WEBVTT
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A tokenized super cycle may be in the wings, and
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of course, one of the leaders of that could be Binance.
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So today, it's going to be a good one. We'll
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have an interview for you. Before we get started, I
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So get going.
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We've got Richard Tang, who is the co-CEO over at Binance,
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coming in on the show today.
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How are you, Richard?
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Thanks for having me on the show, Paul.
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Excellent.
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So I want to kind of hit off with a few, first,
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a few news items that hit. One of them, of course,
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was BNB Chain is now joining MasterCard's crypto partner program.
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This is going to be a big deal.
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MasterCard, very active in the space and continuing to expand
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their digital asset plan, including on and off ramps.
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Can you talk to me a little bit about what's
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happening here?
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Well, so, you know, as with our space, right, we
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want to make sure that the journey is as smooth,
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as integrated as possible for all the users globally. And,
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you know, things like fiat on off ramp, things like
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card providers are extremely critical. users want all these products,
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and we are here to really support our users on
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that front. Today, Binance has more than 300 million users globally,
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spanning the globe. Our goal is to reach 3 billion users,
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and we are building a financial support app on that front.
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So people know us initially as a crypto platform, but
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today we offer a consolidated platform for trading, for payments,
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for savings, and for access to global markets and much
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more than that. So this part of that journey, where
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a user doesn't want fragmented financial services. They want integrated services.
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And that's part of Go to provide that to them.
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Well, kind of an all-in-one.
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This is something that we're seeing from the stateside competitors
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you have, including Coinbase, Robinhood, obviously doing it very actively.
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You guys, though, are kind of going in to become
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the liquidity hub beyond crypto, because now you're getting into, obviously,
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RWA per volume.
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Which is absolutely exploding.
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And when you look at just the growth that you've
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had here, I'll go to some of the guys who
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are listening on the audio podcast, Binance's Bitcoin PERP liquidity,
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1% of mid-price, $ 536 million in 2025. Now tokenized RWA's
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grew from around $ 5. 5 billion in 2025 to $ 25 billion
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here in mid-26, so not even year-end. And also the
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RWA PERP volume jumped from 0.23 billion now to 347 billion.
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So these are big moves. When you look at this
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along with what's happening globally, how big is this market overall?
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Where do you think this is heading?
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Well, I think we're just at the beginning, right? So,
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I mean, if you look at our TREP5 products, our
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TREP5 perpetuals, we just started to introduce them at the
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beginning of the year. Initially, it was just on commodities.
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And then subsequently, we rolled them out on things like
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US stocks. And we started then to introduce pre-IPO perpetuals, right?
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So trading the likes of SpaceX, Entropic, etc. And, you know,
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the beauty of it is like, unlike many other platforms,
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unlike many other exchanges that only trade eight hours a day,
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that have huge liquidity risk. If you think about it,
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they only trade one third of the day, weekend, they're
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not trading holidays, they're not trading. And, you know, but
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new cycle happens all the time, geopolitical risk, earning results, etc.,
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But people have no access to market in those timing.
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They can't take positions. They can't hedge their positions. They
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can't close off. They can't do different structuring. And those
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impose huge, huge risk for any investors and any traders,
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especially institutions and corporates, as well as retail. So our
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product offers them a totally different experience. We're open on
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a 24-7 basis. The training doesn't stop. And there's huge
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trading and people have the perception that, you know, for example,
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US stocks outside US trading hours, you're going to see
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a huge drop off in terms of trading volume. That's
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not true actually. So things like BSTOPS, you know, for
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our tokenized US securities that trade 24-7 and users can
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take them off the platform to their own wallet, deploy
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them in DeFi, etc. There are significant tradings on those
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even off US hours. and during weekends, right? So we
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are very encouraged, but I think we are just at
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the beginning. And we are really in that space, right?
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So if you look at the volumes and you look
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at the market share of ours on that front, people
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go to the deepest liquidity market and we represent that.
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So we will continue to.
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Yeah, and I think traditional investors are kind of going
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to this direction as well. They're starting to shift into
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the perp market quite a bit. We see this just
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in our own audience in terms of the activity in
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these markets and what the potential is for sure.
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So I would agree with you, very beginning. Let me
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ask you this, Richard.
