While geopolitical tensions and the Greenland standoff set the tone at Davos 2026, crypto resurfaced as a secondary but consequential theme.
US President Donald Trump used a few minutes of his Davos speech to double down on his ambition to turn the US into the world’s crypto capital and voice support for crypto-friendly legislation.
His tone was different from central banks. In a panel with crypto bigwigs, the governor of the Bank of France criticized private money and yield-bearing stablecoins while promoting central bank digital currencies (CBDC).
Crypto consensus did not emerge in Davos, but a visible point of disagreement did. US political messaging framed crypto as a geopolitical asset, while at least one major European central banker warned that private money threatens financial stability and sovereignty.
Here are the crypto takeaways from Davos 2026.
Trump frames crypto regulation as a geopolitical race
Donald Trump said in his Davos speech on Wednesday that he hopes to sign a crypto market structure bill “very soon.”
Also known as the CLARITY Act, the bill was due for a US Senate markup last week but was delayed after crypto giants like Coinbase pulled support.
Trump treated the US crypto regulation as a matter of geopolitical urgency.
“It is politically popular but much more importantly, we have to make it so that China doesn’t have a hold of it, and once they get that hold, we won’t be able to get it back. So I’m honored to have done it,” Trump said, referring to his signing of the GENIUS Act. He linked the bill to the importance of the pending market structure legislation.
Related: US crypto market structure bill in limbo as industry pulls support
The White House wants the US to be the crypto capital of the world and sees regulation as a competitive weapon. Trump acknowledged that the bill remains in Congress but spoke as if its passing were a matter of timing.
The US president’s special address was introduced by BlackRock’s Larry Fink, the CEO of the world’s largest asset manager. Trump spoke for more than an hour; crypto accounted for only a small section of his speech.
Coinbase CEO and French central banker clash over money sovereignty
One of the most widely shared crypto moments at Davos came when France’s top central banker pushed back against crypto, even as he praised tokenization in a Wednesday panel discussion.
Banque de France Governor François Villeroy de Galhau said tokenization and stablecoins are likely to be “the name of the game” in 2026, stating that they can modernize financial infrastructure. He acknowledged tokenization as a meaningful financial advance, particularly for wholesale markets, and cited Europe’s CBDC efforts as a global frontrunner.
That enthusiasm faded as the discussion turned to monetary sovereignty. Coinbase CEO Brian Armstrong described Bitcoin (BTC) as a modern successor to the gold standard and a check on democratic deficit spending.
Villeroy de Galhau clapped back by saying that money is inseparable from sovereignty. Handing monetary control to private systems would amount to surrendering a function of democracy, he said.
Armstrong responded by pointing to Bitcoin’s decentralized structure to claim that it is even more independent than fiat systems and called the tension a “healthy competition,” which got a chuckle from Villeroy de Galhau.
Villeroy de Galhau also drew a line against interest-bearing stablecoins, which he said could destabilize the existing financial system. US crypto executives argued that rewards are necessary to keep stablecoins competitive with China’s CBDC.
Related: Bitcoin offers ‘no haven’ from Trump’s Greenland dreams
Binance leaves door open to US return
Binance co-CEO Richard Teng did not rule out a return to the US. He said the company is taking a “wait-and-see” approach in an interview with CNBC on the sidelines of the Davos forum.
Teng avoided commitments while leaving the door open, but Ripple CEO Brad Garlinghouse was more explicit in a separate interview with the outlet. Garlinghouse predicted that Binance would eventually return to the “very large” market.
Binance launched Binance.US in 2019 as a separate entity to serve US customers. But according to US regulators, Binance continued to service “VIP” customers through its offshore platform, leading to a 2023 Department of Justice settlement. Founder Changpeng Zhao pleaded guilty to failing to maintain an effective Anti-Money Laundering program, served a jail sentence and was later pardoned by President Trump.
Zhao was also present at Davos and took part in a panel discussion on Thursday, where he claimed that crypto has proven that it is not going away.
Though they were in separate panels, Zhao aligned with Bank of France’s Villeroy de Galhau on tokenization, calling it the next phase of the industry, along with artificial intelligence and payments.
He said he is in discussions with multiple governments about tokenizing state-owned assets as a way to unlock value and reinvest it into economic development.
Circle’s Allaire calls bank run fears absurd
Circle CEO Jeremy Allaire dismissed fears that interest-paying stablecoins could destabilize the banking system in a Thursday panel in Davos.
Allaire called bank run concerns “totally absurd,” arguing that the incentives involved are too small to threaten monetary policy or drain deposits.
He added that interest payments function primarily as customer retention tools rather than systemic disruptors.
Allaire then cited government money market funds as a historical comparison. Despite repeated warnings over the years, roughly $11 trillion has flowed into money market funds without collapsing bank lending, he said.
Lending, he argued, is already shifting away from banks toward private credit and capital markets, independent of stablecoins.
What Davos revealed about crypto priorities
Public image for stablecoins was badly tarnished in 2022, when the Terra ecosystem suffered a multibillion-dollar collapse. The failure began with TerraUSD (UST), an algorithmic stablecoin backed by the network’s native token, LUNA.
Stablecoins have since flipped the narrative. It’s now an important topic in the annual meeting of the world’s most powerful voices in geopolitics and economy. Even central bankers who are generally critical of the crypto industry acknowledge them as core themes to watch alongside tokenization.
Davos 2026 reinforced stablecoins and tokenization as part of the year’s policy conversation. The US executive branch and Europe’s banking sector remain philosophically divided on approach, and regulatory developments are still constrained by domestic politics.
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