Stablecoins and tokenization were the top topics.

Written by: Eric, Foresight News

2025 was regarded as a landmark year for Web3 practitioners to enter the official main agenda of the World Economic Forum (WEF) on a large scale. "Crypto at a Crossroads" appeared in the main venue agenda for the first time, discussing whether cryptocurrencies have entered the mainstream era. A year later, with Western financial giants entering one after another, Web3 has transitioned from last year's crossroads to a true mainstream.

At this year's WEF main venue, tokenization and stablecoins became two key topics. Binance founder Changpeng Zhao was also invited to participate in the discussion themed "New Era for Finance". Unlike their free-spirited talks on CT, Web3 representatives were noticeably more restrained in such a large-scale setting, but they still did not hide their ambition that "Web3 will change the world."

So at the 2026 Davos Annual Meeting, where Crypto was recognized as mainstream by the multi-trillion-dollar traditional finance sector, what exactly did the leaders say?

Changpeng Zhao: "If Banks Don't Change, We Will Change Banks"

The last time a well-known entrepreneur criticized banks at a large economic and financial conference might date back to the 2020 Bund Finance Summit.

Changpeng Zhao (CZ) participated in the main venue roundtable themed "New Era for Finance" at this year's Davos Annual Meeting and also accepted interviews with media including CNBC. Overall, CZ's view was not to "replace banks" but that banks should embrace blockchain infrastructure, and the two are complementary. His main points include:

• The reserve system of banks is the root cause of liquidity crises; it is difficult for them to handle billion-dollar withdrawals in a short time without problems like Binance can. The 100% reserve model of cryptocurrency exchanges is safer and more reliable. Traditional banks have their value, but they should embrace blockchain as their infrastructure to improve efficiency and reduce costs;
• CZ himself is discussing national asset tokenization with governments of more than a dozen countries (such as Pakistan, Malaysia, Kyrgyzstan, etc.), including infrastructure, real estate, commodities, government bonds, etc. Tokenization can avoid debt problems, improve liquidity, and attract a wider range of investors;
• Bitcoin's 4-year cycle will be broken, and 2026 will be Bitcoin's "super cycle." Meme tokens, similar to previous NFTs and the metaverse, are extremely risky and highly speculative. Meme tokens with cultural value may exist long-term, but most will disappear;
• Traditional payments are merging with crypto payments, but risk awareness is needed. AI Agents will use cryptocurrencies as a native payment method; in the future, AI will rely on blockchain for real-time, reliable payments, and cryptocurrencies will become the "fuel" for the AI economy.
• The crypto industry needs to focus on risk management and regulatory realities rather than blind optimism, balancing innovation and compliance.

In addition to these views, CZ also revealed content such as his mentality during his previous imprisonment in an interview with CNBC, and when replying to relevant comments on X, he said he would disclose more details in his new book to be published at the end of February or early March.

Coinbase Founder Debates French Central Bank Governor

In the discussion themed "Is Tokenization the Future", Coinbase founder Brian Armstrong repeatedly interrupted French Central Bank Governor François Villeroy de Galhau's speech and refuted his views on Bitcoin and stablecoin yields.

François Villeroy de Galhau's views include:

• Strongly opposes private companies paying interest to holders of stablecoins they issue, believing this threatens monetary sovereignty and financial stability;
• Emphasizes that monetary trust must come from democratically mandated public institutions (central banks), not private issuers;
• Criticizes private currencies like stablecoins and Bitcoin for potentially causing systemic risks, promoting the digital euro as a tool to maintain sovereignty;
• Warns that tokenization could become a "disaster" if financial literacy is not improved.

Brian Armstrong's counterpoints include:

• Argues that Bitcoin has no issuer, and its decentralized nature makes it more independent and inflation-resistant than traditional currencies;
• Advocates that users have the right to earn yields from stablecoins, and believes allowing stablecoin interest is part of a country's competitiveness;
• Emphasizes that Bitcoin and central banks should engage in "healthy competition"; public choice will become the strongest accountability mechanism for fiscal deficits and push central banks to be more responsible;
• Refutes that stablecoins are fully backed by reserves, unlike bank deposits;
• Tokenization can solve financial efficiency issues, enable real-time settlement, reduce costs, and "democratize investment access", providing investment channels for 4 billion adults without access to brokerage services, and expects significant progress in this technology in 2026.

In addition to this highly watched clash between "old finance" and "new finance", Brian Armstrong also stated in interviews or other occasions that during the meeting, an executive from a top 10 global bank told him that cryptocurrencies have now become the bank's "top priority" and are even seen as "a matter of survival". Armstrong said many financial leaders he met at the conference are not only open to cryptocurrencies but are actively seeking ways to enter the space.

Furthermore, Armstrong said that although AI has diverted some attention from cryptocurrencies, the two are actually closely linked; in the future, AI will likely use stablecoins by default instead of existing bank payment systems for transactions.

In addition to these two protagonists, many other well-known figures in the Web3 industry attended and expressed their views. Among them, Ripple CEO Brad Garlinghouse said that the role of cryptocurrencies has shifted from "threat" to economic infrastructure. He believes stablecoins will become a bridge for global payments but needs to protect monetary sovereignty. Brad Garlinghouse did not express the view that crypto payments will "replace" traditional payments; instead, he has always believed that Ripple builds a bridge between the two.

Web3 Industry Representatives Sign the Davos Declaration 2026

During the Davos Annual Meeting side event "Davos Web3 Roundtable", dozens of Web3 industry leaders, investors, and policymakers—including Animoca Brands co-founder Yat Siu, Unstoppable Domains executive Sandy Carter, and 0G Foundation representative Jonathan Chang—signed the "Davos Declaration 2026".

The declaration emphasizes that when embracing powerful technologies like blockchain and AI, the following principles must be followed to ensure technology serves human well-being:

• Inclusivity: Enable more people (especially those in developing countries and marginalized groups) to benefit from Web3 technology.
• Decentralization: Uphold the core values of Web3 and avoid concentration of power.
• Sustainability: Promote environmentally friendly and long-term viable innovation.
• Accountability and Trust: Emphasize compliance, transparency, and responsible development.
• Long-term Value Creation: Shift from "hype" to practicality, regulatory friendliness, and institutional-grade infrastructure.

Traditional Finance's Take on Web3

At this conference, in addition to the French Central Bank Governor's criticisms of Web3, there were also recognitions from financial giants.

BlackRock CEO Larry Fink believes that tokenization is the future of the financial system; the entire financial system should migrate to "a common blockchain" (Garrett Jin claims this refers to Ethereum) as soon as possible to achieve seamless asset transfers. Tokenization will solve liquidity issues, reduce costs, and make asset flows between money market funds more efficient. Crypto and tokenization have become market-driving themes, and BlackRock sees them as institutional-grade infrastructure.

Standard Chartered Group CEO Bill Winters said that tokenization and stablecoins will bring progress to global financial delivery, including reducing transaction costs and improving cross-border payment efficiency. The integration of traditional banks and blockchain has become a reality, and stablecoins have become the first truly universal blockchain use case.

Most other traditional financial giants participating in the main venue roundtable also expressed recognition of tokenization, digital assets, and programmable money in reshaping financial capabilities, but also believed that banks should collaborate with blockchain rather than confront it.