How Digital Assets Are Reshaping the Global Economy: A Fireside with Flipster’ Head of Product at Paris Blockchain Week

At Paris Blockchain Week 2025, our Head of Product joined a fireside chat to unpack the evolving role of digital assets in today’s global economy. From the convergence of DeFi and CeFi to the growing relevance of stablecoins and the impact of regulation, the conversation offered a product-driven lens on where the industry is headed—and what still stands in the way. 

Here are the key takeaways from the session:

1. DeFi is starting to resemble CeFi—what does this mean for users, and how is Flipster responding?

For most users, whether a platform is decentralized or centralized doesn’t matter as much as whether it works. People want access—to trade, to inject liquidity, to participate in markets.

What’s changed over the past few years is the usability of DeFi. Previously, DeFi products were primarily for advanced users—people who could code or navigate complex interfaces. Today, we're seeing DeFi platforms become more accessible and intuitive. For example, Hyperliquid is a DEX that many retail users now find easy to use, a big shift from a few years back.

This usability shift is accelerating the convergence between DeFi and CeFi. Centralized platforms are learning from DeFi’s agility—especially when it comes to early access. Look at what happened with TrumpCoin: centralized exchanges had to wait for liquidity before listing, while DeFi participants could enter at hour zero. That’s a huge edge DeFi currently holds.

On the flip side, DeFi is also adopting more centralized elements—especially around safety. After the recent Hyperliquid-Jelly incident, central controls were used to mitigate damage, proving that even in DeFi, some level of intervention is often necessary.

From Flipster’s perspective, we see the future as less about DeFi vs. CeFi—and more about building a new, blended form of digital finance that gives users the best of both worlds.

2. The Hyperliquid backlash: warranted or overblown?

The criticism following Hyperliquid’s response to the Jelly incident sparked important debate.

While it’s hard to judge from the outside, the key takeaway is this: DeFi isn't automatically exempt from intervention. When damage is preventable, users expect action—even if it means introducing centralized controls.

From our vantage point, as a CeFi platform operating in a regulated environment, we see the strength in having tools to protect users. The challenge for DeFi is balancing ideals with responsibility—and this incident brought that tension to the surface.

3. Stablecoins: A product edge and a regulatory challenge

Stablecoins are one of the most useful digital asset products—but they also raise complex questions.

In some regulatory discussions, what stood out was how stablecoins are minted. When private issuers mint them, the backing cash isn’t just sitting in a wallet—it’s often used to purchase bonds. That creates a dual liquidity event and introduces seigniorage into the system.

The bigger question becomes: how does this affect national monetary policy? If stablecoin issuers can keep expanding supply independent of central banks, that introduces real tension. It's clear this will be a key area of regulatory focus going forward.

From a user lens, stablecoins already feel like a superior product. In markets where local currencies are depreciating, it’s rational for users to hold USDT or USDC. These stablecoins provide access to a broader universe of platforms, exchanges, and financial tools. Unless regulated otherwise, more users will choose them.

4. What's holding back digital asset adoption—beyond regulation?

Product-wise, the digital asset experience is in a strong place. But sentiment is a real barrier.

Volatility makes users hesitant. When markets dip, retail users at the edge of the ecosystem tend to exit quickly. We’ve seen view counts and engagement drop sharply in these moments—and they’ll spike again in bull runs. But this cycle creates fatigue: people come in on the hype, get liquidated, and leave.

What’s needed is more stability, both in price and in user trust. Still, digital assets offer clear advantages over local currencies—especially as gateways to investment or consumption.

Imagine holding USDT and being able to buy Tesla stock or options instantly. No need to open a foreign exchange account, go through KYC hoops, or wait days. That’s the kind of seamless access the industry could build toward.

We’re close. The remaining blockers are regulation—and trust.

5. What’s next: 6–12 month outlook

We're not in prediction mode—but here’s what we do see.

Down cycles tend to bring out builders. It’s a reset moment: portfolios are down, and that sparks motivation to create. When the hype fades, real innovation begins.

We’re expecting new product cycles to emerge in the next 6–12 months, built in response to the recent downturn. Some of the strongest, most resilient products often come out of these periods.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with a significant risk of loss due to its high price volatility, and is not suitable for all investors. Please refer to our Terms.