Latest / The Paul Barron Crypto Show / Tokenized Supercycle Begins🔥BNB RWAs Flip Solana?🚨

Transcript

Tokenized Supercycle Begins🔥BNB RWAs Flip Solana?🚨 · The Paul Barron Crypto Show

• 0:00
  Speaker 1: A tokenized super cycle may be in the wings, and
• 0:02
  Speaker 1: of course, one of the leaders of that could be Binance.
• 0:05
  Speaker 1: So today, it's going to be a good one. We'll
• 0:06
  Speaker 1: have an interview for you. Before we get started, I
• 0:10
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• 0:11
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• 0:14
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• 0:17
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• 0:20
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• 0:27
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• 0:31
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• 0:34
  Speaker 1: just to get started.
• 0:35
  Speaker 2: So get going.
• 0:37
  Speaker 1: We've got Richard Tang, who is the co-CEO over at Binance,
• 0:40
  Speaker 1: coming in on the show today.
• 0:41
  Speaker 2: How are you, Richard?
• 0:42
  Speaker 3: Thanks for having me on the show, Paul.
• 0:44
  Speaker 2: Excellent.
• 0:45
  Speaker 1: So I want to kind of hit off with a few, first,
• 0:48
  Speaker 1: a few news items that hit. One of them, of course,
• 0:51
  Speaker 1: was BNB Chain is now joining MasterCard's crypto partner program.
• 0:56
  Speaker 2: This is going to be a big deal.
• 0:57
  Speaker 1: MasterCard, very active in the space and continuing to expand
• 1:01
  Speaker 1: their digital asset plan, including on and off ramps.
• 1:05
  Speaker 2: Can you talk to me a little bit about what's
• 1:07
  Speaker 2: happening here?
• 1:09
  Speaker 3: Well, so, you know, as with our space, right, we
• 1:14
  Speaker 3: want to make sure that the journey is as smooth,
• 1:16
  Speaker 3: as integrated as possible for all the users globally. And,
• 1:20
  Speaker 3: you know, things like fiat on off ramp, things like
• 1:23
  Speaker 3: card providers are extremely critical. users want all these products,
• 1:27
  Speaker 3: and we are here to really support our users on
• 1:30
  Speaker 3: that front. Today, Binance has more than 300 million users globally,
• 1:34
  Speaker 3: spanning the globe. Our goal is to reach 3 billion users,
• 1:39
  Speaker 3: and we are building a financial support app on that front.
• 1:42
  Speaker 3: So people know us initially as a crypto platform, but
• 1:45
  Speaker 3: today we offer a consolidated platform for trading, for payments,
• 1:49
  Speaker 3: for savings, and for access to global markets and much
• 1:51
  Speaker 3: more than that. So this part of that journey, where
• 1:55
  Speaker 3: a user doesn't want fragmented financial services. They want integrated services.
• 2:00
  Speaker 3: And that's part of Go to provide that to them.
• 2:02
  Speaker 2: Well, kind of an all-in-one.
• 2:04
  Speaker 1: This is something that we're seeing from the stateside competitors
• 2:08
  Speaker 1: you have, including Coinbase, Robinhood, obviously doing it very actively.
• 2:13
  Speaker 1: You guys, though, are kind of going in to become
• 2:16
  Speaker 1: the liquidity hub beyond crypto, because now you're getting into, obviously,
• 2:20
  Speaker 1: RWA per volume.
• 2:22
  Speaker 2: Which is absolutely exploding.
• 2:24
  Speaker 1: And when you look at just the growth that you've
• 2:26
  Speaker 1: had here, I'll go to some of the guys who
• 2:28
  Speaker 1: are listening on the audio podcast, Binance's Bitcoin PERP liquidity,
• 2:32
  Speaker 1: 1% of mid-price, $ 536 million in 2025. Now tokenized RWA's
• 2:34
  Speaker 1: grew from around $ 5. 5 billion in 2025 to $ 25 billion
• 2:35
  Speaker 1: here in mid-26, so not even year-end. And also the
• 2:37
  Speaker 1: RWA PERP volume jumped from 0.23 billion now to 347 billion.
