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### Crypto’s Infrastructure Layer: Analyzing Stablecoin Dominance and the $21 Million Merchant Tipping Point
### Beyond Hype: Richard Teng, Yi He, and the Institutional Architecture of Global Digital Value Transfer
#### Introduction
For ten years, the yearly Binance Blockchain Week felt like a spiritual event for the industry’s fans. It was a place known for exciting news regarding the next big thing, the expected rise of a specific token, or the radical changing of finance. But the 2025 event in Dubai showed a big change in tone, goals, and focus. Under the established leadership of CEO Richard Teng, the story moved away from the excitement of quick profit and focused on the important and serious job of building global infrastructure. The main numbers—a roughly 50% increase in stablecoin market value and the amazing jump of Binance Pay merchants from 12,000 to almost 21 million—weren't just numbers. They were the plans for a new global financial base. The time of crypto as a risky asset class is done. Now, crypto is a base layer for the world economy. This is a big change that calls for a new look at the technology's use and the organizational strength required to handle its size.
#### The Utilitarian Revolution: From Asset to Rail
Richard Teng’s announcement that crypto, mainly stablecoins, is turning into a global infrastructure layer should be seen as an approval of maturity. This shifts the focus of value creation from the ups and downs of price to the efficiency of moving value. For years, the industry focused on the price of Bitcoin or the fee of a smart contract. Now, the need is for use, exchangeability, and stability—the key features of any working payment system.
The info shared at the event gives clear proof for this change in use. A 50% market value rise in stablecoins in just one year isn't just a sign of money coming in. It suggests that institutions and regular users are comfortable with it beyond short-term market changes. More importantly, the rise in daily stablecoin transaction amounts that are supposedly beating those of regular payment systems marks a big event. The effect of open, public records has finally started to compete with the closed systems of old finance. Stablecoins are fixing the issues of getting regular money into crypto and back out on a global level, giving a fast and cheap way to exchange money without the slow, expensive, and unclear system of international banking. They act as a digital dollar, euro, or yen that moves very fast, settling deals with proven accuracy instead of relying on the costly and slow banking system. The technology isn't trying to replace the dollar. It's trying to make the use of the dollar—or any national currency—available worldwide and instantly able to be sent.
#### The Real-World Test: The $21 Million Merchant Tipping Point
While market value numbers show institutional trust, the rise in Binance Pay's merchant base points straight to real-world use. Going from 12,000 to almost 21 million merchants in a year is a business growth rate that goes against normal scaling models. This isn't normal growth. It's quick network growth, showing that the solution isn't just workable, but wanted at the point of sale.
This merchant acceptance acts as the final test for the industry's claims. For a business, crypto payments have to be faster, cheaper, and simpler than current card fees, which can take up 2-3% of a transaction's value. The major rise in acceptance suggests that the problems of crypto ups and downs, holding, and settlement have been fixed, probably through fast stablecoin conversion methods. When a small business owner in a growing country starts to accept crypto not as something new, but as a key way to avoid local banking problems and quickly get a globally steady currency, the argument over decentralization fades, and useful uses take center stage. This large acceptance is the real driver for Web3 growth, not because it makes a new metaverse asset, but because it builds the base on which every future digital economy will depend. The change is from 'DeFi as a financial game' to 'DeFi as a commerce platform.'
#### Institutional Architecture: Around the Geopolitical Center
The leadership news—naming co-founder Yi He as Co-CEO with Richard Teng—is possibly the clearest sign of Binance’s plan to focus on organizational size and following the rules. It's a quiet approval that running a global infrastructure layer is too big, hard, and full of political and rule-based dangers for one leader to handle.
With his history in normal regulation and finance, Richard Teng is the best person to handle the hard world of global financial watchdogs. His job is to get licenses, set up rule-following systems, and turn Binance from a fast-growing startup into a globally trusted financial organization—the keeper of the infrastructure layer they're building. Yi He, a co-founder with deep knowledge of the platform's history, community, and product making, is set to make sure that the organizational structure doesn't weaken the key ideas of innovation and user-focused design that pushed the exchange to the top.
