An open ecosystem fosters innovation, compliant cooperation builds trust, and user needs drive opportunities.
Article author: 0x9999in1
Article source: ME
In late 2025, Binance founder CZ made a rare public appearance during a year-end Q&A (AMA) hosted by BNB Chain, sharing his personal work focus, the development of BNB Chain, his judgment on key sectors of the crypto market, and advice on entrepreneurship and investment. The following is a summary of his remarks.
1. Personal Life and Work Focus: Freedom and Sustained Engagement
After stepping down as CEO of Binance, CZ said his biggest feeling was "freedom," which he considers the greatest luxury. He maintains a regular lifestyle, exercising for 30-40 minutes daily and trying more outdoor sports.
My current focus is on four things:
- Giggle Academy: A completely free educational platform, which is its key project.
- YZi Labs: Serving as mentors and coaches to help entrepreneurs avoid pitfalls (not just providing funding).
- BNB Chain: Does not involve technical details, but controls the overall direction.
- Government Advisors: Provides consulting services on crypto regulatory frameworks to about a dozen countries in the Middle East, Pakistan, etc., accounting for a significant proportion.
2. BNB Chain's Growth and Ecosystem Positioning
BNB Chain has performed strongly this year:
- Annual transaction volume increased by approximately 600% year-on-year.
- Daily active users (DAU) exceeded 2 million.
Binance's total user base has surpassed 300 million.
CZ believes that the BNB ecosystem should grow to encompass more than any single business within it (such as a centralized exchange or protocol), similar to how the total value of Nasdaq-listed companies far exceeds that of the exchange itself. He emphasizes that it is simply a matter of continuing to build value for true builders.
From a global perspective, the penetration rate of crypto assets is still extremely low (less than 1% in terms of total wealth), leaving room for growth by several orders of magnitude in the future. CZ described his past strategy as "boxing in a marathon": it requires both long-distance endurance and high-frequency combat capability.
3. Stablecoins: The Evolution from 1.0 to 2.0
CZ believes that stablecoins are still in their 1.0 stage, with the largest products by market capitalization (such as Tether) relying mainly on their first-mover advantage but not offering yields.
The core of stablecoin 2.0 is "interest-bearing + convenient trading." He praised the Ethena (USDe) model, which has been adopted by multiple exchanges, and encouraged continued exploration. Current stablecoins like FDUSD and USD1 can be considered as 1.5 generations.
Regarding the platform's support for multiple stablecoins, CZ clarified that it's not a "horse race" model, but rather a normal phenomenon in an open ecosystem: more projects are welcome to join, competition is positive, and ultimately, users and network effects will determine the winner. As the regulatory environment becomes more open, opportunities for stablecoins will increase.
4. Market Prediction: Open Competition, Long-Term Success
Predicting recent market activity (such as PolyMarket's outstanding performance in the US election), CZ believes it's too early to judge the winner and will not bet on a single project, but rather let the market compete naturally and flourish.
He pointed out that the next major event could be the 2026 US presidential election (or midterm elections), where a team that is on call around the clock and never lets up may gain a short-term advantage. But true victory belongs to the long-term competitors.
5. The Convergence of AI and Crypto: The Most Certain Opportunity
CZ is optimistic about the deep integration of AI and encryption:
- In the future, artificial intelligence and robots will use cryptocurrencies on a large scale because they cannot open bank accounts, pass KYC, or use credit cards; crypto is the only option.
- There is a huge opportunity in on-chain payment networks designed specifically for AI, and AI Agents are expected to become the largest user group for crypto payments.
However, he remains cautious about AI-powered trading products: if they were truly effective, project teams wouldn't easily sell them to users; and if everyone uses the same strategy, it will eventually become ineffective or yield minimal results. Nevertheless, AI will still be widely adopted by traders in various ways.
6. RWA and National-Level Opportunities
CZ revealed that it is discussing the tokenization of assets in resource-rich countries (such as oil and rare earths) with heads of state. This is not just about financing, but about activating the liquidity of national-level assets, and the narrative of this sector has been upgraded to the national level.
7. Social Finance Integration and Platform Positioning
CZ believes that the integration of social features and financial products is a natural choice for platforms as they develop to a certain stage, and can improve user retention and transaction activity. However, financial platforms face challenges in transforming into social platforms, including compliance, security, and KYC (Know Your Customer) procedures.
The overall trend is positive: the introduction of payment and encryption features into social platforms will redefine how Web3 users interact.
8. Regulatory Cooperation: Global Convergence
CZ has engaged in official and private dialogues with governments of approximately a dozen countries to help develop regulatory frameworks and introduce crypto innovation. Developed countries are focused on balancing innovation and risk control, while emerging markets are seeking leapfrog development.
With the new US government's friendly attitude and the implementation of frameworks such as the EU's MiCA, the global regulatory environment has become more open, laying the foundation for the healthy development of the industry.
9. Advice for entrepreneurs and investors
CZ's investment criteria focus on "mission-driven" builders:
- We prefer teams that are committed to long-term commitment and do not frequently change course.
Adjusting products according to market demand is normal, but completely changing direction every few months indicates a lack of passion.
- We value execution the most; there is no fixed formula for success, and there are many paths to success.
He encouraged entrepreneurs, saying that there are still plenty of opportunities in the future. He advised top-tier tech professionals to first excel in their technical skills before focusing on developing emotional intelligence (EQ), because business is essentially about interpersonal networks.
Our overall advice for the industry: Keep building is the only way to weather cycles. Nvidia spent 40 years on the sidelines before finally breaking out; the long-distance runner will eventually win.
Summarize
This AMA showcased CZ's broader and more detached perspective: an open ecosystem fosters innovation, compliant collaboration builds trust, and user demand drives opportunities. The crypto industry is still in its early stages; 2026 and beyond belong to those who persevere in building it.