• 2:50
  Speaker 1: So these are big moves. When you look at this
• 2:54
  Speaker 1: along with what's happening globally, how big is this market overall?
• 2:58
  Speaker 2: Where do you think this is heading?
• 3:01
  Speaker 3: Well, I think we're just at the beginning, right? So,
• 3:03
  Speaker 3: I mean, if you look at our TREP5 products, our
• 3:05
  Speaker 3: TREP5 perpetuals, we just started to introduce them at the
• 3:08
  Speaker 3: beginning of the year. Initially, it was just on commodities.
• 3:11
  Speaker 3: And then subsequently, we rolled them out on things like
• 3:14
  Speaker 3: US stocks. And we started then to introduce pre-IPO perpetuals, right?
• 3:18
  Speaker 3: So trading the likes of SpaceX, Entropic, etc. And, you know,
• 3:23
  Speaker 3: the beauty of it is like, unlike many other platforms,
• 3:27
  Speaker 3: unlike many other exchanges that only trade eight hours a day,
• 3:30
  Speaker 3: that have huge liquidity risk. If you think about it,
• 3:33
  Speaker 3: they only trade one third of the day, weekend, they're
• 3:37
  Speaker 3: not trading holidays, they're not trading. And, you know, but
• 3:40
  Speaker 3: new cycle happens all the time, geopolitical risk, earning results, etc.,
• 3:46
  Speaker 3: But people have no access to market in those timing.
• 3:50
  Speaker 3: They can't take positions. They can't hedge their positions. They
• 3:54
  Speaker 3: can't close off. They can't do different structuring. And those
• 3:58
  Speaker 3: impose huge, huge risk for any investors and any traders,
• 4:01
  Speaker 3: especially institutions and corporates, as well as retail. So our
• 4:05
  Speaker 3: product offers them a totally different experience. We're open on
• 4:10
  Speaker 3: a 24-7 basis. The training doesn't stop. And there's huge
• 4:15
  Speaker 3: trading and people have the perception that, you know, for example,
• 4:18
  Speaker 3: US stocks outside US trading hours, you're going to see
• 4:21
  Speaker 3: a huge drop off in terms of trading volume. That's
• 4:23
  Speaker 3: not true actually. So things like BSTOPS, you know, for
• 4:27
  Speaker 3: our tokenized US securities that trade 24-7 and users can
• 4:33
  Speaker 3: take them off the platform to their own wallet, deploy
• 4:36
  Speaker 3: them in DeFi, etc. There are significant tradings on those
• 4:41
  Speaker 3: even off US hours. and during weekends, right? So we
• 4:46
  Speaker 3: are very encouraged, but I think we are just at
• 4:48
  Speaker 3: the beginning. And we are really in that space, right?
• 4:52
  Speaker 3: So if you look at the volumes and you look
• 4:54
  Speaker 3: at the market share of ours on that front, people
• 4:56
  Speaker 3: go to the deepest liquidity market and we represent that.
• 5:02
  Speaker 3: So we will continue to.
• 5:04
  Speaker 1: Yeah, and I think traditional investors are kind of going
• 5:07
  Speaker 1: to this direction as well. They're starting to shift into
• 5:10
  Speaker 1: the perp market quite a bit. We see this just
• 5:13
  Speaker 1: in our own audience in terms of the activity in
• 5:15
  Speaker 1: these markets and what the potential is for sure.
• 5:18
  Speaker 2: So I would agree with you, very beginning. Let me
• 5:21
  Speaker 2: ask you this, Richard.
• 5:22
  Speaker 1: When you look at what's going on in D.C. and
• 5:26
  Speaker 1: with the Clarity Act, here recently there has been a
• 5:29
  Speaker 1: lot of signaling from the CFTC and the SEC saying, listen,
• 5:34
  Speaker 1: we're going to get this done regardless. Since that narrative
• 5:38
  Speaker 1: that has been painted out, We've seen a slow decline
• 5:42
  Speaker 1: in the possible passage of this Clarity Act going through.
• 5:46
  Speaker 2: Here's my question to you.
• 5:47
  Speaker 1: How important is this to Binance doing something here in
• 5:51
  Speaker 1: the US?
