At the Hong Kong CryptoFi Forum, Binance founder Changpeng Zhao (CZ) offered his vision for the next chapter of crypto. His wide-ranging talk touched on stablecoins, tokenization of real-world assets, the rise of decentralized exchanges, and the role of AI in Web3 — laying out both the opportunities and challenges ahead.
Stablecoins Fueling Dollar Dominance
CZ described stablecoins as one of the most powerful tools driving U.S. dollar adoption globally. By giving people instant access to dollar liquidity across borders — without relying on traditional banks — stablecoins make the greenback more accessible than ever.
That said, he acknowledged the flip side: regulators are watching closely, and issuers must constantly prove they have the reserves and compliance in place. Still, CZ expects demand to keep climbing, especially in emerging markets where dollar access is limited.
Tokenization: Big Potential, Real Challenges
On the much-hyped idea of tokenizing real-world assets (RWAs) like real estate, gold, or bonds, CZ struck a measured tone. He agreed that the concept could revolutionize markets but pointed out current hurdles: low liquidity, regulatory gray areas, and fragmented systems that don’t yet work well together. For now, progress will be slow — but he sees tokenization as an inevitable long-term shift that could make global markets more efficient and inclusive.
DEXs Gaining Ground, But CEXs Still Vital
Turning to exchanges, CZ was candid: decentralized exchanges (DEXs) will keep attracting users thanks to their transparency and the fact that traders control their own funds. But centralized exchanges (CEXs) aren’t disappearing. They still provide the liquidity and fiat on-ramps that institutions and everyday users need. In his view, the future isn’t about choosing one over the other, but about CEXs and DEXs coexisting and complementing each other.
Digital Asset Tokenization as a Bridge
CZ also highlighted Digital Asset Tokenization (DAT) as a critical bridge between traditional finance and crypto. By bringing assets like bonds and equities onto blockchain rails, DAT could give institutional investors a safer entry point into the digital asset space. He argued this shift could help crypto move past its “alternative” label and into the mainstream financial system.
AI Meets Web3
On artificial intelligence, CZ struck a note of cautious optimism. AI is still in its early days, but its combination with Web3 could be transformative. Smarter trading tools, automated risk management systems, and decentralized content platforms are just a few of the possibilities he pointed to. While these ideas are still experimental, CZ believes the intersection of AI and Web3 has the potential to redefine how digital economies work in the years ahead.