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When you look at what's going on in D.C. and
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with the Clarity Act, here recently there has been a
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lot of signaling from the CFTC and the SEC saying, listen,
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we're going to get this done regardless. Since that narrative
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that has been painted out, We've seen a slow decline
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in the possible passage of this Clarity Act going through.
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Here's my question to you.
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How important is this to Binance doing something here in
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the US?
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Well, I would say that on a global basis, at
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any point in time, whether there's clarity on legislation and
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regulation is always a boost to the marketplace. So if
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you look at what the Genius Act did to stablecoin
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in the States and beyond, Once the US passed, you know,
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Juniors Act, really the stablecoin growth continued to take off
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in a big way, right? So people are much more
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willing to deploy, much more willing to invest. You see
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the major financial institutions all trying to adopt stablecoin, offering
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it as a product, working with partners on that front,
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payment services provider. And that goes beyond the US because
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the US is such a big marketplace. It's the biggest
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capital market in the world, largest GDP market. it has
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outsized influence on the rest of the world. So then
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global regulators, policymakers are forced to sit down and take notice.
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So a big spillover effect globally. Anytime that happens, we
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are the largest player in crypto and we are growing
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very rapidly in the track fire space on that front.
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We will benefit on that front. Same, I think, will
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come from ClarityX. We hope for the passing of the
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Clarity Act. I think that will give a lot more clarity,
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a lot more certainty to industry players to deploy, to invest.
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And that also forced other regulators and policymakers around the
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world to sit down, reposition, rethink their own position. How
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could they maintain their own competitive advantage vis-a-vis the U.S.?
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which is now such a big proponent of crypto to
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keep their own positioning on that front. So we do
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hope for the passing of that. It will have spillover
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effects all over the world and it will have positive
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impact on industry and we will benefit.
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Does this mean that Binance would have a bigger presence
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in the US if Clarity goes through or even if
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Clarity doesn't?
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Can you give me kind of an... an estimate of
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what your strategy might be here?
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Well, you know, our focus at this point in time
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is to continue to grow all product suites to make
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it even better experience for our users, including rolling out
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AI products on that front. You know, our user numbers
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continue to grow exponentially. Our product suites and trading volume
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continue to see healthy growth, especially in new products such
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as track fire products. So we are focusing on that.
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On the US, it's always under consideration. We always keep
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it in close review. There's going to be a lot
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of consideration on that front and a lot of discussion
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internally with the board members and shareholders on that front
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before we think what is the right opportunity for that.
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All right.
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Well, we're going to be seeing some big changes, I think,
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happening here in the next 30 days. So we're going
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to watch closely with what your strategy will play out
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like here in the US. One thing that is for sure,
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B-Stocks is a big strategy. You guys, of course, added $ 18. 7
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million in market cap over the past 24 hours. Led
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the group out there in terms of growth by issuers,
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including over Securitize, Superstate, and Robinhood. So the biggest next
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three issuers in general. This is a big deal with B-Stocks.
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When you look at this and the potential for market
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makers and also just traders to really start to navigate B-Stocks,
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this area of what you guys are doing, how much
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of your business do you think is going to rotate
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into B-Stocks?
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Well, I think it's difficult to predict. We do hope
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all the new products that we offer see the same
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type of robust demand. But by far, this year, most
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of the product suite that we roll are very, very
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popular to users. Really, because if you think about it,
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global access remains a big problem, right? So B-Stocks offer
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users global access to US stocks. It trades on a
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27 basis where available. And as I mentioned, just now,
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demand that we are seeing is global. 73% of demand
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actually come from emerging markets. And in many of those jurisdictions,
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users have no access to US brokerage account. And we
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become the de facto access for them to access all
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these products. Not only, you know, traded stocks, but, you know,
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pre-IPO space. And you can see the exponential growth of
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these stocks. The round-the-clock access really is something that they
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wish to see. And also the ease in which, you know,
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you can transfer on-chain, off-chain. Those are very important, right?
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So they can do it. take it off the platform,
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deploy it into their own wallet, deploy it into DeFi.