• 5:53
  Speaker 3: Well, I would say that on a global basis, at
• 5:56
  Speaker 3: any point in time, whether there's clarity on legislation and
• 6:01
  Speaker 3: regulation is always a boost to the marketplace. So if
• 6:05
  Speaker 3: you look at what the Genius Act did to stablecoin
• 6:08
  Speaker 3: in the States and beyond, Once the US passed, you know,
• 6:13
  Speaker 3: Juniors Act, really the stablecoin growth continued to take off
• 6:17
  Speaker 3: in a big way, right? So people are much more
• 6:19
  Speaker 3: willing to deploy, much more willing to invest. You see
• 6:22
  Speaker 3: the major financial institutions all trying to adopt stablecoin, offering
• 6:26
  Speaker 3: it as a product, working with partners on that front,
• 6:28
  Speaker 3: payment services provider. And that goes beyond the US because
• 6:32
  Speaker 3: the US is such a big marketplace. It's the biggest
• 6:35
  Speaker 3: capital market in the world, largest GDP market. it has
• 6:38
  Speaker 3: outsized influence on the rest of the world. So then
• 6:42
  Speaker 3: global regulators, policymakers are forced to sit down and take notice.
• 6:47
  Speaker 3: So a big spillover effect globally. Anytime that happens, we
• 6:53
  Speaker 3: are the largest player in crypto and we are growing
• 6:57
  Speaker 3: very rapidly in the track fire space on that front.
• 7:00
  Speaker 3: We will benefit on that front. Same, I think, will
• 7:04
  Speaker 3: come from ClarityX. We hope for the passing of the
• 7:06
  Speaker 3: Clarity Act. I think that will give a lot more clarity,
• 7:11
  Speaker 3: a lot more certainty to industry players to deploy, to invest.
• 7:16
  Speaker 3: And that also forced other regulators and policymakers around the
• 7:20
  Speaker 3: world to sit down, reposition, rethink their own position. How
• 7:25
  Speaker 3: could they maintain their own competitive advantage vis-a-vis the U.S.?
• 7:30
  Speaker 3: which is now such a big proponent of crypto to
• 7:33
  Speaker 3: keep their own positioning on that front. So we do
• 7:36
  Speaker 3: hope for the passing of that. It will have spillover
• 7:39
  Speaker 3: effects all over the world and it will have positive
• 7:42
  Speaker 3: impact on industry and we will benefit.
• 7:46
  Speaker 1: Does this mean that Binance would have a bigger presence
• 7:50
  Speaker 1: in the US if Clarity goes through or even if
• 7:56
  Speaker 1: Clarity doesn't?
• 7:56
  Speaker 2: Can you give me kind of an... an estimate of
• 7:59
  Speaker 2: what your strategy might be here?
• 8:02
  Speaker 3: Well, you know, our focus at this point in time
• 8:04
  Speaker 3: is to continue to grow all product suites to make
• 8:08
  Speaker 3: it even better experience for our users, including rolling out
• 8:13
  Speaker 3: AI products on that front. You know, our user numbers
• 8:17
  Speaker 3: continue to grow exponentially. Our product suites and trading volume
• 8:20
  Speaker 3: continue to see healthy growth, especially in new products such
• 8:23
  Speaker 3: as track fire products. So we are focusing on that.
• 8:27
  Speaker 3: On the US, it's always under consideration. We always keep
• 8:31
  Speaker 3: it in close review. There's going to be a lot
• 8:36
  Speaker 3: of consideration on that front and a lot of discussion
• 8:38
  Speaker 3: internally with the board members and shareholders on that front
• 8:42
  Speaker 3: before we think what is the right opportunity for that.
• 8:46
  Speaker 3: All right.
• 8:46
  Speaker 1: Well, we're going to be seeing some big changes, I think,
• 8:48
  Speaker 1: happening here in the next 30 days. So we're going
• 8:50
  Speaker 1: to watch closely with what your strategy will play out
• 8:53
  Speaker 1: like here in the US. One thing that is for sure,
• 8:56
  Speaker 1: B-Stocks is a big strategy. You guys, of course, added $ 18. 7
• 9:00
  Speaker 1: million in market cap over the past 24 hours. Led
• 9:04
  Speaker 1: the group out there in terms of growth by issuers,
• 9:08
  Speaker 1: including over Securitize, Superstate, and Robinhood. So the biggest next
• 9:12
  Speaker 1: three issuers in general. This is a big deal with B-Stocks.
