According to the latest crypto ownership data, there are more than 560 million crypto owners around the world in 2024. Crypto wallets are an important part of owning cryptocurrency, and unlike an actual wallet, they don’t hold the crypto itself; rather, they hold a private key that provides ownership of the digital asset. The private key or the password gives users a chance to send and receive cryptocurrencies in a protected and secure way.
Trust Wallet is one of the most prominent crypto wallets in the space with over 200 million users worldwide. In conversation with Eowyn Chen, the CEO of Trust Wallet, we dive deep into the ideal approach to balance innovation with regular compliance, global crypto regulations, and future developments in the space:
1. According to you, what is the ideal approach to balance innovation with regulatory compliance in a space where regulations are still being developed?
The best approach is to innovate responsibly while keeping user protection at the core. In crypto, regulation is uneven and still forming, but that doesn’t mean builders can ignore its direction. A healthy balance comes from proactive transparency, self-regulatory standards, and close dialogue with policymakers.
For us, it means designing products that empower users through self-custody, security, and clarity, with values that align with long-term regulatory objectives like consumer protection and financial inclusion. When innovation is paired with these principles, it can move faster without creating unnecessary risk.
2. What are some of the misunderstood aspects of cryptocurrency or blockchain technology among those outside the space that you have most commonly come across?
The biggest misunderstanding is that crypto is purely speculative. While speculation has been a visible use case, the underlying technology is about building open, borderless infrastructure for value exchange and ownership.
Another misconception is that self-custody is too difficult to use day-to-day. In reality, wallets are evolving quickly — making managing assets and exploring Web3 feel closer to a familiar Web2 experience, while still granting users full ownership. Finally, blockchain often gets painted as unsafe because of scams and hacks, when in fact the technology is transparent and secure. The issue is that you have examples of poor design or centralized intermediaries that create the kind of risks that make headlines.
A good example comes from our own community: late last year, we saw billions of stablecoins sitting idle in Trust Wallet, even during bullish conditions. That confirmed what many of our users — especially in emerging markets — were telling us: they were holding stablecoins as a savings account, not chasing volatility. To meet that need, we launched Stablecoin Earn, giving users a way to earn yield without giving up custody. Within four weeks of launch, it had already crossed $30 million in TVL. That traction validated what we observed: many users aren’t here to speculate, but to find safe and reliable ways to grow their assets.
3. Do you think crypto regulations should be uniform globally or tailored to the needs and requirements of specific regions?
Both perspectives have merit. Global harmonization would reduce friction for builders and institutions, while regional tailoring respects local financial systems and consumer needs.
What we need most is regulatory clarity – that is, consistent definitions of assets, custody, and consumer rights. This baseline can then be adapted to local contexts. Without clarity, innovation slows, and users are left unprotected.
4. The classification of crypto assets as commodities or securities has been an ongoing debate. What is your take on it?
The binary framework of “commodity” versus “security” comes from traditional finance, and it doesn’t always map cleanly to decentralized assets. Some tokens may look like securities in how they’re issued, while others function more like commodities or even utility infrastructure.
What’s important is not forcing every asset into an outdated category, but creating a more flexible framework that recognizes the diverse functions of digital assets while protecting consumers and ensuring market integrity.
5. Since crypto is a relatively newer technical field. What role do you see industry leaders playing in the law-making process for crypto?
Industry leaders have a responsibility to educate, not lobby for narrow interests. Policymakers often face a steep learning curve with blockchain. Leaders can bridge that gap by sharing technical insights, user impact stories, and real-world data on adoption, risks, and opportunities. It’s about co-creating guardrails that enable innovation while addressing concerns like fraud, AML, and systemic risk.
6. What do you think is the biggest obstacle preventing mainstream adoption of cryptocurrency and blockchain technology?
The main barrier is usability. Managing keys, gas fees, and cross-chain complexity is still intimidating for most people. At Trust Wallet, we think a wallet should feel invisible — secure, smooth, and even AI-assisted where it makes sense. When users can simply open an app and interact with value on-chain without worrying about the technical details, adoption will accelerate. Education and trust also remain critical, but usability is the decisive unlock for mass adoption.
7. How do you build trust and transparency with users in a space as volatile and unpredictable as this?
Trust is earned through transparency, reliability, and protection. We focus on showing what’s possible, what’s happening with their assets, giving them full control, and backing that with security measures.
Since 2023, we’ve blocked over $450M in attempted scams and helped users recover stolen funds — that creates confidence. We also build openly with our community, publish our milestones, and avoid overpromising. In a volatile market, consistency and trust matter more than hype.
8. What do you think is the biggest advantage of RWAs or Real-world assets tokenization? How has the integration of RWAs played a crucial part in your long-term vision?
RWAs bridge the gap between traditional finance and Web3. For users, it means access to assets like stocks and ETFs without intermediaries, accounts, or borders — all from a self-custody wallet.
For markets, it unlocks liquidity and global participation. In our long-term vision of a Web3 Neo Bank, RWAs are a key pillar: enabling anyone with a smartphone to access both DeFi and traditional markets seamlessly, with full ownership.
9. What, according to you, would be the full potential of crypto and blockchain technologies? Do you have any parameters to judge when it has reached this stage?
The full potential is when Web3 becomes invisible infrastructure — powering finance, identity, and ownership globally, without users needing to think about “crypto.” The parameters will be adoption milestones: billions of users, seamless integration into daily life, and meaningful improvements to inclusion and economic freedom.
When crypto is no longer a niche or speculative category, but simply how people interact with value online, that’s when we’ve reached its full potential.
10. According to you, what lies ahead in the crypto ecosystem? How is Trust Wallet going to play a part in this future you envision?
Ahead, we see wallets becoming the new banks and browsers of Web3. The ecosystem is moving toward real-world integration — tokenized assets, AI-driven UX, cross-chain standards, and greater regulatory clarity.
Trust Wallet’s role is to be the trusted companion in that journey: giving 200M+ users secure, seamless access to everything Web3 has to offer — from stablecoin yield to RWAs — while protecting their sovereignty. We are laying the foundation for the next billion users by making self-custody not only safe, but effortless.
The crypto space is ever evolving, and Web3 wallets have the potential to provide a substitute for traditional banks by envisioning a system that is entirely based on blockchain. This neobank gives users complete control over their finances without any middlemen or branches.
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