BitMEX founder Arthur Hayes told CoinDesk that while stablecoins will remain a major trend in 2026, the real explosion of DeFi will happen when Bitcoin and other cryptocurrencies become part of everyday life.
Hayes warned that investors must adapt to new market cycles, emphasizing patience ahead of the next “altcoin season.”
Stablecoins set the stage
According to Hayes, global systemically important banks, or G-SIBs, are moving toward issuing their own stablecoins. Stablecoins are digital assets linked to traditional currencies, such as the US dollar, providing a bridge between conventional finance and crypto. The trend is already visible in practice. For example, JPM Coin, introduced by JPMorgan in 2023, enables instant settlement of institutional payments using a digital dollar equivalent. Similar initiatives from other major banks suggest that 2026 could see widespread adoption of bank-backed stablecoins, improving the liquidity and credibility of DeFi platforms.
Arthur Hayes: The real explosion of DeFi depends on the public’s habit of using digital assets
On December 23, BitMEX founder Arthur Hayes said in an interview with CoinDesk that stablecoins will remain an important trend in 2026, with all global systemically important banks (G-SIBs)… pic.twitter.com/cqvkHnK66Z
-Wu Blockchain (@WuBlockchain) January 4, 2026
The rise of stablecoins is also linked to investor demand for predictable value in an otherwise volatile crypto market. Data from CryptoRank shows that stablecoin trading volume on Ethereum surpassed $8 trillion in the last quarter alone, highlighting how these assets are becoming critical to crypto activity and financial infrastructure.
Everyday Bitcoin Use Will Boost DeFi
Although stablecoins provide stability, Hayes believes that the full potential of DeFi lies in the regular use of digital assets like Bitcoin by ordinary people. The vision is simple: when crypto is used for everyday payments, savings, or peer-to-peer transactions, the demand for decentralized financial services will organically increase. This goes beyond speculative trading, creating a basis for large-scale lending, borrowing, and yield farming.
Hayes warned that investors need to adjust their expectations. Traditional market models, like a predictable altcoin season, may no longer apply. Instead, success will come from understanding new cycles and patiently adapting to changing user behaviors. This mindset is crucial for anyone looking to participate in the broader DeFi ecosystem, whether as a developer, trader, or long-term investor.
Disclaimer
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