering this market can yield significant profit potential. Hong Kong, on the other hand, is rapidly catching up in terms of compliance framework completeness, making it suitable as a regional hub.

My advice for entrepreneurial teams is to first clarify their target users—if they are targeting the Asia-Pacific or Middle Eastern markets, Hong Kong, Singapore, and Dubai are good choices; if aiming for globalization, the credibility of U.S. compliance is higher. In terms of path, they should first select underlying assets based on the risk preferences of their target users, prioritizing low-risk assets in the U.S. and gradually penetrating the global market through regional victories.

4. Payment Innovation and Globalization: Opportunities and Challenges for Chinese Teams

Alma: What is the development outlook for stablecoin payments at the consumer end? Are products like UCard a long-term trend or a transitional product?

Charlie: The development of stablecoin payments depends on the target market—U.S. consumers are highly reliant on credit card rewards and have a low willingness to use stablecoin payments, but for merchants, stablecoins can reduce transaction costs. The core value of products like UCard is the "largest common denominator," helping businesses quickly open up global markets, but deepening local markets still requires reliance on localized payment networks, such as Brazil's PIX and India's UPI.

In the long run, the biggest opportunity for stablecoin payments lies not in C-end consumption but in B-end scenarios—such as global contract worker salary payments, corporate treasury management, and cross-border remittances—where the sensitivity to efficiency and cost is higher, making the advantages of stablecoins more apparent.

Alma: What are the advantages and shortcomings of Chinese teams in the RWA and stablecoin tracks? How can they break through?

Charlie: The traditional perception is that Chinese teams are strong in technology and product capabilities but weak in marketing and collaboration. This label is being broken. In reality, the core advantage of Chinese teams is their ability to rapidly iterate on technology, while their shortcoming lies in the depth of understanding of overseas local markets, including business logic, regulatory details, and relationship networks.

The key to breaking through is "deep local engagement + professional collaboration": on one hand, they need to truly understand the user needs and business rules of their target markets, avoiding the direct replication of domestic strategies overseas; on the other hand, they should leverage professional service providers. The development of the U.S. SaaS industry proves that professional division of labor can significantly enhance efficiency, allowing entrepreneurial teams to avoid building all capabilities in-house. By integrating resources from compliance, technology, finance, and other service providers, they can quickly validate their business models.

Alma: What core advice do you have for Chinese entrepreneurial teams looking to enter the U.S. market?

Charlie: First, do not underestimate the importance of the U.S. as a commercial stronghold. The strategy of "surrounding the cities from the countryside" can be used, but you cannot wait until the end to enter the U.S. market. Early on, you can accumulate experience through small-scale pilots. Secondly, compliance is fundamental, but you don't have to be rigid about having your own license. In the startup phase, you can quickly run your business by leasing licenses and apply for your own license after building customer loyalty. Stripe and Adyen both grew this way. Finally, respect the logic of the local market. The business environment, regulatory framework, and user habits in the U.S. are significantly different from those in your home country, so you need to establish localized teams and thinking.

5. Industry Outlook: Summary of 2025 and Opportunities in 2026

Alma: Summarize the cryptocurrency finance industry in 2025 with keywords. What opportunities are worth looking forward to in 2026?

Charlie: The keyword for 2025 is "change"—Trump's presidency has disrupted many established rules, bringing cryptocurrencies from the margins to legitimacy, further blurring the boundaries between traditional finance and the crypto industry. This is an unprecedented period of transformation since 2000. In such a major upheaval, practitioners with cutting-edge thinking and strong execution will gain more opportunities.

2026 will be an "opportunity acceleration period." The midterm elections will bring a clearer regulatory framework, and global geopolitical changes will also create new market demands. For entrepreneurs, emerging markets are important growth points, with crypto payments and RWA applications in regions like Latin America, Africa, and Eastern Europe expected to become new hotspots. Additionally, the combination of AI and stablecoins will gradually materialize, and machine-to-machine payment scenarios will grow rapidly, representing core opportunities in the next three to five years.

Alma: What are the three major misconceptions you would like to correct about the U.S. cryptocurrency finance market in the Chinese-speaking world?

Charlie: First, do not view the U.S. as a monolithic "white market." There are complex interests within, and Chinese individuals have the opportunity to stand on the mainstream stage with their professional capabilities. Second, domestic business strategies are not universally applicable; the U.S. market has its unique business logic and user habits that require targeted strategy adjustments. Third, do not underestimate the strategic value of the U.S. market. Even if focusing on emerging markets, you should still lay the groundwork in the U.S. early on, leveraging its commercial stronghold's endorsement effect to radiate globally.

Alma: What is 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 business logic platform that benefits entrepreneurs worldwide. Chinese individuals already possess global competitiveness in technology; in the future, they need to address the shortcomings in business understanding and global vision. I look forward to the emergence of great enterprises led by Chinese individuals that influence global business trends.

Summary

The conversation with Charlie traverses the intersection of traditional finance and cryptocurrency, revealing that stablecoins and RWA are moving from the margins to the mainstream. The dynamic evolution of the U.S. regulatory framework brings both uncertainty and immense opportunities. He emphasizes the importance of a global perspective, respect for local markets, and balancing innovation with compliance. For Chinese-speaking teams looking to start businesses in this wave, the most valuable reminder is to understand differences, find commonalities, and lay out a truly global business landscape with a long-term mindset. The year 2026 may very well be an acceleration year for visionary executors.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。