Crypto Now Has to Prove People Actually Use It
Coinbase and WisdomTree are focusing less on technology and more on usage, with tokenized funds and stablecoins as distribution channels. In Europe too, the big question now is whether crypto products really stick.
Key Takeaways
- The crypto sector now has to show that people and institutions actually use the products that have been built.
- Coinbase and WisdomTree are putting more and more emphasis on distribution, ease of use, and “magic moments” to boost adoption.
- In Europe, adoption is becoming more important because of regulation, trust, and the question of which crypto products really take hold.
The crypto sector has spent years building infrastructure and new financial products. The next step turns out to be harder: people and institutions also have to actually start using those products. That shift is becoming more important as crypto moves closer to the traditional financial sector.
Adoption Is the New Test
At Coinbase, according to Ben Shen, head of financial services and loyalty products, the focus is less and less on the technology itself and more and more on what customers want to do with their money. People want to grow their money, store it, send it, spend it, or borrow against it, and it does not always matter whether there is a blockchain underneath.
That is why Coinbase is looking at what Shen calls “magic moments”: moments when it becomes immediately clear why a product is useful. The company sees adoption as a cycle where money comes in, customers have a reason to hold it, and then they get ways to use it. Rewards can help with that first step, but Coinbase mainly wants customers to keep coming back after that.
That focus on usage fits into a broader market where the crypto sector is not just building products, but also has to show that those products stick. A recent survey showed that 30% of American adults own crypto and that 61% of holders want to invest more in 2026. That shows the market is moving further toward the mainstream.
From Product to Distribution
WisdomTree is also looking for more usage of its tokenized funds. The asset manager has WTGXX, among other products, a tokenized money market fund with about $1.2 billion (€1.1 billion) in assets. According to Will Peck, the company does not just want to offer those funds through its own channels, but also through other access points.
That is why WisdomTree recently announced a partnership with MoonPay, allowing eligible U.S. retail customers to use WTGXX through MoonPay’s platform. Customers who are already verified with MoonPay can buy the fund with stablecoins without signing up separately with WisdomTree. MoonPay is not meant to be the only distribution channel.
Coinbase is thinking about distribution outside its own platform in a similar way. Shen said the company will keep building its own apps and websites, but is also looking for ways to offer products through other front ends. According to him, AI agents could become an extra route there, because services could then connect with third-party tools.
Why This Matters for Europe
For European crypto readers, this matters because adoption is increasingly what decides things, not just the technology. ESMA recently called for more powers to freeze suspicious crypto assets and take fraudulent websites offline. That shows regulation and trust play a role in whether products are used widely. At the same time, JPMorgan analysts warned that blockchain adoption that does not help public chains and tokens could pose a risk to Bitcoin.
That makes the debate broader than just the United States. If crypto products really become embedded in payments, savings, and distribution channels, that could also decide which platforms, tokens, and networks stay relevant in Europe. Big players in traditional finance are also looking for ways to offer digital products through existing rails, as access to a Treasury fund for crypto companies via Lynq shows.
