CoinDesk
Industry leaders from Binance, Revolut and Circle told the Consensus Miami audience on Wednesday that crypto has shifted from speculative trading into the infrastructure layer powering payments, remittances and global financial access. Binance CMO Rachel Conlan framed the moment bluntly: "We were in the Prohibition era. Now we are in the infrastructure phase," adding that the asset class is "on route to becoming the fabric of everyday society." Revolut's Mazen ElJundi, global head of investments, said the narrative has moved from speculation to "real-life utility and scaling," noting that Revolut now bundles crypto into a broader banking suite across 40+ countries and 75M+ customers. Circle SVP Tim Queenan pushed the framing further: "The infrastructure should be boring. What you build on top of it is what's interesting."
Why it matters
The simultaneous acceleration of retail and institutional adoption is the through-line of the panel. ETF approvals and major asset managers putting capital onchain are reinforcing — not competing with — the consumer-facing rails Revolut and Circle are building. Queenan's point that stablecoin users no longer self-identify as crypto users is the structural tell: the rails are working precisely because they have stopped being visible as crypto.
Market impact
The friction-reduction problem Conlan flagged — easier onboarding for mainstream users — is now the binding constraint on the next leg of growth. With the speculative era declared over by the same executives who rode it, capital and developer attention are likely to rotate from trading venues toward payments, remittance corridors and identity layers — the categories panelists named as the next build cycle.
Frequently asked questions
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What did Binance, Revolut and Circle say about crypto at Consensus Miami?
Speaking on a panel at Consensus Miami on Wednesday, Binance CMO Rachel Conlan said the industry has moved from the "Prohibition era" into the "infrastructure phase," Revolut's Mazen ElJundi pointed to real-life utility and scaling, and Circle SVP Tim Queenan said "the infrastructure should be boring" — meaning…
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Why are crypto leaders calling this the 'infrastructure phase'?
Because the panelists argued crypto has matured beyond trading into functional financial infrastructure — payments, remittances and onchain settlement. Circle's Tim Queenan said the infrastructure itself should be invisible to end users, with the interesting innovation happening in the layers built on top.
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How are ETFs driving crypto adoption according to the panel?
Panelists said ETF approvals and major asset managers putting capital onchain are reinforcing — rather than competing with — consumer-facing adoption. The institutional legitimacy provided by ETFs lowers the trust barrier for retail users entering the market through regulated products.
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What role do stablecoins play in mainstream crypto adoption?
Per Circle's Tim Queenan, stablecoins have become so embedded in payments that many users no longer think of themselves as crypto users at all. Revolut's ElJundi cited the platform's use of stablecoins for remittances across 40+ countries as evidence of the practical utility now driving growth.
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What is the next challenge for crypto adoption?
Binance's Rachel Conlan said the industry still needs to reduce friction and make onboarding easier for mainstream users. The panelists broadly agreed that with the speculative era declared over, the next growth leg depends on seamless UX, better identity layers and reducing the steps required to move money onchain.
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