COO Of MEXC On Why AI Agents, RWAs, And Hybrid Models Will Reshape The CEX Landscape

by
Alisa Davidson

Printed: March 19, 2026 at 9:30 am Up to date: March 19, 2026 at 9:21 am

by Anastasiia O

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March 19, 2026 at 9:30 am

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Two years in the past, the concept of a decentralized alternate competing with Binance or Coinbase for buying and selling quantity felt like wishful pondering from crypto idealists. Right now, it’s a measurable actuality. And but, centralized exchanges aren’t going anyplace. The true story isn’t a battle between two fashions — it’s a structural transformation of your complete buying and selling panorama, one which touches regulation, AI, tokenized real-world property (RWAs), and the very definition of what an alternate is.

To know how the trade’s incumbents are navigating this shift, we sat down with Vugar Usi Zade, Chief Working Officer at MEXC, one of many world’s main centralized crypto exchanges. The dialog covers every thing from why critical capital nonetheless flows by CEXs regardless of the DEX increase, to how AI brokers are quietly turning into a significant class of alternate buyer — and what it means when a bit of software program, not a human, decides the place to route a trillion {dollars} in trades.

How do you see on-chain buying and selling evolving over the subsequent 24 months, and the way are you adapting in response?

On-chain buying and selling has come a good distance in a short while. CoinGecko’s buying and selling exercise report discovered that DEX spot share has gone from about 7% to 14% since early 2024, perp quantity grew eightfold, and Hyperliquid labored its manner into the highest 10 derivatives exchanges.

Nevertheless, the identical report outlined that centralized platforms nonetheless dealt with near $80 trillion in 2025, and the explanations for which might be sensible. Slippage on measurement, fuel prices throughout congestion, and the entire absence of recourse when one thing goes mistaken proceed to push critical capital towards venues like ours.

As for the structural adjustments, the best way I see it, two elements may have the most important affect. The primary is RWA integration. Tokenized property crossed $36 billion final 12 months, and as soon as customers can commerce authorities bonds, gold, and crypto perpetuals from a single interface, the road between conventional and crypto markets will start to vanish.

The second is AI-driven execution, which is already additional alongside than most individuals understand. Our personal AI buying and selling suite has had over 2.35 million customers since launching in August 2025, and adoption is just choosing up.

On the enterprise mannequin aspect, now we have leaned right into a unified multi-asset hub, saved our zero-fee construction that saved customers $1.1 billion final 12 months, and layered in institutional-grade protections by Proof of Reserves and a devoted Security Insurance coverage Fund.

What are the most important regulatory developments shaping CEX operations immediately, and the way ought to exchanges stability compliance with product innovation?

Eighteen months in the past, we have been working in a vacuum. Now you’ve received MiCA absolutely in pressure throughout the EU, the GENIUS Act within the US, and Japan reclassifying crypto beneath its securities legal guidelines. That’s all welcome.

From my expertise, the one method that works long-term is speaking to regulators earlier than they arrive to you. We have interaction with regulators early in each market we enter. It’s extra work upfront, but it surely implies that when one thing new comes, we’re not caught off guard.

What sensible obstacles nonetheless block broader institutional participation, and the way can exchanges and regulators collectively take away them?

Individuals have been saying institutional adoption is the subsequent massive wave for years. The fact is it’s already occurring — simply at institutional pace, which is gradual by crypto requirements. You’ll be able to see it within the ETF flows alone: over $30 billion within the first 12 months, and institutional 13F filings present skilled traders now maintain a couple of quarter of whole ETF property.

The obstacles that stay are much less dramatic however simply as actual. Custody is definitely strong now — regulated, insured, audited — in order that field is checked. However insurance coverage is the weak hyperlink. The insurance policies are slim and the protection limits don’t match what massive allocators have to really feel comfy.

And the factor no person talks about sufficient is integration. Crypto nonetheless doesn’t plug into the identical programs establishments use for equities and glued revenue. Till somebody solves that final mile, there’s all the time going to be a cause to carry again.

Which RWA use circumstances do you see as sensible and scalable close to time period, and what wants to vary to comprehend that potential?

Actually, essentially the most thrilling half about RWAs proper now could be how boring the main use circumstances are: Treasuries, personal credit score, cash market funds. The market roughly doubled in a 12 months, and also you’ve received corporations like BlackRock deploying actual capital into it.

The rationale these work is as a result of traders already perceive the product. You don’t want to clarify what a Treasury is. All it’s essential present them is that settling it on-chain is quicker, cheaper, and extra accessible.

What wants to vary is the plumbing between chains. Proper now you’ve received tokenized property sitting in silos that don’t join effectively, and bridging capital between them is dear sufficient to undermine the effectivity argument. Regulators additionally want to determine a constant method to classify these devices throughout borders, as a result of proper now each jurisdiction is making up its personal guidelines.

