Reporting on the current state of Web 3.0 from Japan: Iolite gives a thorough report on the impressive lineup of "WebX2025"!

WebX2025, one of Asia's largest Web 3.0 conferences, took place on August 25th and 26th.

WebX is a conference planned and run by CoinPost, Japan's largest cryptocurrency and Web 3.0 media outlet. This year, the third time the conference has been held, it was held at The Prince Park Tower Tokyo, just like last year.

In addition to bringing together numerous Web 3.0-related companies and projects from Japan and abroad, there were also sessions by government officials and major companies.

WebX2025 brought together an all-star lineup, just like last year, and Iolite has compiled a unique report on some of the most notable sessions.

The opening speaker on the BitLending Stage on Day 1 was Arthur Hayes, co-founder of cryptocurrency exchange BitMEX and CIO of Maelstrom. His clear-sighted comments on price predictions have often garnered attention.

Hayes discussed the macroeconomic impact of USD-denominated stablecoins and their impact on the cryptocurrency market.

He began by pointing out that the 2008 global financial crisis, known as the Lehman Shock, triggered the US's massive issuance of dollars, leading central banks around the world to increase their purchases of gold and intensify a move away from dollar-denominated assets. He stated that the greatest concern in this context is the eurodollar market. These are dollars deposited in banks outside the US, with deposits of between $10 and $13 trillion unmonitored. The future of the US depends on whether these funds can be monitored and used to reduce the fiscal deficit.

Stablecoins hold the key to this. Because issuers receive dollars and purchase U.S. Treasury bonds, this structure effectively maintains dollar demand and directly finances the budget deficit. Hayes emphasized that stablecoins could therefore become the "official eurodollar sink" for the United States. He continued, "The spread of stablecoins to the Global South and the adoption of stablecoin payments by social media platforms like X will further solidify the dollar's global dominance."

He also noted that stablecoins will create new investment opportunities in DeFi. Hayes cited four DeFi projects he's paying attention to: Ether.Fi, Ethena, Hyperliquid, and Codex.

He emphasized that the acceleration of DeFi transactions driven by stablecoins will likely lead to the current cryptocurrency bull market cycle "extending until 2028." He concluded that the stablecoin market could expand to $10 trillion, "creating a once-in-a-century bull market."

Next on stage was CZ, founder of major cryptocurrency exchange Binance. Benjamin Schiller of Coindesk, a US cryptocurrency media outlet, served as moderator.

CZ noted that the shift in US cryptocurrency policy and efforts toward stablecoin policy have brought about dramatic changes in the industry. He stated, "Stablecoins are easier to adopt and offer greater flexibility than CBDCs (central bank digital currencies)," emphasizing that they will play a central role in the future international financial system.

CZ also touched on the relationship between AI and cryptocurrencies. He predicted that in the future, more than 90% of transactions will be machine-to-machine (M2M) transactions between AI agents, and noted, "Currency used by AI will inevitably exist on the blockchain." He continued by saying that the spread of AI will expand the scale of economic activity by 100 to 1,000 times, dramatically increasing demand for blockchain.

From a trading perspective, he argued, "everything will be tokenized," including stocks and real estate. While stating that various workforces will migrate to blockchain in the future, he also stated that due to remaining challenges with tokenizing physical assets, such as verification costs and lack of liquidity, stablecoins and security-type tokens will remain the focus for the time being.

CZ revealed that since stepping down as CEO of Binance, he has been focusing on his education initiative, "Giggle Academy." He stated that more than 50,000 people are already using the service, and that his goal is to reduce inequality by digitizing education.

Finally, CZ offered advice to entrepreneurs, emphasizing, "Do the right thing and create a business with long-term value." He said that the key to success is overcoming challenges with ethics and passion, rather than pursuing short-term profits.

Prime Minister Shigeru Ishiba took the stage to deliver opening remarks at this year's WebX. He touched on the recent Tokyo International Conference on African Development, where he met with leaders from 34 countries and adopted a joint declaration.