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It's not a tokenized stock sitting in isolation. So we
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are seeing much more advantage to something like a B
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stocks compared to traditional stocks. And you can combine the
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crypto native opportunity with stock link exposure on that front
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to do lending, your opportunities. API can range from between
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5% to as high as 200% depending on the DeFi strategy.
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and no traditional brokerages offer anything close to that front.
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So we are going to see a lot of popularity
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around it.
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Listen, I'm looking at the Delphi Digital research on this
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in terms of the state of tokenized stocks. Binance, TradFi,
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Perps right now, this is from the 1st of July
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to the 31st, basically one month, $ 439 billion in terms
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of volume. When you look at that kind of market potential,
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In 24 months, what do you think this number is
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in terms of tokenized stocks? In 24 months.
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Well, you know, we want it to be many times that, well,
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you never know, right? Because the pace of growth has
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been very exponential, right? And we continue to enhance the
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product based on user feedback, based on what we see
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on trends. We are going beyond US stocks on that
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front to many other marketplaces. And the type of products
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that we offer, we're going to introduce much more products
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across different asset class on that front. So it's going
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to grow quite exponentially from now on. If you look
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at the volume just month on month, it continues to
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explode on that front. So we are very bullish on that.
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And we are capturing a very good market size on
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that front.
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Well, I'm looking at last in, but scaling very fast.
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This is just in comparison to Ando. And seeing this
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growth and the trajectory here, this will be interesting to watch,
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I think, for growth down the road. And if you
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look at just RWA, tokenized stocks in general, Ando's still leading,
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but B-Stock's now coming in number three.
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And very close to overtaking. Yeah, number two. Yeah, well,
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number two.
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Okay, we'll get there. Yes. Based on the figures I have,
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it's number two.
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You got it at number two.
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I'm going to say we'll give it the benefit of
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the doubt. It's very close to number two right now.
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It's okay.
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But if you look at the trajectory, it's growing very,
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very fast.
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Oh, yeah. The trajectory is unbelievable. For sure.
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Looking at chains, BNB also making a major move here,
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sliding over Solana.
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For RWA activity. And I think, again, this gets into.
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The point you just made earlier, which is the potential
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here of going into all of these other markets outside.
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The United States.
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I guess at some point, this would hypergrow if we
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actually saw growth here in the U.S. So this is
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going to get very competitive, I think, very quickly.
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So I hope you guys are prepared.
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Well, it's actually giving users much more access, much more opportunity,
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much lower fees, and greater access to the deepest liquidity
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pool in the world. And as you know, as with
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any traders and any investors, when you have access to
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the deepest liquidity pool, the bid-ask spread comes down drastically,
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you save substantially over time, all investors, all institutions want that.
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So hopefully we have the opportunity to do that going forward.
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I'm going to play a clip for you.
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This clip is in reference to the exponential growth that
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we have seen around hyperliquid.
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And then I want to get your opinion on this.
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So let's take a look.
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I mean, I cannot imagine or describe the importance of this.
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Bringing that onshore would be the first DeFi platform that
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we regulated onshore by the CFTC. That lays the footprint
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for every other DeFi platform that comes in from offshore.
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So, Scarlett, the.
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The pitched battle we are seeing between incumbent players in
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capital markets against these upstarts, new players that have come in,
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whether it's folks that have been around for 10 years
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like Coinbase, but also the upstarts like Hyperliquid. I mean,
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that has got to be the market structure story for 2026.
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All right.
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So the market structure story for 2026, you've heard Selig
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talk about this, the chairman of SCFTC trying to onshore Hyperliquid.
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This would be the kind of explosion or maybe event
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that that could really open these markets up, specifically around perps.
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How much of an impact do you think that has overall?
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Well, I'm not quite sure. I mean, if you look
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at the news coming out, you know, CME market price
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went down that day, CBOE went down that day. So
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it's quite massive, right? So there's a lot of speculation
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around it. We look at it with interest, and there's
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also a lot of speculation in the marketplace to see whether,
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you know, is it going KYC-less? And how are we
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going to manage those risks? So at this point in time,
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there's not enough information for us to go on. Would
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that become the new form going forward where platforms don't
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need to do KYC, KYB on the customers? Because then
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it would have huge impact across the entire financial services.
