This report, written by Tiger Research , provides an in-depth analysis of the key trends from the TOKEN2049 Dubai Conference

This report, written by Tiger Research , provides an in-depth analysis of the key trends from the TOKEN2049 Dubai Conference, revealing that stablecoins are emerging as critical infrastructure

The TOKEN2049 conference in Dubai is a yearly event that brings together some of the biggest names in the cryptocurrency industry to discuss the latest trends and technologies. This year's conference, which took place on September 24-25, was no exception, with attendees from over 160 countries converging on the Dubai World Trade Centre.

While the conference itself is a useful snapshot of the industry's priorities, a deeper analysis of the side events and closed-door meetings reveals more fundamental shifts in direction and strategic reshaping, factors that often have a greater impact on the market in the long run.

Here are some of the key trends that emerged from TOKEN2049 Dubai 2025:

1. Stablecoins are emerging as critical infrastructure in the Web3 space.

This view was shared by several prominent figures at the conference. Among them, Tether CEO Paolo Ardoino highlighted the importance of stablecoins in enabling efficient cross-border transactions and promoting financial inclusion.

According to Ardoino, stablecoin transactions are expected to expand from on-chain activities to the real economy, potentially forming a trillion-dollar market. This prospect has attracted more and more participants to enter the stablecoin space.

As this view solidifies, the industry's focus has shifted from simple integration to control of the payment layer. The goal is not just to stop at the issuance stage, but to extend to building end-to-end financial infrastructure. Web3 projects and institutions are stepping up their efforts to take a leading position in the stablecoin technology stack.

Although still in its early stages, this shift has already driven ecosystems such as Solana, Tron, and TON to accelerate their efforts to establish themselves as foundational settlement platforms. Their strategies are not limited to the issuance of stablecoins, but also cover wallet development, payment infrastructure construction, and institutional adoption.

2. AI in Crypto: Exciting but Still Experimental

A general tone of caution prevailed in the discussion on AI. Many participants pointed out that the gap between market enthusiasm and the maturity of current technological development is widening.

In particular, some AI agent projects have been criticized for lacking clear use cases, further deepening the perception that much of the activity in the field is still speculative.

Despite these concerns, there is long-term confidence in the potential role of Web3 in the AI market. Concepts such as decentralized AI computing and open-source agent frameworks are seen as areas with real potential.

These are seen as long-term opportunities rather than short-term trends and are expected to gradually gain traction after the current market noise subsides.

While AI continues to attract widespread attention, most attendees agreed that the field should be approached from a long-term perspective, with the current focus still on basic experiments rather than immediate large-scale applications.

3. Node Sales Boom

One hot topic at the conference was the node sales initiative. Several protocols, including Aptos, Solana, and NEAR, are opening up node operation to a wider audience—a move that is often limited to a select few.

This initiative is seen as an important step toward greater decentralization and redistributing participation opportunities. However, some attendees were skeptical of the trend.

They questioned whether these sales were just retail funding strategies wrapped in ecosystem participation. Criticisms focused on inflated reward structures, unclear token models, and a lack of meaningful network activity to support the sales.

Despite these skepticism, multiple projects have attracted significant capital and attention. However, their long-term viability remains uncertain and will ultimately depend on the performance of the network’s actual utility.

4. Technology is no longer the only bargaining chip

The gap between technological progress and market adoption continues to widen. Even teams with strong technical capabilities admit that continued research alone is no longer enough to attract market interest.

Many technically mature protocols have failed to gain user attention, while some simple meme coins launched through meme platforms continue to generate stable trading volume.

In response, industry participants are shifting their focus from research to execution. More and more efforts are focused on developing strategic market entry plans, understanding liquidity flows, building exchange relationships, and designing user-friendly token models.

While technical excellence remains important, the ability to create meaningful value will be limited without an effective distribution strategy.

Market participants are increasingly concerned that short-term returns and immediate utility are taking precedence over long-term innovation. In the current environment, execution trumps potential. The market has evolved into a competitive arena where technology alone cannot ensure survival.

5. Key Announcements

Several major announcements took place at the conference, aligning well with the overarching themes of TOKEN2049.

Stablecoins remain a core issue, evident in Tether’s unveiling of a U.S. compliant dollar stablecoin program and a $2 billion investment case based on stablecoins.

Infrastructure development is another major focus, with companies such as OKX, Zodia, and MEXC making particularly significant efforts in scalability, custody, and modular architecture.

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