CZ's year-end AMA, 10 Q&A summary.
Article author: Lin Wanwan's cat (@linwanwan823)
Source: X
The BNB shareholders' year-end meeting has just concluded.
After listening to CZ's year-end AMA, I selected 10 Q&A summaries.
Key point: Predicting the market, the stablecoin war 2.0 hasn't started yet.
1. What was the feeling after being pardoned?
CZ: "There is a sense of vindication psychologically, finally free."
But real life hasn't changed. He still works from home every day and exercises for 30-45 minutes each day; this habit was brought out from prison.
2. What does CZ do every day?
Four things:
• Giggle Academy—his "pet project", a completely free educational platform, with a team of 60, has served 90,000 children.
• YZ Labs—$10 billion ecosystem fund, invested in nearly 70 projects in 2025, reviewed over 1,000.
• BNB ecosystem—no longer focusing on technology, mainly mentoring young entrepreneurs •
• Serving as an advisor to the government—discussing regulatory frameworks with high-level officials from over a dozen countries, including Pakistan, the UAE, etc.
However, this last item took far more time than he expected.
3. The proudest number in 2025?
• Giggle Academy: 90,000 students, larger than many universities
• BNB chain: trading volume increased by 600% year-on-year, daily active users 2.4 million
• Binance: 200 million users
• Crypto industry: Wealth penetration may be less than 1%
He added: the market cap of cryptocurrencies can rise several orders of magnitude.
4. Why invest in multiple prediction markets at the same time? Is it a "horse race"?
Someone asked, you've invested in several prediction markets (like Probable), are you doing a "horse race", letting them compete to see who comes out on top?
CZ denied, providing a very clear framework: it's not a horse race, it's an "open garden".
"There are multiple e-commerce sites and several search engines on the internet, would you call that a horse race? This is just how the market operates naturally."
YZ Labs' principle: never do exclusive investments. Especially in the early stages of a project, as long as the team is strong, they support.
Why invest in multiple early-stage projects?
CZ's logic:
1. Competition enlarges the pie. Different teams try different directions, serving users in different regions.
2. Validate which features users really want. For example, what Probable does with "locking funds while earning interest"; if users like it, others will copy; if no one cares, it won't be copied.
3. Strong teams can still fail. A good product doesn't mean the project will succeed; various reasons can cause issues, so it's better to bet on several.
How does he judge early projects?
"I look at products, but actually I'm judging whether the team can deliver by looking at the products."
Today's features aren't important; what matters is whether they can respond quickly and iterate quickly if demand changes tomorrow.
CZ believes the next battlefield node is: the World Cup.
Polymarket exploded during the US election (more accurate than polls); CZ said the industry is now looking at the 2026 World Cup.
"Whichever team works tirelessly will at least win in the short term."
But he also said: the real competition is long-term, seeing who can persist, who has execution power, and who is mission-driven.
5. What is the future of stablecoins?
Stablecoin war: 1.0 ends, 2.0 hasn't started yet
This part CZ explained the most clearly, almost marking a generational shift in the industry.
Stablecoin 1.0: Simple and crude
Model: deposit USD in the bank → issue token → token transfers instantly on the blockchain → arbitrageurs use it to move bricks across exchanges.
Question: No returns. You hold USDT, and Tether uses your money to buy government bonds to earn interest, but you don't get a cent.
Tether relies on its first-mover advantage + network effects, now rumored to be valued at 50 billion USD, with annual revenue in the hundreds of millions. So many people want a piece of the pie.
Stablecoin 1.5: Starting to provide returns
CZ specifically praised YZ Labs for investing in Ethena's USDe.
But the problem is: Ethena's adoption is limited by exchange access. Not all exchanges support it, and using it has friction.
Stablecoin 2.0: Returns + liquidity + compliance, a trinity
CZ said the ideal state is very simple:
"A stablecoin that gives you good returns while being tradable on most exchanges. Sounds simple, but is very hard to achieve."
Why is it difficult?
Need to convince a bunch of exchanges to list the coins
Need to ensure the sustainability of the revenue source.
Need to be compliant (this has become easier now)
The stablecoin landscape on the BNB chain
CZ summarized:
USDT on BNB, long-term is a wrapped version, not native
FDUSD, supported by the BNB chain, but "the friction in fiat channels is high", limiting growth.
USD1, a strong project from the US, is now a relatively native choice on the BNB chain
U, a newly announced project today, CZ said it has "some really interesting potential".
The regulatory environment has changed
This point is crucial. CZ said a year ago is completely different from now:
The US has the GENIUS Act making progress
Regulators in other countries "are no longer fiercely hostile towards stablecoins"
"The regulatory environment is now much more open, and we will see more opportunities."
Will there be only one left in the end?
CZ's judgment: network effects will eventually kick in, and users will gradually concentrate on the most compelling options.
But it is still early; everyone is trying different models. He "loves seeing it".
6. What do you prioritize when investing?
A few words: mission-driven.
CZ said he fears two types of people:
1. Only looking to make a quick profit and run away ("once it hits 10 million/100 million, cash out and leave")
2. Switching tracks in three months ("that shows you don't love anything")
You also need stamina. Entrepreneurship is physically demanding, requiring endurance and immense pressure.
7. Will AI trading agents be the next windfall?
CZ presented a logical paradox:
"If an AI algorithm can truly make big money, why sell it to others? Unless you're out of capital. But now good teams find it too easy to raise funds."
A more fatal problem: the more people use the same strategy, the less effective it becomes. The market is mass psychology; the first person using the strategy wins, while the last person using it loses.
His conclusion: AI will be used for trading by everyone, but in their own customized way, rather than buying off-the-shelf platforms.
8. Can RWA tokenization really be implemented?
CZ said he is seriously discussing national asset tokenization with high-level officials from multiple countries.
Gave an example: US shale oil was originally difficult to extract, but with a developed capital market, oil companies going public for financing, they had the funds to develop technology.
Tokenization can replicate this path: countries tokenize rare earth/mineral resources → financing → industrial development. It's not about selling resources; it's about leveraging funds with tokens.
Another perspective: AI and robots will definitely use cryptocurrencies in the future.
Why? Robots cannot open bank accounts, cannot do KYC, cannot take selfies for verification, cannot swipe cards. Traditional finance is designed for humans, not for agents.
9. How did the BNB chain make a comeback?
CZ's answer: Focus on building.
"You won't always be the most profitable, you won't always be the most attractive, and you won't always be the most successful. But you just keep doing what you are good at."
He made an analogy: Marathon + boxing match. Running while having to throw a few punches, but just keep going.
Nvidia took 40 years to become the most valuable company. The first 20-30 years? No one thought they would succeed.
10. The last Easter egg
Someone asked: If all your speeches and tweets were deleted, and you had only 60 seconds to leave a message to the world, what would you say?
CZ said: "I don’t think I’m defined by content. If it all disappeared, I’d probably just say Good morning, and many people would still reply to me."
This might be the most CZ-like answer in the room.
All BNB shareholders, did you receive CZ alpha?
