Binance founder Changpeng Zhao said cryptocurrencies may be entering a modern phase shaped by AI agents, real-world tokenized assets, stablecoin competition and a more favorable regulatory environment in the United States. Interview for ARK Invest information podcast along with Cathie Wood and Lorenzo Valente, CZ argued that the industry is evolving faster than many established financial firms can be prepared.

CZ said that some parts of cryptocurrencies have developed differently than he expected. Payments have been slower to reach the mainstream, he said, even though crypto cards have made it easier to spend digital assets indirectly. Institutional participation in the U.S., meanwhile, accelerated faster than expected, helped by what he described as a “180-degree turn” in the country’s approach to cryptocurrencies.

“I was very surprised by the 180-degree turn in the US,” said CZ. “I think that shows the strength of the constitution, right? So you can change presidents every four years, and even if there comes a period where you have a repressive regime, you can change it quite quickly.”

He argued that the previous regulatory environment in the US had pushed many developers away from utility-oriented applications towards memecoin, leaving the market with fewer modern, robust crypto products than he expected. He said that in the context of more pro-crypto policies, the industry could start to fill that gap.

AI Agents and Stablecoins Could Boost Demand for Cryptocurrencies

One of CZ’s sharpest claims involved the overlap between cryptocurrencies and artificial intelligence. He said AI agents will likely transact much more frequently than humans and will naturally prefer cryptographic buses over slower established systems.

“AI agents will complete 10,000 times more transactions than humans can complete,” CZ said. “And the AI ​​will use cryptocurrencies. It will not use Swift or Visa cards.”

He also said that artificial intelligence could accelerate cryptocurrency development itself, from application design to wallet security and blockchain performance. While he didn’t say AI could completely replace programmers, he did say the technology could “significantly help with the speed of writing code.”

Stablecoins are another area where CZ said the market has exceeded its previous expectations. He described them as initially appearing to be a short-lived bridge for traders seeking fiat value during volatile periods. Instead, stablecoins have become one of the main elements of the cryptocurrency market structure.

CZ said he personally believes that stablecoin issuers should be able to pass on profits to users, although he acknowledged that there is regulatory resistance in some markets. He also argued that stablecoin issuers and cryptocurrency exchanges should hold reserves one-to-one rather than replicate the fractional reserve model used by banks.

“Cryptocurrency exchanges and stablecoin issuers should maintain a one-to-one peg and maintain a 100% reserve,” he said. “But there are ways to generate profits even if you do. And for those profits that we do generate, I encourage companies to pass them on to their users.”

Tokenized assets Ant “Exchange of Everything”

CZ also pointed to the rapid growth of established tokenized assets on cryptocurrency exchanges. He said Binance had listed gold about two months earlier and had already become “the largest gold trading venue outside of traditional markets,” with gold accounting for about 10% of futures trading volume on the platform. Binance also listed crude oil on the exchange, which it described as part of a broader convergence between established finance and cryptocurrency platforms.

The former Binance CEO said he now expects exchanges to compete toward “everything exchanges,” spanning cryptocurrencies, commodities, prediction markets and potentially other asset classes. He said Coinbase and other platforms will likely pursue similar strategies.

“I think everyone wants to be a marketplace for everything,” CZ said. “Binance is trading oil and gold now, which I didn’t see even a year ago. I think Coinbase will most likely do the same, and then other exchanges will do the same.”

At the same time, CZ stated that the balance between centralized and decentralized exchanges remains unresolved. If cryptocurrency adoption expands rapidly among less technical users, centralized platforms will be the first to benefit. If self-care tools become easier and more secure, decentralized exchanges could grow faster.

CZ remains hopeful about Bitcoin

Asked about Bitcoin’s market outlook, CZ said there are two forces currently in tension: the historic four-year cycle and a more favorable environment from equities, institutions and geopolitical uncertainty. He said Bitcoin’s decline through 2026 fits a cycle pattern, but argued that institutional ETF participation could stabilize the market because gigantic allocators tend to move slowly and hold positions for years.

“I hope the worst is over,” CZ said, adding that his comments did not constitute financial advice.
For markets, the broader message was clear: CZ sees the next phase of cryptocurrencies as less narrowly defined solely by native tokens. He believes AI transactions, stablecoin incentives, tokenized assets and Wall Street’s adoption of blockchain rails could become the main battlegrounds in the next cycle.

At press time, the total market capitalization of cryptocurrencies was

Featured image created with DALL.E, chart from TradingView.com