TLDR
- CZ said stablecoins expand USD reach abroad and drive crypto market liquidity.
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He flagged RWA hurdles in liquidity, regulation, and product design.
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He predicted DEXs will outscale CEXs over 5–20 years with better UX.
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He framed DAT firms as equity wrappers giving institutions crypto exposure.
At the Hong Kong CryptoFi Forum, Binance founder Changpeng Zhao shared a forward view on digital finance. He addressed stablecoins, tokenized real-world assets, decentralized exchanges, Digital Asset Treasury models, and the role of AI with Web3.
Binance Founder CZ Stance on Stablecoins and the dollar’s reach
Binance Founder CZ traced stablecoins from early experiments to today’s global rails. He said Binance saw stablecoins as a “safe harbor” during down markets, and adoption then spread. He noted USDT use is largely outside the United States, yet it still supports dollar reach.
He stated that the model is simple once licensed, and users deposit and redeem with clear flows. “Stablecoins and exchanges have become core profit centers in crypto finance,” he said. He added that many countries now explore local stablecoins to put fiat on-chain.
CZ said RWA tokenization faces three core hurdles. Liquidity is shallow for many non-financial assets, and order books can thin out. He added that large orders cannot fill easily, and volatility can appear even on low-vol assets when tokenized.
He also pointed to complex regulation across agencies and licenses. Product design is the third area, and he cited tokenized stocks that fail to track underlying prices. He argued that stablecoins show a working RWA path because reserves map cleanly to assets.
DAT structures as an institutional bridge
Binance Founder CZ described Digital Asset Treasury companies as equity wrappers for crypto exposure. He outlined passive single-asset holding, active single-asset trading, multi-asset portfolios, and ecosystem investment models. He said the simplest approach lowers costs and legal risk.
He argued DAT firms can reach investors who cannot buy tokens directly. Public listings in different regions broaden capital access, and they also diversify investor bases. He said his support tends to be small stakes, and external managers run operations.
CZ projected decentralized exchanges would outscale centralized venues over time. He said today’s DEX fees are higher, but technology should reduce costs. He added that users often start at CEXs, then shift as wallets and UX improve.
He warned that fragmented local systems reduce liquidity and raise costs. He said deep order books protect users during volatility, and shallow markets do not. He noted Hong Kong’s fast policy iteration, and he said the market has a “rare historical opportunity.”
AI with Web3 and future transaction loads
Binance Founder CZ said AI will use crypto rails since agents cannot pass traditional KYC steps. He expects many micro-payments between agents, and transaction counts could multiply.
He added that today’s “AI agents” are often thin wrappers, and real tools must create value.
He said compute costs are immense, and Web3 funding paths may help scale. He urged more open and broadly owned models so users can share upside. He said the trend is early, yet he expects real products and better UX to emerge.