• 9:16
  Speaker 1: When you look at this and the potential for market
• 9:20
  Speaker 1: makers and also just traders to really start to navigate B-Stocks,
• 9:24
  Speaker 1: this area of what you guys are doing, how much
• 9:27
  Speaker 1: of your business do you think is going to rotate
• 9:29
  Speaker 1: into B-Stocks?
• 9:32
  Speaker 3: Well, I think it's difficult to predict. We do hope
• 9:35
  Speaker 3: all the new products that we offer see the same
• 9:38
  Speaker 3: type of robust demand. But by far, this year, most
• 9:41
  Speaker 3: of the product suite that we roll are very, very
• 9:43
  Speaker 3: popular to users. Really, because if you think about it,
• 9:47
  Speaker 3: global access remains a big problem, right? So B-Stocks offer
• 9:52
  Speaker 3: users global access to US stocks. It trades on a
• 9:56
  Speaker 3: 27 basis where available. And as I mentioned, just now,
• 10:00
  Speaker 3: demand that we are seeing is global. 73% of demand
• 10:04
  Speaker 3: actually come from emerging markets. And in many of those jurisdictions,
• 10:08
  Speaker 3: users have no access to US brokerage account. And we
• 10:12
  Speaker 3: become the de facto access for them to access all
• 10:15
  Speaker 3: these products. Not only, you know, traded stocks, but, you know,
• 10:19
  Speaker 3: pre-IPO space. And you can see the exponential growth of
• 10:24
  Speaker 3: these stocks. The round-the-clock access really is something that they
• 10:29
  Speaker 3: wish to see. And also the ease in which, you know,
• 10:32
  Speaker 3: you can transfer on-chain, off-chain. Those are very important, right?
• 10:38
  Speaker 3: So they can do it. take it off the platform,
• 10:42
  Speaker 3: deploy it into their own wallet, deploy it into DeFi.
• 10:45
  Speaker 3: It's not a tokenized stock sitting in isolation. So we
• 10:48
  Speaker 3: are seeing much more advantage to something like a B
• 10:51
  Speaker 3: stocks compared to traditional stocks. And you can combine the
• 10:55
  Speaker 3: crypto native opportunity with stock link exposure on that front
• 10:59
  Speaker 3: to do lending, your opportunities. API can range from between
• 11:04
  Speaker 3: 5% to as high as 200% depending on the DeFi strategy.
• 11:08
  Speaker 3: and no traditional brokerages offer anything close to that front.
• 11:12
  Speaker 3: So we are going to see a lot of popularity
• 11:14
  Speaker 3: around it.
• 11:16
  Speaker 1: Listen, I'm looking at the Delphi Digital research on this
• 11:19
  Speaker 1: in terms of the state of tokenized stocks. Binance, TradFi,
• 11:23
  Speaker 1: Perps right now, this is from the 1st of July
• 11:25
  Speaker 1: to the 31st, basically one month, $ 439 billion in terms
• 11:30
  Speaker 1: of volume. When you look at that kind of market potential,
• 11:34
  Speaker 1: In 24 months, what do you think this number is
• 11:37
  Speaker 1: in terms of tokenized stocks? In 24 months.
• 11:41
  Speaker 3: Well, you know, we want it to be many times that, well,
• 11:46
  Speaker 3: you never know, right? Because the pace of growth has
• 11:50
  Speaker 3: been very exponential, right? And we continue to enhance the
• 11:54
  Speaker 3: product based on user feedback, based on what we see
• 11:57
  Speaker 3: on trends. We are going beyond US stocks on that
• 12:00
  Speaker 3: front to many other marketplaces. And the type of products
• 12:06
  Speaker 3: that we offer, we're going to introduce much more products
• 12:09
  Speaker 3: across different asset class on that front. So it's going
• 12:12
  Speaker 3: to grow quite exponentially from now on. If you look
• 12:16
  Speaker 3: at the volume just month on month, it continues to
• 12:22
  Speaker 3: explode on that front. So we are very bullish on that.
