Exclusive Interview with Charlie | Correcting 3 Major Misconceptions: The US Crypto Market is Not a "White People’s Game," and the Breakthrough Point for Chinese Teams Is Here

Interviewer: Alma/Techub News

Interviewee: Charlie/former macro investor at Franklin Templeton, global payments at Adyen, cryptocurrency payments at Strike, currently 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 Vice President of Global Payments at Adyen and cryptocurrency payments at Strike, and is now a Venture Partner at Generative Ventures. As an experienced professional bridging traditional finance and cryptocurrency, Charlie also wears multiple hats as a content creator and startup advisor. In our discussion, from an institutional investor’s perspective, he shared unique insights on US regulatory policies, the competitive landscape of stablecoins, and the development trends of RWA (Real World Assets on-chain), providing valuable first-hand industry observations for the Chinese-speaking community.

1. Cross-sector Experience: From Traditional Finance to Global Exploration in Crypto

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

Charlie: My career started in Franklin Templeton’s global macro department. We were the largest creditors in multiple countries, which gave me a deep understanding of the global and regional differences in currency. From the Web2 foundations of traditional finance to the blockchain-driven transformation of financial globalization, I’ve witnessed how technology makes “permissionless, anonymous capital transfer” a reality.

Writing for me isn’t just managing a media platform; it’s a process of organizing my thoughts—my undergraduate training in the US cultivated critical thinking, which aligns with the logic of investment analysis: not blindly following sell-side opinions, but seeking hidden market opportunities. My experience as a startup advisor allows me to combine theory with practice, turning insights into practical business advice. These three aspects form a closed loop of “observe-think-output.”

Alma: Summarize your main career focus in one sentence. What are the core keywords?

Charlie: The core keyword is “Global.” Whether it’s cross-border debt investments in traditional finance or borderless capital flows in crypto, the essence is exploring the nature of finance and the core value of money in a global context. I’ve experienced the rule restructuring in traditional finance and witnessed how blockchain technology disrupts existing business models. This cross-era perspective makes me more focused on “balance”—finding sustainable development paths between technological innovation and risk control, globalization and localization.

Alma: How do multiple roles give you a sense of responsibility? How would you like to be defined?

Charlie: Writing has cultivated my habit of dialectical thinking. I don’t want to be just a conduit of information but aim to provide differentiated perspectives. There’s a lack of in-depth content from US institutions in the Chinese world, especially given the social and capital market differences between Asia-Pacific and the US, leading to information gaps in many industry viewpoints. My responsibility is to build this communication bridge.

I prefer to be seen as “an observer with practical experience”—not just a theorist or a practitioner limited to a single field, but someone who can connect insights across markets and sectors by integrating traditional financial logic with crypto technological innovation.

2. US Regulation and Stablecoins: New Competitive Dynamics Under Policy Changes

Alma: What are the core changes in the US stablecoin policy framework? What practical impacts do they have on industry participants?

Charlie: The US regulatory framework will undergo disruptive adjustments by 2025. Since Trump’s presidency, cryptocurrencies have gained more policy support as a key voting bloc. From the “Genius Act” to the SEC’s Project Crypto, and coordinated regulation by OCC and CFTC, the focus is on resolving three major issues: “regulatory scope, regulatory entities, 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 shape regulations in their favor. This signals industry normalization and will intensify market competition. Meanwhile, regulation is also forcing industry iteration: traditional finance faces talent aging issues, while crypto firms have opportunities to attract global talent.

Alma: After the enactment of the “Genius Act,” what new features have emerged in the US stablecoin market? What trends are expected in 2026?

Charlie: Although the “Genius Act” has been signed, there’s significant pressure for subsequent revisions—banks, considering savings competition, are pushing for the “Clarity Act” to limit stablecoin yield functions. This ongoing game will continue. Besides the continued popularity of USDC, white-label stablecoin models are rapidly rising.

Many companies want to enter the stablecoin space but lack technical and compliance capabilities. They outsource to white-label providers like Paxos and Agora, only maintaining the business logic. This model is expected to be widely adopted by 2026. Additionally, Tether is also positioning itself in the US compliance market, hiring former Trump crypto committee members as US CEO, indicating the US market remains a highly contested high ground.

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

Charlie: Compliant stablecoins are not profitless. Their revenue mainly comes from two sources: first, short-term investment returns on reserve assets. Under current US interest rates, even 2-3% yields are substantial for a trillion-dollar asset pool. Second, value-added services—similar to US SaaS models—allow stablecoin issuers to generate profits through financial services.

Cost-wise, compliance and KYC are the largest expenses, especially given high US labor costs. However, in the long run, scale effects can fully cover these costs. For example, Circle’s deep experience in US market compliance and technological compatibility give it a competitive edge, especially when integrating with AI and other innovations.

3. RWA Track: Core Value and Implementation Challenges of Asset On-Chain

Alma: How do RWA applications like US debt on-chain solve traditional financial pain points? What is their current scale?

Charlie: The US financial market is a pyramid structure. Treasury bonds, as risk-free assets at the bottom, underpin all yields. On-chain assetization of bonds and similar instruments amplifies liquidity, composability, and programmability, enabling the creation of innovative financial products. For example, traditional investments are limited by exchange hours, but on-chain trading can operate 24/7, redefining trading logic.

RWA is rapidly growing, especially demand for on-chain US debt and money market funds. It’s important to note that RWA isn’t meant to replace traditional financial products but offers more efficient circulation and combination methods. It’s an incremental market, not a replacement of existing stock.

Alma: What regulatory challenges and difficulties exist for on-chain real estate and private equity?

