Arthur Hayes Says DeFi Growth Depends on Daily Crypto Use

• Hayes says DeFi scales only after everyday users routinely hold and transfer Bitcoin, Ethereum and stablecoins.

• He expects stablecoins to dominate next phase, with global systemically important banks coordinating launches.

• Hayes warns old cycle patterns no longer apply, urging patience as selective gains replace broad altcoin rallies.

Arthur Hayes said decentralized finance will only scale once everyday users routinely handle digital assets. According to Hayes, the discussion focused on stablecoins, global banking involvement and why market participants must adjust expectations in the current crypto cycle.

Stablecoins Remain Central to the Next Phase

Hayes stated that stablecoins will remain a major trend into 2026. Notably, he said globally systemically important banks, known as G-SIBs, are coordinating stablecoin launches. He described these efforts as a collective move by major financial institutions.

According to Hayes, traditional banks already understand digital interfaces. Online banking adoption proved that users can shift long-standing habits. He explained that stablecoins could follow a similar path, once users trust digital formats.

He added that stablecoins simplify interaction with digital value. Users no longer need branches or in-person services. Instead, assets move through applications, which lowers friction for everyday transactions.

Habitual Digital Asset Use Drives DeFi Expansion

Hayes emphasized that DeFi’s growth depends on repeated public use of digital assets. He said the real expansion begins once people regularly move Bitcoin, Ethereum, and fiat-linked tokens. That behavior, he noted, creates a separate financial ecosystem.

He explained that users must grow comfortable holding and transferring digital currencies. Over time, they interact with services outside traditional banks. According to Hayes, this behavioral shift unlocks broader DeFi activity.

He compared the transition to earlier changes in banking habits. Notably, he said people once resisted online banking. Eventually, that resistance faded as usage became routine.

Patience Needed as Market Dynamics Shift

Hayes also addressed investor expectations. He said many participants still anticipate a traditional “altcoin season.” However, he stated that the market structure has changed.

According to Hayes, previous cycles no longer provide reliable templates. He said investors must adapt rather than expect broad-based rallies. He added that strong performance already occurred in select assets.

He stressed patience as the main challenge. Hayes said participants must adjust strategies to the current cycle. He repeated that outcomes now depend on adaptation, not repetition of past patterns.