• 12:27
  Speaker 3: And we are capturing a very good market size on
• 12:29
  Speaker 3: that front.
• 12:31
  Speaker 1: Well, I'm looking at last in, but scaling very fast.
• 12:34
  Speaker 1: This is just in comparison to Ando. And seeing this
• 12:38
  Speaker 1: growth and the trajectory here, this will be interesting to watch,
• 12:41
  Speaker 1: I think, for growth down the road. And if you
• 12:44
  Speaker 1: look at just RWA, tokenized stocks in general, Ando's still leading,
• 12:48
  Speaker 1: but B-Stock's now coming in number three.
• 12:52
  Speaker 2: And very close to overtaking. Yeah, number two. Yeah, well,
• 12:56
  Speaker 2: number two.
• 12:57
  Speaker 3: Okay, we'll get there. Yes. Based on the figures I have,
• 13:01
  Speaker 3: it's number two.
• 13:02
  Speaker 2: You got it at number two.
• 13:03
  Speaker 1: I'm going to say we'll give it the benefit of
• 13:06
  Speaker 1: the doubt. It's very close to number two right now.
• 13:08
  Speaker 1: It's okay.
• 13:10
  Speaker 3: But if you look at the trajectory, it's growing very,
• 13:16
  Speaker 3: very fast.
• 13:16
  Speaker 2: Oh, yeah. The trajectory is unbelievable. For sure.
• 13:22
  Speaker 1: Looking at chains, BNB also making a major move here,
• 13:26
  Speaker 1: sliding over Solana.
• 13:29
  Speaker 2: For RWA activity. And I think, again, this gets into.
• 13:33
  Speaker 1: The point you just made earlier, which is the potential
• 13:36
  Speaker 1: here of going into all of these other markets outside.
• 13:40
  Speaker 2: The United States.
• 13:41
  Speaker 1: I guess at some point, this would hypergrow if we
• 13:45
  Speaker 1: actually saw growth here in the U.S. So this is
• 13:49
  Speaker 1: going to get very competitive, I think, very quickly.
• 13:51
  Speaker 2: So I hope you guys are prepared.
• 13:55
  Speaker 3: Well, it's actually giving users much more access, much more opportunity,
• 13:59
  Speaker 3: much lower fees, and greater access to the deepest liquidity
• 14:03
  Speaker 3: pool in the world. And as you know, as with
• 14:06
  Speaker 3: any traders and any investors, when you have access to
• 14:10
  Speaker 3: the deepest liquidity pool, the bid-ask spread comes down drastically,
• 14:13
  Speaker 3: you save substantially over time, all investors, all institutions want that.
• 14:19
  Speaker 3: So hopefully we have the opportunity to do that going forward.
• 14:24
  Speaker 2: I'm going to play a clip for you.
• 14:26
  Speaker 1: This clip is in reference to the exponential growth that
• 14:30
  Speaker 1: we have seen around hyperliquid.
• 14:33
  Speaker 2: And then I want to get your opinion on this.
• 14:35
  Speaker 2: So let's take a look.
• 14:37
  Speaker 4: I mean, I cannot imagine or describe the importance of this.
• 14:41
  Speaker 4: Bringing that onshore would be the first DeFi platform that
• 14:44
  Speaker 4: we regulated onshore by the CFTC. That lays the footprint
• 14:48
  Speaker 4: for every other DeFi platform that comes in from offshore.
• 14:51
  Speaker 2: So, Scarlett, the.
• 14:54
  Speaker 4: The pitched battle we are seeing between incumbent players in
• 14:57
  Speaker 4: capital markets against these upstarts, new players that have come in,
• 15:01
  Speaker 4: whether it's folks that have been around for 10 years
• 15:03
  Speaker 4: like Coinbase, but also the upstarts like Hyperliquid. I mean,
• 15:06
  Speaker 4: that has got to be the market structure story for 2026.
• 15:08
  Speaker 3: All right.
• 15:11
  Speaker 1: So the market structure story for 2026, you've heard Selig
• 15:14
  Speaker 1: talk about this, the chairman of SCFTC trying to onshore Hyperliquid.