Charlie: The main challenge for real estate on-chain is that the US already has mature financialization pathways, such as REITs, which bundle and tranche real estate assets. Investors can participate without RWA, so short-term demand is limited. Long-term, RWA’s value lies in lowering entry barriers (atomizing assets) and enabling global access—allowing assets like wineries and luxury homes to connect directly with global investors, while helping issuers access real buyer data.

For private equity, the key value is increased transparency and credibility. Traditional private credit markets face issues like repeated collateralization and fake invoices. On-chain, all transactions are traceable and verifiable, creating effective checks and balances. Additionally, the customization of private credit contracts, combined with blockchain, can further enhance liquidity and overcome limited counterparty constraints.

Alma: How do the RWA markets in the US and Hong Kong differ? What development paths should startup teams choose?

Charlie: The US market benefits from deep and complex financial markets, with clear demand for on-chain traditional assets like treasuries and commercial real estate. Mastering this market offers huge profit potential. Hong Kong is rapidly catching up in compliance framework development, making it suitable as a regional hub.

Advice for startups: first, clarify target users—if focusing on Asia-Pacific or Middle East, Hong Kong, Singapore, and Dubai are good options; if aiming for global reach, the US’s regulatory credibility is higher. Path-wise, start by selecting low-risk underlying assets aligned with target markets, then expand globally through regional successes.

4. Payment Innovation and Global Expansion: Opportunities and Challenges for Chinese Teams

Alma: What is the outlook for stablecoin payments in consumer markets? Are models like UCard a long-term trend or transitional products?

Charlie: The development of stablecoin payments depends on the target market—US consumers rely heavily on credit card rewards, so their willingness to use stablecoins is low. However, for merchants, stablecoins can reduce transaction fees. UCard-like products’ core value is “the greatest common divisor,” helping companies quickly expand globally. But local payment networks like Brazil’s PIX or India’s UPI remain essential for local market penetration.

Long-term, the biggest opportunities for stablecoin payments are in B2B scenarios—such as payroll for global contractors, treasury management, and cross-border transfers. These scenarios are highly sensitive to efficiency and costs, where stablecoins have clear advantages.

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

Charlie: The traditional view is that Chinese teams excel in technology and product development but lack marketing and partnership skills. This stereotype is changing. The core advantage of Chinese teams is rapid technological iteration, while the shortcoming is limited understanding of overseas local markets, including business logic, regulatory details, and networks.

Breaking through requires “deep localization + professional collaboration”: first, truly understand target market needs and rules, avoiding blindly copying domestic strategies; second, leverage professional service providers. The US SaaS industry shows that specialized division of labor greatly improves efficiency. Startups don’t need to build all capabilities internally; by integrating compliance, tech, and finance service providers, they can quickly establish business models.

Alma: What are key recommendations for Chinese entrepreneurial teams aiming to enter the US market?

Charlie: First, don’t underestimate the importance of the US as a business hub. “Rural encirclement of cities” strategies can work, but don’t wait until late to enter the US market—early small-scale pilots can build experience. Second, compliance is fundamental but doesn’t require owning licenses from the start. Startups can lease licenses to quickly operate, then apply for their own licenses after gaining customer stickiness—Stripe and Adyen grew this way. Lastly, respect local market logic—US business environment, regulation, and user habits differ significantly from China. Building localized teams and mindsets is essential.

5. Industry Outlook: 2025 Summary and 2026 Opportunities

Alma: Summarize 2025 in keywords. What opportunities are worth looking forward to in 2026?

Charlie: The keyword for 2025 is “disruption”—Trump’s rise overturned many established rules, cryptocurrencies moved from fringe to legitimacy, and the boundary between traditional finance and crypto blurred. It’s an unprecedented transformative period since 2000. In this upheaval, practitioners with forward-thinking and strong execution will find more opportunities.

2026 is the “opportunity acceleration” phase. Mid-term elections will clarify regulatory frameworks, and geopolitical shifts will create new market demands. For entrepreneurs, emerging markets like Latin America, Africa, and Eastern Europe are key growth areas. Crypto payments and RWA applications there could explode. Additionally, the integration of AI and stablecoins will gradually materialize, with machine-to-machine payments growing rapidly—this will be a core opportunity in the next three to five years.

Alma: What are the three biggest misconceptions about the US crypto financial market in the Chinese-speaking world that you want to correct?

Charlie: First, don’t see the US as a monolithic “white market”—it has complex interests, and Chinese entrepreneurs with professionalism can stand on the main stage. Second, domestic business strategies are not universally applicable; the US has its own logic and user habits that require targeted adjustments. Third, don’t underestimate the strategic value of the US market—focusing on emerging markets early and leveraging the US’s high ground can radiate globally.

Alma: Final advice for Chinese entrepreneurial teams?

Charlie: I hope everyone can develop a truly global perspective—not just making it easier for Chinese to do business worldwide, but building a business logic platform that benefits all global entrepreneurs. Chinese teams already have competitive technology; the future lies in improving business understanding and global vision. I look forward to seeing great companies led by Chinese entrepreneurs influence global business trends.

Summary

Our conversation with Charlie traversed the intersection of traditional finance and crypto, revealing that stablecoins and RWA are moving from fringe to mainstream. The evolving US regulatory landscape brings both uncertainty and huge opportunities. He emphasizes a global perspective, respect for local markets, and balancing innovation with compliance. For Chinese-speaking teams aiming to innovate in this wave, the most valuable reminder is: understand differences, find commonalities, and adopt a long-term view to build a truly global business landscape. 2026 may well be the acceleration year for visionary executors.