Which derivatives mannequin is greatest positioned to seize skilled volumes, and why?

The perps market did about $7.2 trillion in month-to-month quantity at its peak in January this 12 months. CEXs nonetheless dealt with about 90% of that. DEX perps have grown quick — and Hyperliquid deserves credit score for what they’ve constructed — however skilled merchants nonetheless overwhelmingly route by centralized venues.

The reason being fairly simple, for my part. Whenever you’re buying and selling measurement, you want deep books, quick execution, and dependable infrastructure. You additionally want somebody on the opposite finish if one thing goes mistaken.

DEXs don’t have that but. What they do have is transparency and self-custody, which matter to a rising variety of merchants who watched what occurred to FTX.

That is all heading towards some sort of hybrid mannequin: on-chain settlement with centralized execution high quality. L2 orderbooks are already shifting in that path. The query isn’t actually CEX versus DEX anymore — it’s who figures out easy methods to mix the most effective of each with out the tradeoffs.

How vital is geopolitical fragmentation to world liquidity? How ought to exchanges mitigate that threat?

It’s vital, and I’d argue most individuals within the trade underestimate it. Geopolitical fragmentation instantly impacts liquidity.

When a jurisdiction cuts off entry or a sanctions designation hits, the liquidity doesn’t simply present up some other place. Elements of it merely vanish, the market will get thinner, and everybody pays for it in wider spreads and worse execution.

The way in which most exchanges deal with that is purely reactive: block the international locations on the listing, display the wallets, file what wants submitting. And that’s tremendous till one thing adjustments quick — which it all the time does. A brand new sanctions designation, a jurisdiction that tightens guidelines with virtually no discover. If it takes you weeks to answer that, you’re already in bother.

Geographic diversification is the opposite massive piece for us. In case your entire enterprise is dependent upon one area’s banking relationships or one regulator’s goodwill, you’re one coverage change away from critical bother. We intentionally unfold our operations throughout jurisdictions in order that no single market can take us down.

As liquidity migrates on-chain, will centralized market-makers retain their edge over automated LPs?

Centralized market-makers aren’t going anyplace. The benefit they’ve is that they will learn context, handle stock throughout venues, and make judgment calls. An automatic LP operating on a bonding curve merely can’t do that. Whenever you’re buying and selling measurement and want tight spreads, that also issues enormously.

However I’d be mistaken to dismiss what’s occurring on-chain. DEX liquidity is deeper than it’s ever been, and for the lengthy tail of property that centralized platforms don’t listing, automated LPs are sometimes the one possibility. That’s a significant and rising market.

What I count on to see is market-makers working throughout each worlds concurrently — which a few of them already do. They’ll path to centralized books when depth is best there, and to on-chain venues when the chance requires it.

What are the primary friction factors for retail versus institutional prospects immediately, and which product adjustments would most enhance adoption at scale?

Retail and institutional customers have fully totally different issues, which is one thing a variety of platforms get mistaken by making an attempt to unravel each with the identical product.

For retail, the friction continues to be onboarding. KYC takes too lengthy, fiat on-ramps are clunky, and the second one thing goes mistaken, there’s nowhere to show.

For establishments, it’s what we touched on earlier. The merchandise and custody are there, however the integration isn’t. They want reporting that plugs into their current programs, compliance workflows that don’t require a parallel staff, and prime brokerage companies that work the best way they already do for each different asset class.

The product adjustments that will transfer the needle are truthfully not glamorous: quicker KYC, higher fiat rails in additional currencies, and actual buyer assist with precise people. On the institutional aspect, it’s FIX connectivity, standardized reporting, and cross-margining.

How are AI brokers reshaping the crypto buying and selling panorama, and the way ought to exchanges place themselves to learn?

That is one thing we’ve seen firsthand. Our AI buying and selling suite hit 2.35 million customers in about six months, with over 10 million interactions. Throughout the flash crash final October, the bot processed double its regular quantity whereas most human merchants have been nonetheless making an attempt to determine what was occurring.

However what’s actually fascinating is the subsequent section, the place brokers function with out a human making the selections — rebalancing, arbitrage, yield harvesting, all operating autonomously throughout protocols and exchanges. We’re already seeing this on our personal platform. Our AI suite processes over 66,000 responses a day on common, and the variety of energetic every day customers has peaked above 156,000.

For exchanges, that’s a essentially totally different sort of buyer. An AI agent picks you primarily based on API high quality, execution pace, and uptime. Your UI, your model, your referral program imply nothing to a bit of software program.

We’ve been investing in that infrastructure layer as a result of I believe a significant share of future quantity will come from programs that by no means contact the entrance finish.

Alisa, a devoted journalist on the MPost, focuses on cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a eager eye for rising developments and applied sciences, she delivers complete protection to tell and have interaction readers within the ever-evolving panorama of digital finance.

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