This dual-CEO structure shows a mature understanding of the divided problem facing all large crypto businesses: the constant need for new technology and the strict need for rule acceptance and organizational stability. It's a needed reaction to a world where a 50% stablecoin rise is celebrated as progress and watched as a possible cause of risk by central banks. The message is clear: the design of the exchange must now match the design of the finance it wants to support—strong, scalable, and flexible.
#### Strength and the Macroeconomic Protection
The market story has often painted crypto with the same brush as risky tech stocks, making it open to economic issues. But, the growing dominance of stablecoins and payment acceptance gives a new form of strength. As the snapshot noted, this change could help crypto handle economic shocks better than 'pure speculation coins.'
This is because use makes a lasting demand. If a stablecoin is used daily by millions of merchants and users for business, international money transfers, and salaries, its value is tied less to the ups and downs of global money and more to the continuous need for a reliable way to exchange money. A big market correction might lower the price of governance tokens, but it's not likely to stop a fabric factory from needing to pay its international suppliers easily. The lasting value is in the network’s job, not its price. This base of use lets the whole system give 'stability while still giving growth,' a good mix that should attract long-term organizational money looking for growing infrastructure rather than just risky assets.
#### Philosophical Conclusion: The Trust Machine and the Human Element
The real, lasting question behind this change isn't about the technology’s speed, but its ability to hold trust. For thousands of years, human business has been based on organizational trust: trust in the central bank to handle currency, trust in the bank to hold money, and trust in the law to enforce agreements. Blockchain, in its first design, wanted to replace human trust with proven accuracy—the 'trust machine.'
But, the 2025 story suggests a needed mix. The stablecoin, by its nature, is a mix: a decentralized technology built to help the transfer of a highly centralized tool (regular money). Binance, as its main path, must operate at the meeting point of both worlds. The $21 million merchant acceptance proves the technology works. The dual-CEO structure proves the organization is prioritizing following the rules.
The change of crypto from a side movement to a global infrastructure layer is a sign of the human want for efficiency, accuracy, and global access. It’s the story of how a simple piece of decentralized code—the stablecoin—became the needed tool for highly globalized business. The market has grown enough to get that big social change isn't built on short-term speculation, but on the simple and reliable parts that make sure money moves freely and fairly across the world. The job ahead is to make sure that the organizational structures built to handle this size—the exchanges, the regulators, and the systems—don't risk the key ideas of openness and public access that made the technology new in the first place. This careful balance between centralized control and decentralized use will decide the next ten years of digital finance.
#### Call to Action
Read the papers on tokenized real-world assets (RWAs) and how they work with stablecoin infrastructure to understand the next step of this financial change.
#### FAQs
**Q: What's the main difference between the 2025 story and past years?**
**A:** The focus has changed from speculation (the price of risky assets) to use (stablecoins as a global, high-efficiency payment and transfer system).
**Q: Why is the Binance Pay merchant growth so important?**
**A:** A big rise in merchants (12,000 to 21 million) gives clear proof of real-world acceptance and use at the point of sale, showing the technology is fixing real business problems outside of investment.
**Q: What does the new Co-CEO structure (Teng & Yi He) mean?**
**A:** It shows a planned, organizational reaction to the problems of global size and rules. Teng focuses on following the rules and organizational joining, while Yi He focuses on product and community, giving strong, focused leadership for a now experienced, global platform.
**Q: How do stablecoins give strength against economic shocks?**
**A:** They make a lasting demand based on use. If stablecoins are used daily for business, money transfers, and salaries, their value is less tied to risky market changes and more to the key job of the global payment network they allow.
An analytical look into the 2025 Binance Blockchain Week, breaking down the change from risky crypto assets to stablecoins as a use-focused, global financial infrastructure layer, and the following organizational leadership changes.
#### Disclaimer
Not Financial Advice. This analysis is for learning and information uses only. The cryptocurrency market is up and down, and all investment choices should be made after own research and talking with a qualified financial expert.