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But at this point in time, it's just speculation. But
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we look at it with huge interest. There's massive speculation
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what's going on. And what's the structure and formula to
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take is something that everybody is going to study very
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closely because it's going to have massive impact, not only
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on the industry, but on a lot of traditional players.
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They will be the most impacted. Exactly.
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And I think the key here is what does that mean?
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Because we may still see unbelievable growth, even if there
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is a KYC or KYB analysis side of this. Would
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Binance seek some sort of U.S. approval or at least
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a compliant perpetrating platform right now through a separate registered entity,
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possibly as a strategy coming into the.
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U.S.? Well, we always explore in different parts of the
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world what's the best way for entrance. So we are
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not going to disclose what's in the marketplace. But we
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are always deliberating what's the best strategy for us to
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continue to expand on global footprint.
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I want to go to the Tether audit. And when
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you look at this, Tether, of course, passes its first
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ever audit.
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This is with KPMG. So that's a big deal. The
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US is all behind this now.
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It appears that we've got US involvement when you look
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at Cantor Fitzgerald's positioning with Tether. And overall, when you
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see Tether globally, which obviously is a huge part of
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their crypto community, how do you think this affects not
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only Binance, but in general, broader crypto globally with this
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audit coming in?
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It's a big positive, right? So anytime we can continue
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to instill trust, build trust, give transparency, clarity to the marketplace,
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all those things by any players within crypto is a
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big positive to our industry, right? So for instance, there
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are a lot of things that Binance do to introduce transparency.
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before the rest does it. So things like proof of reserve,
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we push it out, showing our users that assets are
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always back one-to-one basis. And we have been pushing regulators
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to say that's the best practice to go. Not many
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global exchanges does that. But that's our move to really
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instill greater transparency, greater trust into the ecosystem. Anytime we
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can do that, as industry players, as stakeholders is a
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big positive for all of us.
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Richard, I'm looking at Tether's positioning right now with gold.
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And you could look at USAT. You could also look
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at what we've seen with Paxos in terms of growth.
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Tokenized gold is a real thing now.
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Do you think we're at a position right now where
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tokenized gold versus Bitcoin adoption could start to shift? and
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we could see more and more players going into tokenized gold?
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Or do you think Bitcoin will still be the asset
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of choice?
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I mean, for people that have been in the industry
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long enough, I do think that all of us believe
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very strongly in Bitcoin on that front. I think tokenized
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gold is, in my view, a superior, far superior option
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than holding physical gold. Because if you hold physical gold,
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you know, custody fees. Yeah. you are shipping free if
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you want to hold a gold. There are many of
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those costs involved. Whereas tokenized gold is much more liquid.
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You can transact it and do many other structuring around it.
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So it's a superior form compared to physical gold. But
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I don't think it's a comparison to Bitcoin. They are
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totally different comparisons. I like it.
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You guys have some big stuff happening. Blockchain is becoming... Yeah,
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coming in soon. Talk to me a little about what
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you're going to do there.
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Anything specific or in terms of possible releases? Is there
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going to be a track there that we need to
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be paying attention to from the media side that's happening
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in November?
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There's always interesting things. So do join us for Binance
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Blockchain Week, which we're going to hold in Bangkok towards
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the end of November. You know, we have all the
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big global speakers joining us. We have developers, our community. builders,
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investors coming together. Now, it's going to be fun for you.
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It's going to be very insightful. We're going to make
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announcements on that front, not only ourselves, but I believe
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all the other important speakers joining us may use that
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platform to announce it. We are bringing it back to
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Asia this year. So it's continued to be a celebration
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of how far crypto has come. And in this, not
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only in the crypto space, but in terms of financial landscape.
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Yeah, well, it's good to see it back in Asia
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because I think you have so many developers and I
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think opportunities, especially correlated to Binance over there.
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So you're right.
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I think we may get some big releases there during
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that event.
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So we'll be.
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Watching it very closely. Richard Tang coming in from Binance.
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Thank you so much for joining us today. We appreciate it.
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Thanks for having me.
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If you like this video, hit like and subscribe, drop
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a comment down below, and also join our free private
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member group.
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The link is in the description.
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A tokenized super cycle may be in the wings, and
2
00:00:02.870 --> 00:00:05.360
of course, one of the leaders of that could be Binance.