He then emphasized that "startups are the key to economic growth and resolving social issues," and announced Japan's intention to strengthen its Fifth Startup Development Plan, including Web 3.0, the digital industry, and AI.

He also acknowledged that "the 2020s will be a historic turning point comparable to the Industrial Revolution of the 1760s," concluding with a powerful statement: "Now, at this historic turning point, I hope that we will build a new society through new technologies, centered on startups and Web 3.0."

Following Prime Minister Ishiba, Minister of Economy, Trade and Industry Youji Muto took the stage. Muto stated Japan's proactive response to the rapidly evolving global Web 3.0 trend and its commitment to using it as a driving force for growth to revitalize industry and regions. He particularly touched on the "Genius Act" enacted in the United States regarding stablecoins, emphasizing Japan's determination to keep up with international competition.

Muto also stated that by combining Japan's strengths in anime, manga, art, and sports with Web 3.0, "new market opportunities can be created." He further characterized Web 3.0 as "an effective tool for connecting the value of small and medium-sized enterprises and creators to domestic and international markets," and stated that Japan will continue to closely monitor global trends while promoting the development of this environment and playing a key role in driving the growth of the Japanese economy.

Following Prime Minister Ishiba and Minister of Economy, Trade and Industry Muto, Finance Minister Katsunobu Kato took the stage to deliver a keynote speech. Kato spoke about Japan's progress in cryptocurrency regulation, emphasizing Japan's pioneering efforts to develop a regulatory environment for cryptocurrencies. Based on this history, he stated, "Cryptocurrencies carry high volatility, but with the right investment environment, they can grow as a diversified investment target," expressing his hopes for market development.

He also mentioned stablecoins, noting that they are expected to be used in a wide range of fields, including retail payments and international trade payments. He stated, "The use cases for yen-denominated stablecoins hold great potential, including for improving the efficiency of inter-company payments," expressing his hopes for future market expansion.

He also emphasized that "it is necessary to create an environment that strikes a balance between protecting users and promoting innovation" when it comes to cryptocurrency regulations. In light of recent trends in other countries regarding the development of cryptocurrency environments, Kato emphasized that Japan must also take a proactive approach to enhance its international competitiveness.

Finance Minister Kato stated, "Without safety and security, there will be no expansion of usage. Protecting users is an investment, not a cost," and called for the need to ensure security and develop a sound trading environment.

Yoshitaka Kitao, Chairman and CEO of SBI Holdings, a company whose influence in the Web 3.0 industry is growing day by day, took the stage.

Kitao stated that the Internet revolution has increased economic and social efficiency, realizing the "first economic democratization." However, he also pointed out that side effects have also emerged, such as data monopolies by Big Tech and a lack of transparency.

He emphasized that blockchain and distributed ledger technology will change this situation, and that Web 3.0 will bring about a "second economic democratization." He argued that the shift from centralized to decentralized ownership of information will lead to the creation of a new, user-driven economic model, and that decentralization will increase social transparency and protect user rights.

Regarding the current situation surrounding cryptocurrencies in Japan, Kitao stated that a 20% separate self-assessment tax should be introduced as soon as possible. Furthermore, Kitao stated his personal opinion on leverage regulations, saying, "Around 10x is ideal." In particular, he emphasized that the 1 million yen transfer cap on stablecoins should be "immediately abolished."

Speaking of SBI Holdings, the company is currently on the offensive. Kitao introduced its current initiatives and expressed his desire to quickly realize tokenized trading of cryptocurrency ETFs and stocks, which are traded in the United States and other countries. He also stated that the company aims to realize an exchange that handles various tokens, with an eye toward "digitalizing the capital market itself."

Kitao also stated that "finance and media can be integrated as the information industry," and proposed the introduction of AI search and advertising revenue-sharing models to provide fair compensation to the media industry. He emphasized that "free use of technology and global expansion are essential for Japan to compete globally."