• 15:19
  Speaker 1: This would be the kind of explosion or maybe event
• 15:22
  Speaker 1: that that could really open these markets up, specifically around perps.
• 15:28
  Speaker 1: How much of an impact do you think that has overall?
• 15:31
  Speaker 3: Well, I'm not quite sure. I mean, if you look
• 15:34
  Speaker 3: at the news coming out, you know, CME market price
• 15:37
  Speaker 3: went down that day, CBOE went down that day. So
• 15:40
  Speaker 3: it's quite massive, right? So there's a lot of speculation
• 15:42
  Speaker 3: around it. We look at it with interest, and there's
• 15:45
  Speaker 3: also a lot of speculation in the marketplace to see whether,
• 15:49
  Speaker 3: you know, is it going KYC-less? And how are we
• 15:52
  Speaker 3: going to manage those risks? So at this point in time,
• 15:57
  Speaker 3: there's not enough information for us to go on. Would
• 16:01
  Speaker 3: that become the new form going forward where platforms don't
• 16:07
  Speaker 3: need to do KYC, KYB on the customers? Because then
• 16:12
  Speaker 3: it would have huge impact across the entire financial services.
• 16:16
  Speaker 3: But at this point in time, it's just speculation. But
• 16:19
  Speaker 3: we look at it with huge interest. There's massive speculation
• 16:22
  Speaker 3: what's going on. And what's the structure and formula to
• 16:25
  Speaker 3: take is something that everybody is going to study very
• 16:28
  Speaker 3: closely because it's going to have massive impact, not only
• 16:31
  Speaker 3: on the industry, but on a lot of traditional players.
• 16:36
  Speaker 3: They will be the most impacted. Exactly.
• 16:39
  Speaker 2: And I think the key here is what does that mean?
• 16:42
  Speaker 1: Because we may still see unbelievable growth, even if there
• 16:46
  Speaker 1: is a KYC or KYB analysis side of this. Would
• 16:50
  Speaker 1: Binance seek some sort of U.S. approval or at least
• 16:55
  Speaker 1: a compliant perpetrating platform right now through a separate registered entity,
• 17:01
  Speaker 1: possibly as a strategy coming into the.
• 17:02
  Speaker 3: U.S.? Well, we always explore in different parts of the
• 17:07
  Speaker 3: world what's the best way for entrance. So we are
• 17:10
  Speaker 3: not going to disclose what's in the marketplace. But we
• 17:14
  Speaker 3: are always deliberating what's the best strategy for us to
• 17:18
  Speaker 3: continue to expand on global footprint.
• 17:21
  Speaker 1: I want to go to the Tether audit. And when
• 17:24
  Speaker 1: you look at this, Tether, of course, passes its first
• 17:27
  Speaker 1: ever audit.
• 17:27
  Speaker 2: This is with KPMG. So that's a big deal. The
• 17:30
  Speaker 2: US is all behind this now.
• 17:32
  Speaker 1: It appears that we've got US involvement when you look
• 17:35
  Speaker 1: at Cantor Fitzgerald's positioning with Tether. And overall, when you
• 17:41
  Speaker 1: see Tether globally, which obviously is a huge part of
• 17:44
  Speaker 1: their crypto community, how do you think this affects not
• 17:49
  Speaker 1: only Binance, but in general, broader crypto globally with this
• 17:53
  Speaker 1: audit coming in?
• 17:55
  Speaker 3: It's a big positive, right? So anytime we can continue
• 17:59
  Speaker 3: to instill trust, build trust, give transparency, clarity to the marketplace,
• 18:05
  Speaker 3: all those things by any players within crypto is a
• 18:09
  Speaker 3: big positive to our industry, right? So for instance, there
• 18:13
  Speaker 3: are a lot of things that Binance do to introduce transparency.
• 18:17
  Speaker 3: before the rest does it. So things like proof of reserve,
• 18:21
  Speaker 3: we push it out, showing our users that assets are
• 18:24
  Speaker 3: always back one-to-one basis. And we have been pushing regulators
• 18:27
  Speaker 3: to say that's the best practice to go. Not many
• 18:31
  Speaker 3: global exchanges does that. But that's our move to really
• 18:36
  Speaker 3: instill greater transparency, greater trust into the ecosystem. Anytime we
• 18:41
  Speaker 3: can do that, as industry players, as stakeholders is a
• 18:45
  Speaker 3: big positive for all of us.
