Temasek to Boost AI, Avoid Crypto After $275M FTX Hit

Temasek is still exploring blockchain technology for real-economy applications, Hamiyeh said. The focus, however, is on AI adoption and building a commercial AI ecosystem. "Not every situation needs frontier models," he said. "It's all about the applications, and it's all about the companies that embrace AI and build a moat."

The message for institutional crypto sentiment is direct. Temasek manages about $400 billion. Smaller pension funds and family offices across Asia tend to follow its lead. The FTX write-off still stings in boardrooms; Temasek's continued caution reinforces that stigma.

The data, though, splits the narrative. Stablecoin market capitalization fell to $312 billion in June, its largest monthly drop since the TerraUSD crash. At the same time, tokenized equity volumes surged 145% to a record $3.86 billion. Institutions show appetite for blockchain-based assets that aren't volatile tokens. Temasek itself may warm to tokenized real-world assets down the road, especially if Singapore's regulatory framework clarifies. The Sony stablecoin trust getting a conditional OCC nod suggests regulated stablecoins are still gaining traction elsewhere.

Hamiyeh offered no timeline for a potential shift into crypto. What would change Temasek's stance? A credible, regulated exchange in Singapore – something that has not emerged since FTX – and clearer rules from MAS on institutional custody. For now, the largest near-term institutional capital pipeline for crypto in Southeast Asia is effectively closed.