Kitao concluded the session by declaring, "Web 3.0 will bring about a new economic democratization that transcends existing industries, and SBI will continue to be at the forefront of this."

Next was a special dialogue between Kitao and entrepreneur Takafumi Horie, which was anticipated as one of this year's highlight sessions at WebX. The discussion covered topics ranging from the media industry to payments using Web 3.0 technology and space development.

Looking back on the company's original plan to acquire Fuji Television, Horie emphasized, "We should have moved away from advertising reliance and introduced a paid subscription model." If that had been realized at the time, he said, "It would have become Japan's own Netflix." He also stated that combining Web 3.0 and cryptocurrencies could create one of the world's leading media networks.

On the topic of cryptocurrencies, Horie, who has been involved with Bitcoin since 2013, praised Bitcoin for generating the greatest returns over the past decade. He also acknowledged that early investor enthusiasm has not yet cooled.

Kitao, meanwhile, touched on the recently announced collaboration between SBI Holdings and SMBC on yen-denominated stablecoins. With this in mind, Horie stated, "All it takes is a smartphone to open a participating store, and fees can be dramatically reduced. This is Japan's last chance," emphasizing the vital importance of expanding stablecoin payments.

He also spoke about space-related projects incorporating DePIN (a decentralized physical infrastructure network). The discussion covered new frontiers for media when combined with Web 3.0, and the importance of stablecoin-based payments, and demonstrated the need to move forward with these initiatives as quickly as possible.

This special conversation took place between this year's WebX secret guest and Noriyuki Hirosue, CEO of the cryptocurrency exchange Bitbank. This year's secret guest was Shingo Murakami, a member of the male idol group "SUPER EIGHT."

Murakami also appeared in Bitbank's commercials. He and Hirosue shared behind-the-scenes details of the commercial's filming.

While the entertainment industry is cautious about adopting new technology, Murakami himself is experimenting with the use of NFTs and digital assets. He introduced NFTs to tickets and merchandise, proving their practical convenience by saying, "For fans who want to reduce their luggage, digital formats are effective." He demonstrated his commitment to the coexistence of digital and physical assets.

In the second half of the talk, Murakami spoke about his own way of thinking in relation to his book "Half Theory." He also touched on "AI Shingo," the company he founded. While he acknowledged the challenges of this unprecedented challenge—creating AI by a celebrity—he also expressed his satisfaction. Finally, he stated, "Technology is a tool to enhance human value," and noted that blockchain technology can be used to achieve a variety of things, expressing his enthusiasm for future endeavors in the digital realm.

The first session on the second day featured a special conversation between Oki Matsumoto, Chairman of Monex Group, and Michael Novogratz, CEO of Galaxy Digital, a company that provides financial services centered on cryptoassets. Moderated by Coindesk's Schiller, the conversation began with the two men discussing their first encounters with cryptoassets. Matsumoto initially saw similarities to the derivatives market of the 1980s. While the derivatives market at the time was often viewed as risky, it ultimately became a game changer. He said he felt the same about cryptoassets, entering the market because he saw the potential in their technological value.

Novogratz, on the other hand, purchased Bitcoin in 2013 and was struck by the concept of "the first private property on the internet." He subsequently founded Galaxy Digital in 2018, aiming to serve as a "bridge" between young entrepreneurs and traditional finance.

The discussion then shifted to stablecoins, highlighting their growing presence thanks to IPOs such as those by Circle, which issues USD Coin (USDC). Novogratz predicted that "AI will conduct transactions through stablecoins," describing a future in which everything from everyday shopping to trade payments will be carried out on the blockchain.

