From Stablecoins to Tokenized Assets: MEXC CEO on the Future of the Crypto Market

Crypto exchanges are entering a new stage of development. Users want competitive rates, reliable execution, smoother payment routes, and clear safeguards. Increasingly, they also want to reach a wider range of markets without moving between several different platforms.

In this interview, Vugar Usi, CEO of MEXC, speaks about the trends shaping the exchange market in 2026, from stablecoins and decentralized trading to regulation and the closer links between crypto and traditional finance.

For a broader view of how the exchange market itself is changing, read MEXC interview with Denis Malkov, founder and CEO of BestChange, where he discusses the evolution of the crypto industry from 2021 to 2026, including tighter regulation and AML requirements, changing user expectations, the rise of tokenized assets and prediction markets, and the growing role of AI in crypto trading and exchange services.

The Crypto Exchange Market in 2026

Looking at the crypto exchange market in 2021, 2024, and 2026, what do you consider the most significant change over this period?

The market has become much bigger. Back in 2021, most users focused on spot trading and a relatively narrow range of digital assets. By 2024, more people were moving between centralized and decentralized platforms. Now, in 2026, many expect to reach several types of markets through a single account.

Centralized exchanges remain major liquidity hubs, processing close to $80 trillion in spot and perpetual trading volume in 2025. DEXs are also growing. Their share of spot activity rose from 6.9% in January 2024 to 13.6% in January 2026.

The ecosystem is much more connected than it was a few years ago. Users expect the experience to reflect that. Users are arriving with a clearer idea of what they need. A few years ago, many people simply wanted to buy Bitcoin. Today, they often know which asset, network, and payment method they need.

Users compare rates, reserves, conditions, and reviews before choosing a service, and stablecoins are now central to this journey. Someone may buy USDT with a local currency and use it for a transfer, a payment, or a trade. That has become a fairly normal route.

Which developments in 2026 have been the most surprising, even for experienced industry participants?

The speed at which crypto infrastructure is expanding into other asset classes has been striking. Traders are showing growing interest in commodities, equities, and other real-world assets through crypto-native interfaces.

Perpetual futures linked to real-world assets generated $524.79 billion in trading volume during the first quarter of 2026. That already exceeds the $313.02 billion recorded during the whole of 2025.

MEXC recently launched RealStocks for eligible users. Through a licensed broker partner, users can buy real U.S.-listed shares with USDT. It is a good example of how the lines between different markets are becoming blurred.

Stablecoins keep surprising people because their uses keep expanding. They are important for trading, of course, but they are also becoming practical tools for settlement and payments. Stablecoins accounted for 30% of on-chain crypto transaction volume and exceeded $4 trillion in volume by August 2025.

The network, the payment route, the fees, and the final amount all matter more than ever for users.

What is currently the main driver of market growth: new users, institutional adoption, or infrastructure development?

I would point to infrastructure, because it connects the other two. New users need simple onboarding. Institutions need liquidity, custody, reporting, and regulatory clarity. And both groups need products that work reliably.

The underlying rails have improved. Stablecoin infrastructure is expanding, on-chain markets are growing, and traditional financial institutions are becoming more active. Financial institutions in around 80% of the jurisdictions examined had announced new digital-asset initiatives.

Growth is sustainable if users can fund an account, trade at a reasonable cost, understand the product, and withdraw smoothly. From our perspective, user demand is still the starting point. Infrastructure helps when it makes an actual transaction easier. A better payment route can make an exchange faster; a larger reserve can improve availability. And a comparison platform can help a user avoid an unsuitable option.

Growth is also becoming more geographically diverse. India and the United States share the top of the 2025 adoption index. Each market has its own currencies, habits, and preferred payment methods. Services have to account for those differences.

Which exchange and trading segments are experiencing the fastest growth this year?

Decentralized perpetual futures are one of the fastest-growing areas. Perp DEX volume rose from $81.74 billion in January 2024 to $739.48 billion in January 2026. Their share of the perpetual market grew from 2% to 10.2%.

Real-world asset-linked products are also gaining attention. More crypto users are looking at commodities, equities, and digital assets as parts of the same portfolio, even though the products themselves remain different. Stablecoin exchange routes remain especially active. Users want to move between local currencies, bank transfers, payment services, and stablecoins across several networks.

However, it's important to understand that a headline rate can look attractive and still turn out to be the wrong choice. Users also need to consider fees, reserves, verification requirements, and processing times.

How has the profile of the average crypto user changed over the past few years?

The users are more sophisticated now. Many of them still start with a simple spot purchase, but they're soon looking at other products. They're looking at futures, stablecoin transfers, on-chain opportunities, and other asset classes.

They also pay closer attention to fees, liquidity, security, and the quality of deposits and withdrawals. People have less patience for unnecessary friction, so exchanges have to offer more without making the platform harder to use.

Newcomers are still an important part of the market. Their first exchange can feel complicated because they need to choose an asset, network, and payment method. A monitoring service like BestChange should make those choices easier to see and understand.

Regulation and the Global Landscape

How are regulatory developments in 2026 shaping the crypto exchange market?

Regulation is now part of product design. Exchanges need to think about compliance, disclosures, risk controls, and market access from the beginning. The rules still differ by region. The EU's MiCA regulation became fully applicable in December 2024. The U.S. GENIUS Act established a framework for payment stablecoins in July 2025. The same year, Hong Kong's stablecoin licensing regime took effect.

