Foreign media reports that Binance founder Changpeng Zhao is currently promoting stablecoins and stock tokenization solutions to more countries. He stated that he has met with leaders and regulators from some Asian countries to discuss how to leverage blockchain technology to expand the use of their local currencies and attract global investors to participate in their stock markets.

The focus of the promotion has shifted to stock tokenization.

The article states that this reflects a shift in the focus of the crypto industry's promotion. Early discussions concentrated on stablecoins, primarily emphasizing their role as a substitute in environments of currency volatility and inflation. With the rise of tokenization, platforms and industry figures are beginning to shift their focus to the on-chain circulation of traditional financial assets such as stocks and ETFs.

Bitget CEO Gracy Chen expressed a similar view. She believes that the previous crypto narrative emphasized serving those not covered by the banking system, while the next phase may shift towards providing investment access for those not covered by the brokerage system. Whoever develops the relevant infrastructure first will have a greater chance of attracting cross-border capital.

Binance bets on global liquidity gateway

Tokenized assets typically map traditional assets such as stocks and ETFs onto the blockchain, enabling them to be held and traded on-chain. The article mentions that Binance predicts this trend could attract 300 million new users and generate over $2 trillion in liquidity through crypto super-apps over the next five years.

Changpeng Zhao's core judgment is that if more and more countries issue their own currency stablecoins and promote the on-chaining of their domestic stocks, ultimately a global trading venue with deep liquidity will still be needed to handle the trading demand. In this vision, Binance hopes to become the main entry point.

Progress on EU licenses remains hampered.

However, the article also notes that not all tokenized assets possess the same rights. Some products are merely synthetic exposures and may not grant holders the same rights as traditional shareholders. This means that the actual rights available to tokenized shares can vary significantly across different jurisdictions and product structures.

Meanwhile, Binance's own regulatory situation could also slow down this expansion plan. The report mentions that Binance's progress in obtaining an EU MiCA license has stalled, with the European Central Bank reportedly blocking its access to the EU regulatory framework via the Greek route. If this situation continues, Binance's business development in the EU market may be limited.

With the MiCA deadline approaching in July, some users may be forced to switch to regulated platforms such as Kraken. Binance CEO Richard Teng stated that the company remains committed to obtaining a MiCA license, but its tokenized equity strategy could face further pressure if major markets outside the EU, such as the UK and the US, also increase scrutiny.