Article Author: Lin Wanwan's Cat (@linwanwan823)
Article Source: X
Original Title: Chinese Billionaire Zhao Changpeng's Year-End Ten Q&A
The BNB Shareholders' Annual Meeting just concluded.
After listening to CZ's year-end AMA, I've selected and summarized 10 Q&As.
Key Points: Prediction markets, Stablecoin War 2.0 hasn't started yet.
1. How do you feel after being pardoned?
CZ: "Psychologically, there's a feeling of vindication, finally free."
But daily life hasn't changed. He still works from home every day and exercises for 30-45 minutes daily, a habit he picked up in prison.
2. What does CZ do every day?
Four things:
• Giggle Academy — His "pet project," a completely free education platform, 60-person team, already serving 90,000 children
• YZ Labs — $10 billion ecosystem fund, invested in nearly 70 projects in 2025, reviewed over 1,000
• BNB Ecosystem — No longer does technical work, mainly mentors young entrepreneurs
• Advising governments — Talks with high-level officials from over a dozen countries about regulatory frameworks, including Pakistan, UAE, etc.
But this last one takes far more time than he expected.
3. The proudest numbers for 2025?
• Giggle Academy: 90,000 students, larger than many universities
• BNB Chain: 600% year-on-year transaction growth, 2.4 million daily active users
• Binance: 200 million users
• Crypto industry: Wealth penetration rate is probably still less than 1%
He added: The market cap of cryptocurrency can still grow by several orders of magnitude.
4. Why invest in multiple prediction markets? Is it a "horse race"?
Someone asked, you've invested in several prediction markets (Probable, etc.), is it a "horse race," letting them compete to see who comes out on top?
CZ denied this, giving a clear framework: It's not a horse race, it's an "open garden."
"There are multiple e-commerce sites, multiple search engines on the internet, would you call that a horse race? That's just how the market naturally operates."
YZ Labs principle: Never make exclusive investments. Especially in the early stages, as long as the team is strong, they support them.
Why invest in multiple early on?
CZ's logic:
1. Competition grows the pie. Different teams try different directions, serving users in different regions.
2. Validate which features users actually want. For example, Probable's "staking funds while earning yield," if users like it, others will copy; if no one cares, they won't.
3. Strong teams can also fail. A good product doesn't guarantee success, various issues can arise, so hedge with multiple bets.
How does he judge early-stage projects?
"I look at the product, but I'm really judging the team's ability to deliver through the product."
Today's features aren't important; what matters is if the demand changes tomorrow, can they respond quickly, iterate fast.
CZ sees the next big battleground node: The World Cup.
Polymarket exploded during the US election (more accurate than polls), CZ says the industry is now looking at the 2026 World Cup.
"Which team works tirelessly, at least short-term, will win."
But he also said: Real victory is long-term, seeing who can persist, who has execution, who is mission-driven.
5. The future of stablecoins?
Stablecoin War: 1.0 is over, 2.0 hasn't started
This part CZ explained most thoroughly, almost defining industry generations.
Stablecoin 1.0: Simple and crude
Model: Deposit USD in bank → issue token → token transfers instantly on-chain → arbitrageurs use it for cross-exchange arbitrage.
Problem: No yield. You hold USDT, Tether uses your money to buy treasury bonds and earn interest, you get nothing.
Tether, with first-mover advantage + network effects, now rumored valuation of $50 billion, annual revenue in the tens of billions. So many want a piece of the pie.
Stablecoin 1.5: Starting to offer yield
CZ specifically praised YZ Labs' investment, Ethena's USDe.
But the problem: Ethena's adoption is limited by exchange integration. Not all exchanges support it, there's friction to use.
Stablecoin 2.0: Yield + Liquidity + Compliance,三位一体 (Trinity)
CZ said the ideal state is simple:
"A stablecoin that gives you good yield, while being tradable on most exchanges. Sounds simple, hard to achieve."
Why is it hard?
Need to convince many exchanges to list it
Need to ensure the yield source is sustainable
Need compliance (this is easier now)
BNB Chain's stablecoin landscape
CZ outlined it:
USDT on BNB, long-term is a wrapped version, not native
FDUSD, BNB Chain supported it, but "fiat channel friction is high," growth limited
USD1, a strong project from the US, now a relatively native choice on BNB Chain
U, a new project just announced today, CZ says it has "some really interesting potential"
Regulatory environment has changed
This is key. CZ said it's completely different from a year ago:
The US has the GENIUS bill progressing
Regulators in other countries are "no longer super hostile to stablecoins"
"The regulatory environment is much more open now, more opportunities will be seen."
Will only one remain in the end?
CZ's judgment: Network effects will eventually kick in, users will gradually concentrate towards the most compelling option.
But it's still early, everyone is trying different models. He "loves seeing it".
6. What do you value most when investing?
A few words: Mission-driven.
CZ said he fears two types of people:
1. Those who just want to make a quick buck and run ("cash out and leave at $10M/$100M")
2. Those who change tracks every three months ("that shows you don't love anything")
Also need physical stamina. Entrepreneurship is physical labor, requires enduring for a long time, immense pressure.
7. Will AI trading agents be the next big thing?
CZ presented a logical paradox:
"If an AI algorithm could really make big money, why sell it to others? Unless you lack capital. But it's too easy for good teams to raise funds now."
More fatal problem: The more people use the same strategy, the worse it performs. The market is mass psychology, the first to use a strategy wins, the last loses.
His conclusion: AI will be used by everyone for trading, but in customized ways, not by buying off-the-shelf platforms.
8. Can RWA tokenization really take off?
CZ said he is seriously discussing national asset tokenization with high-level officials in multiple countries.
Gave an example: US shale oil was hard to extract, but because of a developed capital market, oil companies IPO'd and raised funds to develop technology.
Tokenization can replicate this path: Country tokenizes rare earths/minerals → raises funds → develops industry. Not selling resources, but using tokens to leverage capital.
Another view: AI and robots will definitely use cryptocurrency in the future.
Why? Robots can't open bank accounts, can't do KYC, can't take selfies for verification, can't swipe cards. Traditional finance is designed for humans, not for agents.
9. How will BNB Chain make a comeback?
CZ's answer: Keep building quietly.
"You won't always be the most profitable, won't always be the sexiest, won't even always be the most successful. But you just keep doing what you're good at."
He used an analogy: Marathon + boxing match. Keep running and throw a few punches, but never stop.
Nvidia took 40 years to become the most valuable company. The first 20-30 years? No one thought they would make it.
10. Final bonus question
Someone asked: If all your speeches, tweets were deleted, and you only had 60 seconds to leave a message for the world, what would you say?
CZ said: "I don't feel defined by my content. If it were all gone, I'd probably just say 'Good morning,' and still many people would reply to me."
This might be the most CZ answer of the entire session.
BNB shareholders, did you receive the CZ alpha?
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