3
00:00:05.389 --> 00:00:06.780
So today, it's going to be a good one. We'll
4
00:00:06.799 --> 00:00:10.080
have an interview for you. Before we get started, I
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want to, of course, thank our sponsor, and that is
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just to get started.
14
00:00:35.750 --> 00:00:36.729
So get going.
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We've got Richard Tang, who is the co-CEO over at Binance,
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coming in on the show today.
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How are you, Richard?
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Thanks for having me on the show, Paul.
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Excellent.
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So I want to kind of hit off with a few, first,
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a few news items that hit. One of them, of course,
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was BNB Chain is now joining MasterCard's crypto partner program.
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This is going to be a big deal.
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MasterCard, very active in the space and continuing to expand
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their digital asset plan, including on and off ramps.
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Can you talk to me a little bit about what's
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happening here?
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Well, so, you know, as with our space, right, we
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want to make sure that the journey is as smooth,
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as integrated as possible for all the users globally. And,
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you know, things like fiat on off ramp, things like
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card providers are extremely critical. users want all these products,
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and we are here to really support our users on
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that front. Today, Binance has more than 300 million users globally,
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spanning the globe. Our goal is to reach 3 billion users,
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and we are building a financial support app on that front.
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So people know us initially as a crypto platform, but
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today we offer a consolidated platform for trading, for payments,
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for savings, and for access to global markets and much
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more than that. So this part of that journey, where
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a user doesn't want fragmented financial services. They want integrated services.
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And that's part of Go to provide that to them.
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Well, kind of an all-in-one.
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This is something that we're seeing from the stateside competitors
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you have, including Coinbase, Robinhood, obviously doing it very actively.
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You guys, though, are kind of going in to become
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the liquidity hub beyond crypto, because now you're getting into, obviously,
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RWA per volume.
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Which is absolutely exploding.
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And when you look at just the growth that you've
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had here, I'll go to some of the guys who
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are listening on the audio podcast, Binance's Bitcoin PERP liquidity,
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1% of mid-price, $ 536 million in 2025. Now tokenized RWA's
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grew from around $ 5. 5 billion in 2025 to $ 25 billion
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here in mid-26, so not even year-end. And also the
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RWA PERP volume jumped from 0.23 billion now to 347 billion.
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So these are big moves. When you look at this
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along with what's happening globally, how big is this market overall?
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Where do you think this is heading?
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Well, I think we're just at the beginning, right? So,
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I mean, if you look at our TREP5 products, our
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TREP5 perpetuals, we just started to introduce them at the
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beginning of the year. Initially, it was just on commodities.
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And then subsequently, we rolled them out on things like
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US stocks. And we started then to introduce pre-IPO perpetuals, right?
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So trading the likes of SpaceX, Entropic, etc. And, you know,
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the beauty of it is like, unlike many other platforms,
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unlike many other exchanges that only trade eight hours a day,
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that have huge liquidity risk. If you think about it,
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they only trade one third of the day, weekend, they're
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not trading holidays, they're not trading. And, you know, but
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new cycle happens all the time, geopolitical risk, earning results, etc.,
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But people have no access to market in those timing.
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They can't take positions. They can't hedge their positions. They
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can't close off. They can't do different structuring. And those
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impose huge, huge risk for any investors and any traders,
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especially institutions and corporates, as well as retail. So our
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product offers them a totally different experience. We're open on
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a 24-7 basis. The training doesn't stop. And there's huge
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trading and people have the perception that, you know, for example,
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US stocks outside US trading hours, you're going to see
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a huge drop off in terms of trading volume. That's
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not true actually. So things like BSTOPS, you know, for
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our tokenized US securities that trade 24-7 and users can
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take them off the platform to their own wallet, deploy
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them in DeFi, etc. There are significant tradings on those
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even off US hours. and during weekends, right? So we
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are very encouraged, but I think we are just at
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the beginning. And we are really in that space, right?
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So if you look at the volumes and you look
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at the market share of ours on that front, people
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go to the deepest liquidity market and we represent that.
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So we will continue to.
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Yeah, and I think traditional investors are kind of going
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to this direction as well. They're starting to shift into
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the perp market quite a bit. We see this just
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in our own audience in terms of the activity in
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these markets and what the potential is for sure.