Regarding the tokenization of everything, Matsumoto emphasized that "the distinction between TradFi (traditional finance) and DeFi will disappear, and all financial products will be represented on the blockchain." He also noted that Japan's unique "points economy" will be tokenized, dramatically increasing interoperability. Novogratz also stated that the tokenization of everything will promote democratization, enabling young people in developing countries to access global assets with just a smartphone.

Finally, Matsumoto and Novogratz shared their vision for the future of finance, predicting it will become more transparent and decentralized, integrating into real life, and expressing their excitement about the possibilities that accelerating tokenization will bring.

The following session featured Yuzo Kano, CEO of bitFlyer Holdings, and Kei Tanaka, a former Goldman Sachs investor. The moderator was Yusuke Shidara, editor-in-chief of "Atarashii Keizai," a media outlet specializing in blockchain and crypto assets.

This session focused on asset strategies in today's increasingly uncertain world, and immediately discussed specific asset allocations. Kano explained that he has built a portfolio that includes investments in crypto assets as well as real estate. Tanaka, on the other hand, gave an example of a portfolio consisting of 40% real estate, 20% stocks, and 10% crypto assets. He also shared his investment strategy of holding almost no Japanese yen as cash.

Regarding investment strategies for younger generations, Kano stated, "They have a relatively high risk tolerance, so it makes sense to hold a certain percentage of crypto assets." Meanwhile, Tanaka expressed the view that "it's risky to invest fully until you've accumulated a certain amount of assets." This led to some disagreement.

The growth of crypto assets was also similar to the online brokerage boom of the early 2000s. Just as the stock market expanded rapidly with the move online, the idea is that cryptocurrencies will move into a new phase as they become more popular and systems are established. However, Kano expressed the view that the current tax system for cryptocurrencies is unfavorable, and expressed his desire to "work with government officials to achieve tax reform."

Finally, Kano said, "Investment is not a bad thing. We need to create an environment where anyone can take on the challenge with peace of mind," and Tanaka concluded with a powerful statement, "As long as you don't quit, the experience of building assets will surely be a source of nourishment for life."

In a session titled "Details and Future Outlook for the First Japanese Yen Stablecoin," Noritaka Okabe, CEO of JPYC, spoke about the issuance of the Japanese yen-denominated stablecoin "JPYC" and its future prospects. Moderator Yuki Kamimoto, who runs the cryptocurrency media site CoinDesk Japan, served as moderator.

JPC was registered as a money transfer business operator by the Financial Services Agency in August, drawing many attendees to the topic.

Okabe reflected on the historic step they took by taking on a challenge that was previously thought to be "unrealistic for anyone other than financial institutions." Going forward, they stated their intention to "engage in all stablecoin businesses permitted by Japanese law." In addition to the flexible money transfer business model of JPYC, they also plan to issue stablecoins in trust-type stablecoins and even handle the issuance and intermediation of foreign currency-denominated stablecoins.

Initial users are expected to be highly financially literate individuals, such as DeFi users, institutional investors, and family offices. On the other hand, a wide range of use cases are expected in the future, such as convenience store payments, employee payroll payments, and tipping during live streaming. He explained that the fact that it is treated as "cash" in accounting and tax terms is a major advantage, making it easier for adoption than cryptocurrencies. Like the other speakers, Okabe predicted that the use of AI-powered stablecoins will accelerate in the future.

Finally, Okabe left a powerful message: "We will fulfill our responsibility to obtain the first license. We hope you will use JPYC to create innovation, and let's overcome social dilemmas together, not just ourselves."

In the following session, five speakers discussed the future of financial services in the Web 3.0 era. The speakers were Makoto Aoki, Founder of WebX and CSO of CoinPost; Shinsuke Sato, CEO of Slash Vision; Go Makino, Sales Manager at Fireblocks; Hirokatsu Akiyama, Deputy Manager at Orient Corporation; and Yuki Danbayashi, Business Strategy & Development Director at J-CAM, which provides Iolite and the cryptocurrency lending service "BitLending."

