Author: Paul Veradittakit, Partner at Pantera Capital; Translated by: 0xjs@黄金财经
I spent the past week in Hong Kong and Singapore meeting with institutional investors, founders, and attending events such as the Hong Kong Trade Mission organized by Trademissions.org, the Hong Kong Consensus Conference, and a symposium with Amber Group on Web3 AI.
Pantera is actively investing in APAC companies and is seeking interest in Fund V (a venture capital fund that invests in venture equity, private tokens, special opportunities, and liquid tokens), which will launch on June 30, 2025. It was a packed week with a lot to reflect on.
The highlight was attending the “LP-GP Networking Reception Sponsored by the US Consulate” as part of the Trademissions visit to Hong Kong, where top family offices and institutional LPs and GPs were in attendance. The US Consulate hosted a great event that brought together a diverse group of people interested in investing in US companies and funds.
I have seen a huge shift in institutional investor interest in crypto compared to previous years. Their industry knowledge is much deeper and their interests extend far beyond Bitcoin investing.
Stablecoins are a trillion-dollar opportunity and the appeal in Asia is equally huge. Stablecoins are a viable proposition for many, with the idea that issuing stablecoins allows issuers to earn a yield. There is less interest in tokenized stocks and equity, but a lot of interest in the investable portion. Pantera has invested in stablecoin projects such as Ondo and Eco.
Especially now that institutions such as Bank of America are preparing to launch their own dollar-backed stablecoins after the U.S. Congress legalized stablecoins. Stablecoins already process more than $33 trillion in transactions per year, more than Visa and Mastercard combined.
LPs are particularly curious about how Pantera can replicate the growth we have seen in the U.S. market in Asia. With our extensive network, expertise and resources in supporting and investing in stablecoin companies, we can help those launching products in the Asian market succeed.
The DePin (Distributed Physical Infrastructure Network) market is still in its infancy and is gradually developing with each new company entering the market. Privately, there is a lot of discussion about its potential.
I reviewed the trends, use cases, and success stories, including our portfolio companies Geodnet and Hivemapper, to demonstrate the opportunities.
AI has been in the headlines, especially after DeepSeek. DeepSeek opened the door for many people, showing that high-performance models can be created with modest private investments (rather than relying on public markets and huge private investments).
Pantera has invested heavily in the space, funding full-stack projects like Sahara, open AI like Sentient, and marketplaces like Akash. In my conversation with Amber, we talked a lot about privacy, the additional features consumers want in AI, and AI agents. Perhaps in the future, we will each have our own set of agents that transact on-chain at internet speeds. In that future, a 5x increase in global transaction volume is not unreasonable.
People are often interested in Pantera's positioning and exposure in the AI space, and based on our investment history and continued belief that Web3 AI is the future, we are well positioned to invest in companies that will be widely adopted around the world.
AI broadly drives more personalization, a value-added feature that has not been deeply explored. AI agents allow users to perform complex operations (such as cross-border payments) with simple commands, which will enable Asian users to leapfrog traditional financial infrastructure and join the Web3 ecosystem.
Legislation in the United States is finally starting to become clear. In Pantera’s recent blockchain newsletter, we highlighted how regulation has turned from a headwind to a tailwind. Given the recent dismissal of all cases against major US cryptocurrency companies by the US SEC, we are very optimistic about the upcoming US cryptocurrency regulation. Regulatory certainty and crypto-friendly governance are fundamental to our investment themes this year.
The opening up of regulation will undoubtedly allow US cryptocurrency companies to expand into Asia, and Hong Kong is the gateway. This momentum was visible to everyone at last week’s Hong Kong Consensus. Since 2022, Hong Kong has been increasingly supportive of cryptocurrencies, launching Asia’s first spot exchange-traded fund and issuing nine Virtual Asset Trading Platform (VATP) licenses. Regulators are also actively listening and are willing to support the industry through future legislation.
This time, Asian investors, operators, and users have a higher level of confidence in cryptocurrencies than at any time in the past decade. They want to invest and build more applications that solve the fragmented technologies that many people rely on for income, entertainment, travel, and payments. Stablecoins, AI, and legislation are the fundamental reasons why everyone wants to enter the United States, and I am very happy that Pantera, as a long-term steward of the industry, can lead this new wave.
Yua Mikami, a popular Japanese celebrity, launched her meme coin, $MIKAMI, on the Solana network, raising over $1.5 million in just 50 minutes during the presale. The coin is designed as a fun, non-investment token with no fixed price, and contributors receive tokens based on their SOL contributions.
WeatherlyAustralia’s financial intelligence agency, AUSTRAC, has launched a sweeping crackdown on inactive registered crypto exchanges, aiming to eliminate potential vehicles for fraud and financial crime.
KikyoRussia is planning to introduce criminal penalties for illegal crypto mining, targeting those using cheap energy without proper registration. The move comes as mining activity rises and more regions consider bans due to power strain.
WeatherlyElon Musk’s D.O.G.E initiative under Trump aimed to cut federal spending, but costs still climbed. Despite shutting 11 agencies, ending foreign aid, and cutting $10B from education, the budget grew—and 240,000 government jobs were lost. Was D.O.G.E a cost-cutter, or just a reshuffle?
CatherineThe SEC has closed its investigation into PayPal’s stablecoin PYUSD without taking any action. This clears the way for PayPal to expand its crypto plans, including partnerships and a new rewards programme for users.
AnaisAvi Eisenberg was sentenced to 52 months in prison for possessing over 1,200 CSAM images, while still facing legal fallout from his $110M Mango Markets exploit. Though convicted of crypto fraud, his lawyers seek a retrial—raising questions about whether the punishment fits the scale of his crimes.
CatherineMalaysian authorities seized 45 illegal Bitcoin mining machines worth $52,145, part of a broader crackdown on operations causing $8,342 in monthly electricity theft. While no arrests were made, investigations continue amidst rising losses tied to international groups exploiting the region’s power grid.
KikyoKraken caught a North Korean hacker trying to get a job by spotting inconsistencies during the interview process. The crypto firm used the opportunity to uncover a network of fake identities linked to state-backed cybercrime.
AnaisMesh has partnered with Apple Pay to enable seamless crypto payments for consumers, with merchants receiving stablecoin payouts—no crypto infrastructure required. The integration will launch for both online and physical retailers by Q2 2025.
CatherineEthereum R1 launched as a new layer-2 solution without a token or central control, aiming to keep Ethereum scaling neutral and decentralised. It runs on donations and has sparked debate about whether token-free models could shape the future of Ethereum’s ecosystem.
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