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So I would agree with you, very beginning. Let me
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ask you this, Richard.
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When you look at what's going on in D.C. and
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with the Clarity Act, here recently there has been a
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lot of signaling from the CFTC and the SEC saying, listen,
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we're going to get this done regardless. Since that narrative
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that has been painted out, We've seen a slow decline
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in the possible passage of this Clarity Act going through.
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Here's my question to you.
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How important is this to Binance doing something here in
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the US?
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Well, I would say that on a global basis, at
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any point in time, whether there's clarity on legislation and
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regulation is always a boost to the marketplace. So if
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you look at what the Genius Act did to stablecoin
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in the States and beyond, Once the US passed, you know,
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Juniors Act, really the stablecoin growth continued to take off
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in a big way, right? So people are much more
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willing to deploy, much more willing to invest. You see
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the major financial institutions all trying to adopt stablecoin, offering
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it as a product, working with partners on that front,
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payment services provider. And that goes beyond the US because
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the US is such a big marketplace. It's the biggest
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capital market in the world, largest GDP market. it has
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outsized influence on the rest of the world. So then
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global regulators, policymakers are forced to sit down and take notice.
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So a big spillover effect globally. Anytime that happens, we
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are the largest player in crypto and we are growing
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very rapidly in the track fire space on that front.
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We will benefit on that front. Same, I think, will
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come from ClarityX. We hope for the passing of the
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Clarity Act. I think that will give a lot more clarity,
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a lot more certainty to industry players to deploy, to invest.
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And that also forced other regulators and policymakers around the
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world to sit down, reposition, rethink their own position. How
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could they maintain their own competitive advantage vis-a-vis the U.S.?
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which is now such a big proponent of crypto to
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keep their own positioning on that front. So we do
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hope for the passing of that. It will have spillover
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effects all over the world and it will have positive
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impact on industry and we will benefit.
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Does this mean that Binance would have a bigger presence
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in the US if Clarity goes through or even if
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Clarity doesn't?
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Can you give me kind of an... an estimate of
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what your strategy might be here?
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Well, you know, our focus at this point in time
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is to continue to grow all product suites to make
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it even better experience for our users, including rolling out
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AI products on that front. You know, our user numbers
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continue to grow exponentially. Our product suites and trading volume
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continue to see healthy growth, especially in new products such
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as track fire products. So we are focusing on that.
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On the US, it's always under consideration. We always keep
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it in close review. There's going to be a lot
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of consideration on that front and a lot of discussion
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internally with the board members and shareholders on that front
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before we think what is the right opportunity for that.
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All right.
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Well, we're going to be seeing some big changes, I think,
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happening here in the next 30 days. So we're going
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to watch closely with what your strategy will play out
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like here in the US. One thing that is for sure,
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B-Stocks is a big strategy. You guys, of course, added $ 18. 7
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million in market cap over the past 24 hours. Led
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the group out there in terms of growth by issuers,
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including over Securitize, Superstate, and Robinhood. So the biggest next
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three issuers in general. This is a big deal with B-Stocks.
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When you look at this and the potential for market
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makers and also just traders to really start to navigate B-Stocks,
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this area of what you guys are doing, how much
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of your business do you think is going to rotate
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into B-Stocks?
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Well, I think it's difficult to predict. We do hope
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all the new products that we offer see the same
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type of robust demand. But by far, this year, most
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of the product suite that we roll are very, very
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popular to users. Really, because if you think about it,
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global access remains a big problem, right? So B-Stocks offer
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users global access to US stocks. It trades on a
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27 basis where available. And as I mentioned, just now,
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demand that we are seeing is global. 73% of demand
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actually come from emerging markets. And in many of those jurisdictions,
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users have no access to US brokerage account. And we
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become the de facto access for them to access all
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these products. Not only, you know, traded stocks, but, you know,
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pre-IPO space. And you can see the exponential growth of
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these stocks. The round-the-clock access really is something that they
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wish to see. And also the ease in which, you know,
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you can transfer on-chain, off-chain. Those are very important, right?
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So they can do it. take it off the platform,
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deploy it into their own wallet, deploy it into DeFi.
