Blockchain hype is an essential part of the crypto-craze, and its fading is
cause to expect the eventual crash.
Back in 1994, when I first moved to Hong Kong, the debt capital markets in Asia excluding Japan were almost non-existent. The only way domestic issuers could raise financing was from the loan market, either domestically or offshore, or in the G3 currencies (US dollar, euro or Japanese yen) for the best of them. The few “bonds” were actually loan-style fixed-rated notes, syndicated primarily to banks.