Joanna Liang Of Jsquare: Real Financial Adoption Will Drive Crypto’s Next Wave, From Stablecoins To Tokenized Assets

The crypto venture market is recovering, but the rebound is increasingly concentrated in established companies: Galaxy Research says VCs deployed $5.6 billion across 384 deals in Q2 2026, with 78% of capital going to later-stage startups, while only five new crypto venture funds were raised, the lowest quarterly count since Q3 2019. Yet Joanna Liang, Founding Partner at Jsquare , sees the shift differently from a conventional market slowdown, arguing that it represents a reset that can create opportunities for dedicated early-stage investors rather than a decline in innovation.