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It's not a tokenized stock sitting in isolation. So we
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are seeing much more advantage to something like a B
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stocks compared to traditional stocks. And you can combine the
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crypto native opportunity with stock link exposure on that front
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to do lending, your opportunities. API can range from between
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5% to as high as 200% depending on the DeFi strategy.
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and no traditional brokerages offer anything close to that front.
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So we are going to see a lot of popularity
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around it.
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Listen, I'm looking at the Delphi Digital research on this
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in terms of the state of tokenized stocks. Binance, TradFi,
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Perps right now, this is from the 1st of July
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to the 31st, basically one month, $ 439 billion in terms
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of volume. When you look at that kind of market potential,
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In 24 months, what do you think this number is
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in terms of tokenized stocks? In 24 months.
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Well, you know, we want it to be many times that, well,
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you never know, right? Because the pace of growth has
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been very exponential, right? And we continue to enhance the
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product based on user feedback, based on what we see
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on trends. We are going beyond US stocks on that
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front to many other marketplaces. And the type of products
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that we offer, we're going to introduce much more products
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across different asset class on that front. So it's going
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to grow quite exponentially from now on. If you look
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at the volume just month on month, it continues to
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explode on that front. So we are very bullish on that.
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And we are capturing a very good market size on
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that front.
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Well, I'm looking at last in, but scaling very fast.
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This is just in comparison to Ando. And seeing this
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growth and the trajectory here, this will be interesting to watch,
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I think, for growth down the road. And if you
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look at just RWA, tokenized stocks in general, Ando's still leading,
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but B-Stock's now coming in number three.
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And very close to overtaking. Yeah, number two. Yeah, well,
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number two.
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Okay, we'll get there. Yes. Based on the figures I have,
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it's number two.
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You got it at number two.
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I'm going to say we'll give it the benefit of
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the doubt. It's very close to number two right now.
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It's okay.
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But if you look at the trajectory, it's growing very,
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very fast.
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Oh, yeah. The trajectory is unbelievable. For sure.
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Looking at chains, BNB also making a major move here,
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sliding over Solana.
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For RWA activity. And I think, again, this gets into.
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The point you just made earlier, which is the potential
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here of going into all of these other markets outside.
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The United States.
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I guess at some point, this would hypergrow if we
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actually saw growth here in the U.S. So this is
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going to get very competitive, I think, very quickly.
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So I hope you guys are prepared.
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Well, it's actually giving users much more access, much more opportunity,
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much lower fees, and greater access to the deepest liquidity
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pool in the world. And as you know, as with
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any traders and any investors, when you have access to
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the deepest liquidity pool, the bid-ask spread comes down drastically,
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you save substantially over time, all investors, all institutions want that.
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So hopefully we have the opportunity to do that going forward.
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I'm going to play a clip for you.
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This clip is in reference to the exponential growth that
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we have seen around hyperliquid.
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And then I want to get your opinion on this.
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So let's take a look.
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I mean, I cannot imagine or describe the importance of this.
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Bringing that onshore would be the first DeFi platform that
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we regulated onshore by the CFTC. That lays the footprint
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for every other DeFi platform that comes in from offshore.
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So, Scarlett, the.
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The pitched battle we are seeing between incumbent players in
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capital markets against these upstarts, new players that have come in,
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whether it's folks that have been around for 10 years
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like Coinbase, but also the upstarts like Hyperliquid. I mean,
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that has got to be the market structure story for 2026.
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All right.
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So the market structure story for 2026, you've heard Selig
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talk about this, the chairman of SCFTC trying to onshore Hyperliquid.
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This would be the kind of explosion or maybe event
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that that could really open these markets up, specifically around perps.
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How much of an impact do you think that has overall?
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Well, I'm not quite sure. I mean, if you look
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at the news coming out, you know, CME market price
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went down that day, CBOE went down that day. So
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it's quite massive, right? So there's a lot of speculation
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around it. We look at it with interest, and there's
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also a lot of speculation in the marketplace to see whether,
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you know, is it going KYC-less? And how are we
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going to manage those risks? So at this point in time,
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there's not enough information for us to go on. Would
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that become the new form going forward where platforms don't
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need to do KYC, KYB on the customers? Because then
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it would have huge impact across the entire financial services.
