CZ Confronts Stablecoin Reality: From Temporary Patch to Multi-Hundred Billion Market
Binance founder Changpeng Zhao (CZ) has admitted to missing one of crypto's biggest markets - stablecoins. In an interview, he revealed that when he was running Binance, he thought stablecoins were just a temporary patch job technology to bridge transactions between exchanges, but they've grown to over $311 billion.
Tether (USDT) leads the market with about $184 billion, roughly 60% of the sector, making it the third-biggest crypto behind only Bitcoin and Ethereum. Circle's USDC ranks second with around $77 billion.
The stablecoin boom has been driven by regulatory maturation, including the US GENIUS Act passed in July 2025, which set national rules for stablecoins. The market's rapid adoption has also been spurred by Circle listing on the New York Stock Exchange, with its shares jumping over 160% on day one.
CZ said that leaving his CEO role gave him time to study new areas he once ignored and now watches the stablecoin market more closely. He blames being too busy at Binance for missing out on this significant development in the crypto space.