The session began with a discussion of stablecoins. Sato cited stablecoins' advantage as their ability to seamlessly transfer value 24 hours a day, emphasizing that just as telecommunications infrastructure has evolved and become cheaper, finance will similarly evolve.

Akiyama of Orico, which is working with Slash Vision to issue the "Slash Card," reflected, "As a traditional financial company with 70 years of history, working with stablecoins was a challenge." He continued, saying that the example of a traditional card company making a full-scale entry into the Web 3.0 space could be an important stepping stone for the widespread adoption of stablecoins in Japan. He also expressed his desire to support multiple stablecoins in the future.

A security system is essential for the widespread adoption of stablecoins. Makino emphasized, "Security is the most important factor in the widespread adoption of stablecoins." In fact, Fireblocks claims that while it faces daily attacks from various countries, it has never been hacked since its founding. It already protects assets totaling ¥10 trillion, and explained that this is possible thanks to a security system in place that splits private keys into three parts and manages them separately.

Attention to asset management using stablecoins is also growing day by day. In this context, Danbayashi noted, "Stablecoin-based lending is a groundbreaking system that allows individuals to access institutional-level financial products." He said that the keys to the widespread adoption of stablecoin-based asset management are users' peace of mind in entrusting their assets and businesses' ability to provide a solid return on investment.

While speakers expressed their expectations for stablecoins, they also pointed out various challenges from the business perspective, including the sustainability of business models. Some also said that rather than necessarily creating a trend of forcing stablecoins on people, an environment should be created in which they can be used according to the use case and situation.

The session concluded by saying, "Stablecoins will not replace existing payments, but will add new value." The session then concluded with hints about possible collaborations between the various businesses that spoke.

The session, titled "Millionaire or Exit? Investing Techniques for Surviving an Unstable Global Era," featured popular social media investors and analysts, including Gifu Boui, JIN, and Kasou Nishi. The moderator was Shibuya Eita, Executive Director of WebX at CoinPost.

This session featured a wide-ranging discussion from the perspectives of foreign exchange, stocks, and cryptocurrencies. While his primary focus is FX, Gifu Boui reflected, "I wish I had held stocks, real estate, and Bitcoin," and spoke of his regret for selling off stocks amid unrealized losses. He also mentioned the 24/7/365-hour nature of the cryptocurrency market, comparing it to "cryptocurrency is a black company, while stocks are a white company," demonstrating his preference for stable stock investments while also taking psychological factors into consideration. On the other hand, he stated his opinion on Bitcoin, saying, "It's too stable, so it's hard to become a billionaire. Crypto coins and Ethereum are more likely to bounce back." He also sounded a warning about the relaxation of tax and leverage regulations, saying, "When new entrants increase, the risk of a crash is high."

JIN lamented the ongoing depreciation of the yen and revealed that he is currently cutting his losses. Meanwhile, he seems to believe that stocks, foreign exchange, and cryptocurrencies will all see price growth in the medium to long term. He presented a unique investment style: "If you had ¥10 million, you could buy Tesla stock, aim for social media buzz, and monetize it." JIN also criticized Japan's deregulation of cryptocurrencies as "too late," arguing that it's contributing to a decline in the country's power and a weaker yen.

KasouNishi pointed out that the current decline in Bitcoin is due to the Trump administration's weakening of cryptocurrency policies. He also expressed concern that relaxing tax and leverage regulations in the Japanese market would increase new entrants, but at the same time, it could lead to a major crash due to profit-taking. His views were in agreement with Gifu Boui's.

All three speakers shared the view that "asset prices generally rise under inflation." The session also reflected both investment risks and opportunities, presenting diverse and unique strategies for surviving these uncertain times.

As WebX neared the end of its run, a session brought together top cryptocurrency analysts. The speakers were Masamichi Matsushima, a cryptocurrency analyst at Monex Securities; Tomoya Hasegawa, a market analyst at bitbank; and Kasou Nishi, executive director and cryptocurrency analyst at X-Bank. The moderator was Takuya Oshima, CEO of cryptocurrency exchange Zaif.