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But at this point in time, it's just speculation. But
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we look at it with huge interest. There's massive speculation
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what's going on. And what's the structure and formula to
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take is something that everybody is going to study very
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closely because it's going to have massive impact, not only
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on the industry, but on a lot of traditional players.
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They will be the most impacted. Exactly.
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And I think the key here is what does that mean?
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Because we may still see unbelievable growth, even if there
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is a KYC or KYB analysis side of this. Would
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Binance seek some sort of U.S. approval or at least
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a compliant perpetrating platform right now through a separate registered entity,
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possibly as a strategy coming into the.
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U.S.? Well, we always explore in different parts of the
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world what's the best way for entrance. So we are
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not going to disclose what's in the marketplace. But we
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are always deliberating what's the best strategy for us to
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continue to expand on global footprint.
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I want to go to the Tether audit. And when
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you look at this, Tether, of course, passes its first
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ever audit.
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This is with KPMG. So that's a big deal. The
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US is all behind this now.
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It appears that we've got US involvement when you look
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at Cantor Fitzgerald's positioning with Tether. And overall, when you
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see Tether globally, which obviously is a huge part of
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their crypto community, how do you think this affects not
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only Binance, but in general, broader crypto globally with this
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audit coming in?
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It's a big positive, right? So anytime we can continue
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to instill trust, build trust, give transparency, clarity to the marketplace,
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all those things by any players within crypto is a
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big positive to our industry, right? So for instance, there
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are a lot of things that Binance do to introduce transparency.
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before the rest does it. So things like proof of reserve,
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we push it out, showing our users that assets are
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always back one-to-one basis. And we have been pushing regulators
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to say that's the best practice to go. Not many
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global exchanges does that. But that's our move to really
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instill greater transparency, greater trust into the ecosystem. Anytime we
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can do that, as industry players, as stakeholders is a
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big positive for all of us.
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Richard, I'm looking at Tether's positioning right now with gold.
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And you could look at USAT. You could also look
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at what we've seen with Paxos in terms of growth.
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Tokenized gold is a real thing now.
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Do you think we're at a position right now where
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tokenized gold versus Bitcoin adoption could start to shift? and
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we could see more and more players going into tokenized gold?
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Or do you think Bitcoin will still be the asset
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of choice?
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I mean, for people that have been in the industry
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long enough, I do think that all of us believe
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very strongly in Bitcoin on that front. I think tokenized
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gold is, in my view, a superior, far superior option
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than holding physical gold. Because if you hold physical gold,
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you know, custody fees. Yeah. you are shipping free if
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you want to hold a gold. There are many of
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those costs involved. Whereas tokenized gold is much more liquid.
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You can transact it and do many other structuring around it.
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So it's a superior form compared to physical gold. But
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I don't think it's a comparison to Bitcoin. They are
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totally different comparisons. I like it.
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You guys have some big stuff happening. Blockchain is becoming... Yeah,
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coming in soon. Talk to me a little about what
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you're going to do there.
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Anything specific or in terms of possible releases? Is there
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going to be a track there that we need to
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be paying attention to from the media side that's happening
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in November?
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There's always interesting things. So do join us for Binance
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Blockchain Week, which we're going to hold in Bangkok towards
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the end of November. You know, we have all the
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big global speakers joining us. We have developers, our community. builders,
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investors coming together. Now, it's going to be fun for you.
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It's going to be very insightful. We're going to make
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announcements on that front, not only ourselves, but I believe
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all the other important speakers joining us may use that
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platform to announce it. We are bringing it back to
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Asia this year. So it's continued to be a celebration
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of how far crypto has come. And in this, not
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only in the crypto space, but in terms of financial landscape.
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Yeah, well, it's good to see it back in Asia
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because I think you have so many developers and I
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think opportunities, especially correlated to Binance over there.
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So you're right.
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I think we may get some big releases there during
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that event.
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So we'll be.
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Watching it very closely. Richard Tang coming in from Binance.
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Thank you so much for joining us today. We appreciate it.
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Thanks for having me.
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If you like this video, hit like and subscribe, drop
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a comment down below, and also join our free private
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