Does increased regulation make the industry safer, or does it create additional barriers and reduce flexibility?

It can make the market safer when the rules are clear and proportionate. Stronger standards around custody, reserves, and financial crime controls can improve trust.

The risk here is fragmentation. Poorly coordinated rules can raise costs and limit access. The industry needs frameworks that protect users without making useful products harder to build. Both effects are visible. Basic safeguards and clear standards help users, and they can make the market safer.

The key is maintaining a balance between user protection, innovation, and accessibility. Well-designed regulation can strengthen trust while still allowing the industry to evolve and meet changing user needs.

How are user expectations around transparency, security, and trust evolving today?

Users increasingly expect verifiable transparency rather than promises. They want to understand how assets are held, how reserves are verified, and how platforms manage operational and security risks. This security environment remains challenging, with more than $3.4 billion in cryptocurrency stolen during 2025.

As a result, exchanges are placing greater emphasis on proof-of-reserves reporting, independent verification, security infrastructure, and additional protection mechanisms designed to improve user confidence.

At MEXC, this commitment is reflected through our proof-of-reserves reporting and Guardian Fund initiatives. Our latest proof-of-reserves reports showed reserve ratios of 295% for BTC, 116% for ETH, and 111% for USDT, while the platform maintains a $100 million Guardian Fund as an additional protection layer.

Looking Ahead

Which trend in the crypto exchange market do you believe is currently underestimated by most industry players?

The growing overlap between different markets is still easy to underestimate. Many users want access to crypto, commodities, equities, and other products through one account and one familiar interface.

Each product needs clear terms. Users should understand what they are buying and which risks apply. The opportunity is to make a wider range of markets easier to access.

The route between the user and the asset is often overlooked. People focus on the market price, but the final experience also depends on payment methods, reserves, fees, processing times, and verification conditions.

Small differences can change the result. The market grows, and users need simple tools that help them compare their options.

What do you think the process of buying cryptocurrency will look like five years from now?

It will feel more integrated into everyday financial services. A user may start with a local payment method, settle through a stablecoin, and access several markets from one account.

The experience should become simpler, but users still need to understand what they are buying, how it is held, and how they can withdraw it. They will also have more choice around custody: some will prefer exchange accounts; others will move assets on-chain. A strong platform should make either route easy to use. A user will probably start with four things: an amount, a currency, a payment method, and a destination asset.

The service will show suitable routes with the key details already visible. People will compare the final amount, fees, reserves, verification requirements, and service history before making a decision.

The process should become faster, but users will still want to see exactly what they are agreeing to.

What is one common misconception about the crypto exchange industry that you would like to dispel?

One misconception is that centralized exchanges will disappear as on-chain markets grow.

DEXs are developing quickly, but centralized platforms still offer deep liquidity, accessible onboarding, customer support, and a simpler way to enter complex markets. Decentralized market share is rising, and CEXs still process very large volumes. Both models are developing at the same time, serving different needs.

If we view the crypto market as an ecosystem of different participants, what role do centralized exchanges play within it?

Centralized exchanges provide an accessible entry point into a complex ecosystem. They connect users with liquidity, trading tools, custody options, and support. They also help people move between local payment methods, stablecoins, digital assets, and other market products.

Exchanges need reliable infrastructure, transparent reserves, strong security controls, and a clear user experience. On-chain markets are an important part of the ecosystem, and centralized platforms can help users reach them more easily.

Which exchange features do you believe will become essential for every major platform over the next five years?

Transparent reserves and independently verified security controls will become standard expectations. Users will also want fast deposits and withdrawals, competitive execution, and access to both centralized and on-chain markets.

The product range will expand. Major platforms may offer digital assets, equities, commodities, and other products through one interface. The hard part is keeping the experience simple as the platform grows. Every product needs clear terms, and users should understand how it works before they trade.

What matters most to users today when choosing an exchange: new listings, the broader ecosystem, or ease of deposits and withdrawals?

Different users have different priorities. Some traders care about early access to new assets. Active participants focus on liquidity, execution, and fees. But new users often start with a simple question – if they can deposit, buy, sell, and withdraw without complications.

A broad ecosystem becomes valuable once the foundation is solid. Users need reliable access to their funds and an interface they can understand, so the strongest combination is wide market access, reasonable costs, and a smooth user journey.

Which product segment within MEXC is currently growing the fastest?

Currently, TradFi-related trading is our fastest-growing product segment, particularly US equities and stock index futures. In May alone, US equity futures trading volume grew 85% month-over-month, while stock index futures volume increased 134%.

More importantly, this reflects a broader shift in user behavior. We're seeing growing demand from users who want access to both digital assets and traditional financial markets within a single platform. Interest has been especially strong around AI semiconductor and technology-related stocks, suggesting that users are increasingly looking for diversified opportunities rather than focusing on a single asset class.

What do you think will be the key competitive advantage of a crypto exchange by 2030?

The key advantage will be trusted access. Users will have many platforms to choose from, so asset coverage alone will not build loyalty.

An exchange will need reliable execution, clear product terms, visible safeguards, and an easy route into several markets. By 2030, the strongest platforms will help users navigate a much wider financial space with confidence.