Binance CZ Advocates for Zero-Fee Stablecoins to Cut Remittance Costs

Binance co-founder Changpeng 'CZ' Zhao visited Manila for the ASEAN Tech Summit, where he spoke about stablecoin economics and remittance fees. According to Zhao, overseas Filipinos send around $35 billion in annual remittances, with traditional money transfer fees consuming between 3% and 10% of those transactions.

Zhao advocated for zero-fee or near-zero-fee stablecoin models to reduce cross-border transaction costs. He cited the example of BNB Chain, where most stablecoin transactions are already feeless.

In terms of sustainability, Zhao likened the model to free internet services supported by other revenue streams. 'In today's world, you can offer certain services for free, but you can make money somewhere else,' he said.