The session began with an analysis of industry trends to date. All three speakers discussed the significant impact of the Trump administration's cryptocurrency policies, as well as interest rate cuts, cryptocurrency ETFs, and corporate treasury strategies. They also raised the need for regulatory risk in the event of a change in US administration, and the need to be cautious about the risk of companies employing treasury strategies selling off in the event of a price decline, such as Bitcoin.

The discussion on price forecasts in the second half of the session saw some differences of opinion.

First, when predicting prices through the end of 2025, all participants predicted an increase. Hasegawa and Matsushima predicted a price of $200,000 (approximately ¥29.4 million), while Virtual Nishi predicted a price of over $180,000 (approximately ¥26.5 million).

Conversely, when it came to price predictions for the end of March 2026, Matsushima and Virtual Nishi predicted a decline. They cited increased selling pressure due to tax payments and concerns about interest rate hikes due to a resurgence of inflation as major factors. Hasegawa predicted a continued rise.

Opinions were also exchanged on whether the halving cycle would continue. Matsushima and Kasou Nishi expressed the view that while the impact of the halving cycle is weakening, it will continue to attract attention due to its correlation with the US presidential election and macroeconomic factors. Conversely, Hasegawa noted that changes in the cycle are being observed due to factors such as the entry of institutional investors, and suggested that the halving cycle may end.

Finally, the session concluded with notable events in Japan: Hasegawa mentioned cryptocurrency tax reform, Matsushima mentioned institutional investor trends, and Kasou Nishi mentioned lightning settlement.

WebX is drawing to a close. Tokyo Governor Yuriko Koike delivered the closing remarks.

Appearing via video, Governor Koike emphasized that, in the face of challenges such as global instability, the climate crisis, and stable food and energy supplies, "we must bring together the world's wisdom and cutting-edge technology to build a sustainable future."

She also introduced "SusHi Tech Tokyo," held in May, highlighting its success in generating diverse encounters and exchanges, with 57,000 participants from over 100 countries.

Governor Koike praised Web 3.0 as "a technology that will bring about major changes in society and the economy." Looking ahead to its growth, she pledged to actively promote financial digitalization using technologies such as blockchain to transform Tokyo into "one of the world's leading international financial cities."

Governor Koike concluded her remarks by saying, "I look forward to all of you being active at the forefront of innovation," and emphasizing that Web 3.0 will serve as a new foundation connecting Tokyo with the world.

In his closing remarks, Ryo Sakai, Head of Business Development at CoinPost, emphasized that "WebX is not just a conference, but an information hub originating in Japan." Looking back on the event's success, he noted that the event played a key role in spreading Web 3.0 and blockchain innovation from Japan to the world.

It was also announced that WebX will be held in 2026. The next event is scheduled to be held at The Prince Park Tower Tokyo on July 13th and 14th, 2026.

Sakai concluded his remarks by stating, "We will make WebX a conference that reaches the world."

Once again, WebX came to a close amidst a flurry of excitement.

This year, stablecoins were particularly prominent in discussion, demonstrating their status as a top-of-mind topic both domestically and internationally. Furthermore, as evidenced by the lineup of speakers, the event was notable for its high participation from established financial institutions and major corporations.

At the same time, the challenges of promoting mass adoption also seemed to become apparent. Japan's players will need to consider how to tackle these urgent issues, including security measures that face daily threats and the legal framework necessary for Japan's Web 3.0 to further its global presence.

It will be interesting to see how the seeds sown through WebX, a "hub for disseminating information from Japan," will sprout and blossom.

Image: Iolite (Shogo Kurobe, Kohei Yamamura)

Related articles

Introducing the Iolite session at WebX2024!

"WebX" event report: Japan's largest Web 3.0 conference