Article by: Lin Wanwan's Cat (@linwanwan823)
Article source: X
Original title: Top 10 Questions and Answers from CZ, China's Richest Man, at the End of the Year
BNB's annual shareholders' meeting has just concluded.
After listening to CZ 's year-end AMA, I selected 10 questions and answers to summarize.
Key takeaway: Market predictions suggest that the stablecoin war 2.0 hasn't even begun yet.
1. How do you feel after being granted a pardon?
CZ: "Psychologically, there's a sense of vindication, a feeling of finally being free."
But his actual life hasn't changed. He still works from home every day and exercises for 30-45 minutes daily, a habit he picked up 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 people, has served 90,000 children.
• YZ Labs – A $10 billion ecosystem fund, having invested in nearly 70 projects and reviewed over 1000 projects by 2025.
• BNB Ecosystem – No longer focusing on technology, primarily mentoring young entrepreneurs •
• Advisor to governments – Discussing regulatory frameworks with high-level officials in over a dozen countries, including Pakistan and the UAE.
However, this last item took much longer than he expected.
3. What's the proudest number of 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 could still increase by several orders of magnitude.
4. Why invest in multiple prediction markets simultaneously? Is it like a "horse race"?
Some people ask, "You've invested in several prediction markets (such as Probable). Are you trying to create a 'horse race' by letting them compete against each other to see who comes out on top?"
CZ denied it, giving a very clear framework: it's not horse racing, it's "open gardens".
"There are multiple e-commerce platforms and multiple search engines on the internet. Would you call that a horse race? This is just how the market naturally operates."
YZ Labs' principle: We never make exclusive investments. Especially in the early stages of a project, we support teams as long as they are strong.
Why invest in multiple projects in the early stages?
CZ's logic:
1. Competition makes the market bigger. Different teams try different directions and serve users in different regions.
2. Verify which features users truly want. For example, Probable's "locked funds earn interest simultaneously" feature will be copied if users like it; otherwise, no one will.
3. Even strong teams can fail. A good product doesn't guarantee a successful project; various factors can cause problems, so it's wise to bet on multiple projects.
How does he assess early-stage projects?
"I look at the product, but actually, I use the product to judge whether the team can deliver."
Today's features are not important; what matters is whether they can respond and iterate quickly if the requirements change tomorrow.
CZ believes the next major battleground will be the World Cup.
Polymarket became incredibly popular during the US election (more accurate than polls), and CZ said that everyone in the industry is now watching the 2026 World Cup.
"The team that works tirelessly without sleeping will win, at least in the short term."
But he also said: The real battle is long-term, it depends on who can persevere, who has the ability to execute, and who is mission-driven.
5. The future of stablecoins?
The stablecoin war: 1.0 is over, 2.0 hasn't even begun.
CZ explained this part most thoroughly, almost dividing the industry into generations.
Stablecoin 1.0: Simple and straightforward
Model: Deposit USD in a bank → Issue tokens → Tokens are transferred instantly on the blockchain → Arbitrageurs use them to arbitrage across exchanges.
Problem: No returns. You hold USDT, and Tether uses your money to buy government bonds and earn interest; you receive nothing.
Tether, leveraging its first-mover advantage and network effects, is now rumored to be valued at $50 billion, with annual revenue in the tens of billions. Therefore, a lot of people want a piece of the pie.
Stablecoin 1.5: Starting to offer yields
CZ specifically praised YZ Labs for investing in Ethena's USDe.
The problem is that Ethena's adoption is limited by exchange access. Not all exchanges support it, leading to friction in its use.
Stablecoin 2.0: Yield + Liquidity + Compliance, a Three-in-One Solution
CZ said the ideal situation is very simple:
"A stablecoin that offers good returns and can be traded on most exchanges. Sounds simple, but it's difficult to achieve."
Why is it difficult?
To convince a bunch of exchanges to list my token
To ensure the sustainability of revenue sources
Compliance is now easier to achieve.
Stablecoin Landscape of the BNB Chain
CZ summarized it:
USDT on BNB has long been a wrapped version, not the native version.
FDUSD, supported by the BNB chain, suffers from "significant friction in fiat currency channels," limiting its growth.
USD1, a strong project from the US, is currently a relatively native option on the BNB chain.
U, regarding the new project that was just officially announced today, CZ said it "has some really interesting potential."
The regulatory environment has changed.
This is crucial. CZ said that things are completely different a year ago and now:
The GENIUS Act is being pushed forward in the United States.
Regulators in other countries are "no longer extremely hostile towards stablecoins".
"The regulatory environment is much more open now, and we'll see more opportunities."
Will there be only one left in the end?
CZ's assessment: Network effects will eventually kick in, and users will gradually concentrate on the most compelling options.
But it's still early, and everyone is trying out different models. He "loves seeing it."
6. What do you value most when investing?
In a few words: mission-driven.
CZ said he is most afraid of two types of people:
1. Those who only want to make a quick buck and run ("cash out and leave once they reach 10 million/100 million").
2. Changing tracks after three months ("That means you're not passionate about anything").
You also need physical strength. Starting a business is physically demanding; it takes a long time and involves immense pressure.
7. Will AI trading agents be the next big thing?
CZ presents a logical paradox:
"If an AI algorithm can truly make a lot of money, why sell it to someone else? Unless you lack capital. But good teams can raise funds too easily these days."
An even more fatal problem: the more people use the same strategy, the worse the results. The market is driven by mass psychology; the first person to use a strategy wins, and the last person to use it loses.
His conclusion: AI will be used by everyone for trading, but in their own customized way, rather than by buying off-the-shelf platforms.
8. Can RWA tokenization really be implemented?
CZ said he is in serious discussions with high-level officials from multiple countries regarding the tokenization of national assets.
For example, shale oil in the United States was originally difficult to extract, but because of the developed capital market, oil companies were able to go public and raise funds to develop the technology.
Tokenization can replicate this path: the government tokenizes rare earth/mineral resources → raises funds → develops the industry. It's not about selling resources, but about using tokens to leverage capital.
Another viewpoint: AI and robots will definitely use cryptocurrencies in the future.
Why? Robots can't open bank accounts, conduct KYC (Know Your Customer) checks, verify information with selfies, or swipe cards. Traditional finance is designed for humans, not for agents.
9. How did the BNB chain achieve a comeback?
CZ's answer: Focus on construction.
"You won't always be the highest earner, the sexiest, or even the most successful. But you just keep doing what you're good at."
He used an analogy: a marathon + a boxing match. You run and then throw a few punches, but it just keeps going.
It took Nvidia 40 years to become the most valuable company. For the first 20-30 years? Nobody thought they would succeed.
10. The last Easter egg
Someone asked: If all your speeches and 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 think I'm defined by content. If everyone else is gone, I'll probably just say 'Good morning,' and I'll still get a lot of replies."
This might be the most cool answer of the entire event.
Dear BNB shareholders, have you received CZ Alpha?
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