Interview with OKX’s Hong Fang: Regulation, stablecoins, and the path to mass adoption

The Web3 space is rapidly evolving, and we can’t help but predict the future growth of crypto. Recently, we have seen crypto regulations become more favorable, a trend that is fueling both mass and institutional adoption of digital assets. 

In this interview, curated by Ashish Kumar, Hristina Vasileva, and Vignesh Karunanidhi for Cryptopolitan, we speak with OKX’s President, Hong Fang, to explore how the crypto space is evolving and how OKX is adapting to scale for mass adoption.

Crypto narratives shaping Web3

Which crypto narratives do you expect to perform most strongly in 2025 and 2026?

With the GENIUS Act in the US and MiCAR in the EU, stablecoins are no longer just crypto’s “cash leg” – I believe they’re quietly becoming the backbone of global finance. With stablecoin supply nearing $300 billion and regulatory clarity from the GENIUS Act in the US and MiCAR in the EU, stablecoins are moving beyond just trading tools to real financial infrastructure. But building rails isn’t enough: what matters is connecting them. Right now, fragmented order books and liquidity slow everyone down. When stablecoins can move and settle seamlessly across platforms and networks, traders get better execution, institutions get scalable settlement, and for everyday people, stablecoins can finally function as smooth, predictable ‘new money’ – ready to spend anywhere, just like tap-to-pay. That’s how crypto grows from promising tech into a financial staple.

What are the challenges of Web3, and can it survive into the next crypto cycle?

Web3’s biggest challenge right now is usability. For the average user, wallets and on-chain products can feel confusing or risky, and technical language often gets in the way. At OKX, we center our efforts on making these tools more understandable, secure, and welcoming – designing for regular people, not just crypto-natives. We also look to regulatory advances as an opportunity, since good compliance that supports responsible innovation helps level the playing field. In my view, if we keep focusing on practical access, education, and safety, Web3 will become a natural part of daily life.

Do memecoins help market growth or distract from innovation?

After years in crypto, I’ve learned that we need to be humble about things we don’t fully understand. Anything that exists as a trend has its value. Individual memecoins may feel transient. However, if we look at the whole category, we can see how people’s attention, emotions, and points of view are clearly captured and expressed in the market price for the first time. It’s the price of influence, the price of community.

I believe we will see further iterations of how memecoin plays its role in future phases of crypto development. We should stay open-minded.

Beyond Bitcoin and Ethereum, what narratives do you see gaining traction now — AI coins, RWA tokens, or Layer 2 ecosystems?

This cycle, I’m seeing continued traction in tokenized RWAs and breakthroughs in Layer 2 technology. We’re watching entire industries – finance, art, ticketing, and even IP – find new life on-chain. But on-chain payments are where it all comes together. The real challenge and opportunity is to make sure using digital assets is as easy as any other day-to-day payment method – without people having to worry about technical details like seed phrases or gas fees. As payment experiences get more straightforward and more merchants come on board, using crypto for everyday spending starts to feel like second nature.

Hong Fang on adapting to evolving regulations

The GENIUS Act now mandates that stablecoins be backed 1:1 with low-risk assets. How is OKX preparing for this level of transparency and oversight?

Openness and traceability are priorities for us. That’s why we run automated, cryptographically verifiable proof-of-reserves each month. When regulations like the GENIUS Act set the bar higher for transparency and asset safety, we don’t just welcome it—we see it as validation of our own approach. Robust standards and open verification are how we and our customers can feel confident as crypto keeps scaling up.

MiCA rules tighten further in 2026—how is OKX adapting to stricter reporting and custody standards?

We saw the direction regulation was heading early and have spent years developing compliance processes, audit systems, and robust infrastructure. That means as reporting requirements step up, users and partners get consistent and reliable service, no matter how the rulebook changes.

Crypto and DeFi for mass adoption

How would you describe the state of the crypto market in 2025 compared to previous years?

The market is in a new phase. There’s more clarity, institutional engagement, and much better infrastructure. What stands out most is that everyday users are finding it easier to safely access on-chain tools, and the focus is turning from hype to genuine inclusion and utility.

What do you expect for DeFi in the coming months? How will OKX work to scale its DeFi activity?

DeFi today is moving away from being just an experimental space for early adopters. We want participation to be practical and safe for everyone. Our goal at OKX is to simplify the experience so anyone can use DeFi confidently and securely. This means focusing on clear design, strong protections, and building practical bridges between on-chain finance and the rest of people’s lives.

This content is provided for informational purposes only. It represents the views of the author(s) and does not represent the views of OKX. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets suits you in light of your financial condition. Not all products are available in all regions. Please consult your legal/tax/investment professional for questions about your specific circumstances.