[CZ Year-End AMA Top 10 Q&A]
The BNB shareholders' year-end meeting has just ended.
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 does it feel like to be pardoned?
CZ: "There is a sense of vindication psychologically, 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, with a team of 60, has served 90,000 children
• YZ Labs—$10 billion ecological fund, invested in nearly 70 projects in 2025, reviewed over 1,000.
• BNB ecosystem—no longer focusing on technology, mainly mentoring young entrepreneurs •
Advising the government—talking with senior officials from more than a dozen countries about regulatory frameworks, including Pakistan, UAE, etc.
However, this last item takes much more time than he expected.
3. The proudest number in 2025?
• Giggle Academy: 90,000 students, larger than many universities.
• BNB Chain: Transaction volume grew by 600% year-on-year, with 2.4 million daily active users.
• Binance: 200 million users.
• Crypto industry: Wealth penetration rate may be less than 1%.
He added: The market capitalization of cryptocurrencies can still increase several orders of magnitude.
4. Why invest in multiple prediction markets at the same time? Are you doing a "horse race"?
Someone asked, you’ve invested in several prediction markets (Probable, etc.), are you doing a "horse race," letting them compete to see who comes out on top?
CZ denied and provided a very clear framework: it's not a horse race, it's an "open garden."
"There are multiple e-commerce platforms and multiple search engines on the internet; would you say that’s a horse race? That’s just how the market operates naturally."
YZ Labs' principle: Never make exclusive investments. Especially at the early stage of a project, as long as the team is strong, we support them.
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. Verify which functions users really want. For example, Probable's "locking in funds while earning interest"; if users like it, others will replicate it; if no one cares, it won’t be replicated.
3. Strong teams can also fail. A good product does not mean the project will succeed; various reasons can lead to issues, so it’s wise to place multiple bets.
How does he judge early projects?
"I look at products, but actually, I judge whether the team can deliver by looking at the product."
Today's features are not important; what matters is whether they can respond quickly and iterate quickly if tomorrow's demand changes.
CZ believes the next battlefield node is: World Cup.
Polymarket exploded during the U.S. election (more accurate than polls); CZ said the industry is now looking at the 2026 World Cup.
"Which team works tirelessly will win, at least in the short term."
But he also said: The true winners and losers are determined in the long run, based on who can persist, who has execution ability, and who is mission-driven.
5. What is the future of stablecoins?
Stablecoin war: 1.0 is over, 2.0 has not yet begun.
CZ explained this part the most clearly, almost drawing generational lines for the industry.
Stablecoin 1.0: Simple and crude.
Model: Deposit dollars in the bank → Issue tokens → Tokens transfer instantly on the chain → Arbitrageurs use them to move assets across exchanges.
The problem: No returns. You hold USDT, and Tether uses your money to buy government bonds for interest; you get nothing.
Tether relies on first-mover advantage + network effects; now its valuation is rumored to be $50 billion, with annual revenue in the hundreds of millions. So many people want to get a piece of the pie.
Stablecoin 1.5: Starting to give returns.
CZ specifically praised YZ Labs for investing in Ethena's USDe.
But the problem is: Ethena's adoption is limited by the exchanges it connects to. Not all exchanges support it, leading to friction in usage.
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 tradeable on most exchanges. Sounds simple, but it’s very difficult to achieve."
Why is it difficult?
To persuade a bunch of exchanges to list coins.
Ensure the source of returns is sustainable.
Compliance is necessary (this has become easier now).
The stablecoin landscape on the BNB chain.
CZ summarized:
USDT on BNB will be the wrapped version long-term, not the native one.
FDUSD, supported on the BNB chain, but "fiat channel friction is high," and growth is limited.
USD1, a strong project from the U.S., is currently a relatively native option on the BNB chain.
U, a new project just officially announced 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 U.S. has the GENIUS Act being promoted.
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 eventually 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’s still early; everyone is trying different models. He "loves seeing it".
6. What do you value most when investing?
In a few words: mission-driven.
CZ said he fears two types of people:
1. Only wanting to make a quick profit and run ("Cash out when it hits 10 million/100 million").
2. Changing tracks in three months ("that means you’re not passionate about anything").
You also need stamina. Starting a business is physically demanding, requiring long hours and immense pressure.
7. Will AI trading agents be the next hot trend?
CZ presented a logical paradox:
"If an AI algorithm can really make a lot of money, why sell it to others? Unless you lack capital. But now it's too easy for good teams to raise funds."
A more fatal problem: the more people use the same strategy, the worse the results. The market is mass psychology; the first to use a strategy wins, while the last to use it loses.
His conclusion: AI will be used by everyone for trading, but in their own customized ways, rather than buying off-the-shelf platforms.
8. Can RWA tokenization really be implemented?
CZ said he is seriously discussing national asset tokenization with senior officials from multiple countries.
He gave an example: U.S. shale oil was originally difficult to extract, but because of a developed capital market, oil companies went public to raise funds, which provided money to develop technology.
Tokenization can replicate this path: a country tokenizes rare earths/minerals → raises funds → develops industries. It’s not about selling resources, but leveraging tokens to mobilize funds.
Another viewpoint: AI and robots will definitely use cryptocurrencies in the future.
Why? Robots cannot open bank accounts, cannot do KYC, cannot perform selfie verification, cannot swipe cards. Traditional finance is designed for humans, not for agents.
9. How will 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're good at."
He made an analogy: Marathon + Boxing match. Running while throwing a few punches, but never stopping.
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 for the world, what would you say?
CZ said: "I don’t think I am defined by content. If everything is gone, I would probably just say Good morning, and still, many people would respond to me."
This might be the most CZ-like answer of the whole session.
To all BNB shareholders, did you receive the CZ alpha?
