Day One Highlights at TOKEN2049
TOKEN2049 opened with a dynamic first day that showcased why it remains the premier stage for shaping the trajectory of crypto. Across packed panel sessions and thought-provoking keynotes, leading voices in blockchain and finance debated how stablecoins, Bitcoin, and privacy-preserving technologies are paving the way for the next phase of adoption.
Below is a summary of the talks we attended today.
The Trillion-Dollar Stablecoin Shift
The morning began with a heavyweight panel on Stablecoins and the Trillion-Dollar Payments Shift, moderated by Jacquelyn Melinek, Founder and CEO of Token Relations.
Paolo Ardoino, CEO of Tether, said stablecoins are becoming a savings tool. Thirty-five percent of users now treat USD stablecoins like savings accounts. Seventy percent of transactions are already denominated in dollars. He pointed to cross-border payments – a $200 trillion market – as the fastest-growing use case, while stressing that stablecoins must be designed to meet local market needs rather than a one-size-fits-all model.
Charles Cascarilla, Co-Founder and CEO of Paxos, echoed the transformative potential, describing this as the “golden age for stablecoins.” With regulatory frameworks like the recently passed “Genius Act,” he argued that programmable, instantaneous payment rails are reshaping finance. Stablecoins, he noted, are not replacements for deposits but a safer complement that lowers the marginal cost of financial products to nearly zero.
Rob Hadick, General Partner at Dragonfly, emphasized the opportunities in emerging markets. Distribution, he said, will define which stablecoins succeed. As traditional banks digitise, stablecoins could increasingly eat into deposits, forcing incumbents to compete on efficiency and accessibility.
Scaling Bitcoin Beyond Money
The afternoon turned to Bitcoin with a panel Scaling Bitcoin Beyond Money moderated by Amanda Cassatt, Founder and CEO of Serotonin.
Jeff Garzik, Co-Founder of Hemi, framed Bitcoin as the bedrock settlement layer, reminding the audience that early stablecoins began on Bitcoin itself. Stablecoins and Bitcoin, he argued, remain crypto’s “killer apps,” with Layer 2 solutions now carrying the torch.
Investor Dan Held contrasted Bitcoin’s monetary robustness with Ethereum’s flexibility, noting that while Ethereum enabled NFTs and broader experimentation, Bitcoin’s strength lies in its predictable monetary policy. He cautioned that public blockchains may face competition from private chains in real-world asset adoption, urging participants to always weigh yield against risk.
Matt Luongo, CEO of Thesis, said Bitcoin’s challenge is narrative, not technology. For most users, Bitcoin remains the ultimate savings vehicle, and Layer 2 adoption will hinge on effective communication of utility. He argued that while Bitcoin may not innovate as rapidly as Ethereum or Solana, its stability is precisely what makes it attractive – though safe utility yields will take time to emerge.
Redefining Institutional Trust: What ZK and Cloud Can Unlock Together
Another great session explored how zero-knowledge (ZK) technology and cloud infrastructure can jointly redefine trust for institutions. Moderated by Georgia Hanias, Founder of Ecology Media, the panel brought together Fahmi Syed (President, Midnight Foundation), Charles Hoskinson (Co-Founder of IOHK, Cardano, and Ethereum), James Tromans (MD of Web3 for Google), and Sebastien Guillemot (CTO, Midnight Foundation).
The discussion delved into how rational privacy can make data sharing more intentional - “like a lanyard at a conference; you don’t choose to wear one all the time, and it’s an intentional action when you reveal your name and company.” Panelists noted that Google will be sitting in the middle of Web2 and Web3, but to do so securely, it needs robust privacy infrastructure - that’s where Midnight comes in. Privacy chains themselves can be a source of risk, but with Google Cloud Platform’s trusted execution spaces, data can remain isolated from outside sources, making it a perfect partner for privacy-preserving networks.
The panel also explored how trust is an emotion, and how solutions like Midnight can bring that emotional layer on-chain, creating more transparent relationships between regulators, suppliers, and customers. Looking ahead, they acknowledged quantum computing as a key institutional risk - with uncertainty around future attack methods - and stressed that providers like Input Output are already collaborating with those building quantum machines to stay ahead.
Midnight’s Vision for Rational Privacy
Closing the day, Fahmi Syed, President of the Midnight Foundation, delivered a keynote on Moving Blockchain from Promise to Mass Participation. Introducing the concept of “rational privacy,” Syed described how Midnight is decoupling ownership from utility. With transactions powered by zero-knowledge proofs, the Midnight network allows selective disclosure while ensuring efficiency through its unique “dust” mechanism. Positioning Midnight as “blockchain-as-a-service,” he argued that future adoption will depend on scalable solutions that protect user rights while streamlining participation.
A Stage for What Comes Next
Day one made it clear that stablecoins, Bitcoin DeFi and privacy-focused innovation are not isolated trends but pillars of crypto’s evolution. By convening the brightest minds across these domains, TOKEN2049 continues to chart the course for a more inclusive, resilient, and transformative financial system. With such strong momentum on day one, the stage is set for even deeper discussions and lively debates on day two – we can’t wait!
