The BNB shareholders' year-end meeting has just concluded.
After listening to CZ's year-end AMA, I selected 10 Q&A summaries👇
Key points: Predicting the market, the stablecoin war 2.0 hasn't started yet.
1. What does it feel like after being pardoned?
CZ:"Psychologically, there is a feeling of vindication, finally free."
But actual life hasn't changed. He still works from home every day, exercises for 30-45 minutes daily, a habit he brought from prison.
2. What does CZ do every day?
Four things:
• Giggle Academy——his "pet project", a completely free educational platform, a team of 60, has served 90,000 children.
• YZ Labs—$10 billion ecosystem fund, invested in nearly 70 projects in 2025, reviewed over 1000.
• BNB ecosystem—no longer focusing on technology, primarily mentoring young entrepreneurs •
Advising the government—discussing regulatory frameworks with high-level officials from several countries, including Pakistan and the UAE.
However, this last item has consumed far more time than he expected.
3. What is the number you are most proud of in 2025?
• Giggle Academy: 90,000 students, larger than many universities.
• BNB Chain: trading volume grew 600% year-over-year, with 2.4 million daily active users.
• Binance: 200 million users.
• Cryptocurrency industry: wealth penetration rate may be less than 1%.
He added: the market value of cryptocurrencies can still increase several orders of magnitude.
4. Why invest in multiple prediction markets at the same time? Is it like "horse racing"?
Someone asked, you have invested in several prediction markets (like Probable), are you doing "horse racing", letting them compete to see who comes out on top?
CZ denied this and provided a very clear framework: it is not horse racing, but an "open garden".
"There are multiple e-commerce platforms and multiple search engines on the internet. Would you call that horse racing? This is just the way the market naturally operates."
The principle of YZ Labs: never make exclusive investments. Especially in the early stages of a project, as long as the team is strong, we support them.
Why invest in multiple projects early on?
CZ's logic:
1. Competition enlarges the pie. Different teams try different directions, serving users in different regions.
2. Verify which functions users actually want. For example, the "locking funds while earning interest" feature that Probable offers; if users like it, others will copy it; if no one cares, it won't be copied.
3. Strong teams can also fail. A good product does not mean the project will succeed; various reasons can go wrong, so it's better to bet on multiple options.
How does he evaluate early-stage projects?
"I look at the product, but actually, I assess whether the team can deliver by looking at the product."
Today's functionality is not important; what matters is whether they can respond quickly and iterate rapidly if the demand changes tomorrow.
CZ believes the next battleground node is the World Cup.
Polymarket became very popular during the US elections (more accurate than polls), CZ said the industry is now watching the 2026 World Cup.
"Which team works tirelessly? At least in the short term, they will win."
But he also said: the real competition is long-term, to see who can persist, who has execution ability, and who is mission-driven.
5. What does the future of stablecoins look like?
The stablecoin battle: 1.0 has ended, 2.0 has not yet started.
CZ spoke most clearly about this part, almost drawing generational lines for the industry.
Stablecoin 1.0: simple and crude.
Model: deposit USD in the bank → issue tokens → tokens transfer instantly on-chain → arbitrageurs use them to move across exchanges.
Question: No returns. You hold USDT, and Tether takes your money to buy government bonds to earn interest, but you get nothing.
Tether relies on first-mover advantage + network effects. Now it is rumored to be valued at $50 billion, with annual revenues in the hundreds of millions. So many people want a piece of the pie.
Stablecoin 1.5: starting to provide returns.
CZ publicly praised YZ Labs for their investment in Ethena's USDe.
But the problem is: Ethena's adoption is limited by exchange access. Not all exchanges support it, leading to friction in use.
Stablecoin 2.0: returns + liquidity + compliance, a trinity.
CZ said the ideal state is very simple:
"A stablecoin that gives you good returns and can be traded on most exchanges. Sounds simple, but it’s very hard to achieve."
Why is it difficult?
We need to persuade a bunch of exchanges to list coins.
We need to ensure that the source of returns is sustainable.
We need to be compliant (this has become easier now).
The stablecoin landscape on the BNB chain.
CZ summarized:
USDT on BNB, in the long term, is a wrapped version, not native.
FDUSD, supported by the BNB chain, but "fiat channels have a lot of friction," leading to limited growth.
USD1, a strong project from the United States, is now a relatively native option 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 it is completely different now compared to a year ago:
The GENIUS Act is advancing in the United States.
Regulators in other countries "are no longer super hostile to stablecoins."
"The regulatory environment is now more open, and we will see more opportunities."
Will there ultimately be only one left?
CZ's judgment: the network effect will eventually kick in, and users will gradually concentrate on the most compelling options.
But it is still early, and everyone is trying different models. He "loves seeing it."
6. What do you prioritize most when investing?
A few words: mission-driven.
CZ said he is most afraid of two types of people:
1. Those who just want to make a quick buck and run ("once they reach 10 million/100 million, they cash out and leave")
2. Those who switch tracks in three months ("That means you are not passionate about anything")
You also need physical strength. Starting a business is physically demanding; you have to endure for a long time and face immense pressure.
7. Will AI trading agents be the next big trend?
CZ presented a logical paradox:
"If an AI algorithm can really make a lot of money, why sell it to others? Unless you have no capital. But now raising funds for good teams is too easy."
A more fatal problem: the more people use the same strategy, the worse the effect becomes. The market is mass psychology; the first to use the strategy wins, and the last to use it loses.
His conclusion: AI will be used by everyone for trading, 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.
He gave an example: American shale oil was difficult to extract, but because there is an advanced capital market, oil companies can go public to raise funds, which allows them to develop technology.
Tokenization can replicate this path: the country tokenizes rare earths/minerals → financing → developing industries. It is not about selling resources, but leveraging tokens to unlock funding.
Another perspective: AI and robots will definitely use cryptocurrency in the future.
Why? Robots cannot open bank accounts, cannot do KYC, cannot verify selfies, cannot swipe cards. Traditional finance is designed for humans, not for agents.
9. How can 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 even always be the most successful. But you just keep doing what you are good at."
He made an analogy: a marathon + boxing match. While running, you also have to throw a few punches, but you just keep going.
Nvidia took 40 years to become the most valuable company. In 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 of myself as defined by content. If everything is gone, I would probably just say Good morning and still have many people replying to me."
This might be the most CZ-like answer of the entire event.
Dear BNB shareholders meeting, CZ Alpha, did you receive it?
@cz_binance @yzilabs @ellazhang516 @nina_rong