• 18:48
  Speaker 1: Richard, I'm looking at Tether's positioning right now with gold.
• 18:53
  Speaker 1: And you could look at USAT. You could also look
• 18:56
  Speaker 1: at what we've seen with Paxos in terms of growth.
• 19:01
  Speaker 2: Tokenized gold is a real thing now.
• 19:02
  Speaker 1: Do you think we're at a position right now where
• 19:05
  Speaker 1: tokenized gold versus Bitcoin adoption could start to shift? and
• 19:10
  Speaker 1: we could see more and more players going into tokenized gold?
• 19:13
  Speaker 1: Or do you think Bitcoin will still be the asset
• 19:16
  Speaker 1: of choice?
• 19:18
  Speaker 3: I mean, for people that have been in the industry
• 19:21
  Speaker 3: long enough, I do think that all of us believe
• 19:25
  Speaker 3: very strongly in Bitcoin on that front. I think tokenized
• 19:29
  Speaker 3: gold is, in my view, a superior, far superior option
• 19:34
  Speaker 3: than holding physical gold. Because if you hold physical gold,
• 19:37
  Speaker 3: you know, custody fees. Yeah. you are shipping free if
• 19:42
  Speaker 3: you want to hold a gold. There are many of
• 19:45
  Speaker 3: those costs involved. Whereas tokenized gold is much more liquid.
• 19:49
  Speaker 3: You can transact it and do many other structuring around it.
• 19:54
  Speaker 3: So it's a superior form compared to physical gold. But
• 19:58
  Speaker 3: I don't think it's a comparison to Bitcoin. They are
• 20:01
  Speaker 3: totally different comparisons. I like it.
• 20:04
  Speaker 2: You guys have some big stuff happening. Blockchain is becoming... Yeah,
• 20:10
  Speaker 2: coming in soon. Talk to me a little about what
• 20:12
  Speaker 2: you're going to do there.
• 20:13
  Speaker 1: Anything specific or in terms of possible releases? Is there
• 20:17
  Speaker 1: going to be a track there that we need to
• 20:19
  Speaker 1: be paying attention to from the media side that's happening
• 20:22
  Speaker 1: in November?
• 20:24
  Speaker 3: There's always interesting things. So do join us for Binance
• 20:27
  Speaker 3: Blockchain Week, which we're going to hold in Bangkok towards
• 20:30
  Speaker 3: the end of November. You know, we have all the
• 20:34
  Speaker 3: big global speakers joining us. We have developers, our community. builders,
• 20:39
  Speaker 3: investors coming together. Now, it's going to be fun for you.
• 20:43
  Speaker 3: It's going to be very insightful. We're going to make
• 20:45
  Speaker 3: announcements on that front, not only ourselves, but I believe
• 20:50
  Speaker 3: all the other important speakers joining us may use that
• 20:52
  Speaker 3: platform to announce it. We are bringing it back to
• 20:55
  Speaker 3: Asia this year. So it's continued to be a celebration
• 20:59
  Speaker 3: of how far crypto has come. And in this, not
• 21:04
  Speaker 3: only in the crypto space, but in terms of financial landscape.
• 21:07
  Speaker 1: Yeah, well, it's good to see it back in Asia
• 21:10
  Speaker 1: because I think you have so many developers and I
• 21:13
  Speaker 1: think opportunities, especially correlated to Binance over there.
• 21:17
  Speaker 2: So you're right.
• 21:18
  Speaker 1: I think we may get some big releases there during
• 21:20
  Speaker 1: that event.
• 21:22
  Speaker 2: So we'll be.
• 21:22
  Speaker 1: Watching it very closely. Richard Tang coming in from Binance.
• 21:25
  Speaker 1: Thank you so much for joining us today. We appreciate it.
• 21:29
  Speaker 3: Thanks for having me.
• 21:37
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• 21:39
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• 21:42
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• 21:43
  Speaker 2: The link is in the description.