OKX: exchanges bet on licenses, stablecoins and tokenization for 2026

OKX’s global managing partner Haider Rafique says major crypto exchanges are structuring their 2026 strategies around regulatory compliance, stablecoins and real‑world asset (RWA) tokenization rather than speculative growth. OKX has accumulated multiple local licenses — MiCA in Malta, Dubai authorization, Australian entities, Singapore payments approval and US money‑transmitter registrations — and aims to bring more derivatives and fiat on‑ramps onshore. Stablecoins are a primary focus: with the stablecoin market near $310bn in 2025, exchanges are positioning yield‑bearing stablecoin and centralized “earn” products (roughly 4%–8% yields) as cash‑like liquidity alternatives despite de‑peg and systemic risk warnings from S&P and the ECB. Exchanges also expect RWAs to expand as regulatory clarity emerges; tokenized stocks, commodities and metals are seen as next‑wave products once securities/utilities distinctions are settled. Rafique frames Bitcoin as increasingly macro‑driven — tied to US Treasury yields and rate expectations — and gives a 2026 bear scenario near $90k and a more likely range of $150k–$200k if rates ease. For traders, the shift implies more regulated on‑ramps, greater stablecoin liquidity and new RWA instruments, while crypto markets may behave more like traditional macro assets than purely speculative plays.