CZ: Tokenization and Corporate Treasuries Boost Crypto Adoption, but Risks Linger
HONG KONG — Binance founder Changpeng “CZ” Zhao says the integration of crypto into equity markets and the rapid tokenization of real-world assets (RWAs) are reshaping the digital asset landscape, while cautioning that risks remain as the sector matures.
Speaking at the Bitcoin Asia conference, Zhao called the growing trend of public companies holding bitcoin (BTC) and other cryptocurrencies a breakthrough that opens the door to institutional capital. “In the U.S., 90%–95% of money is managed by institutions. Until ETFs and treasury companies, those players couldn’t participate in crypto in a large way,” Zhao said.
Tokenization Momentum
Zhao highlighted the accelerating push to tokenize assets such as stablecoins, U.S. Treasury bills, commodities, and real estate — a development that is funneling “hundreds of millions and billions” into crypto markets. “We’re going both ways. Equity markets now have access to crypto, and we’re bringing real-world assets into crypto. This is fantastic,” he said.
Caution on Overreach
Despite his bullish outlook, Zhao warned that not every corporate treasury or tokenization project will succeed. Some firms may pursue bitcoin reserves to boost stock valuations, while others lack the expertise to manage diverse crypto portfolios. Failures are inevitable once the cycle turns, he said. “Right now, we’re in a bull market. But eventually, there will be a winter. Treasury companies will have to go through at least one cycle,” Zhao noted.
Volatility and Stability
Zhao argued that large-scale institutional inflows should reduce overall volatility in the long term. “The larger the market cap, the less volatility it has. A bigger ship is more stable,” he said. However, he acknowledged that equity markets’ speculative nature could amplify short-term price swings.
Beyond Bitcoin
While bitcoin remains the cornerstone of treasury strategies, Zhao pointed to growing adoption of other assets, including a recently launched BNB-focused treasury company. He cautioned, however, that newer tokens carry higher risks, while established ones are more reliable.
For Zhao, the fusion of traditional markets and crypto — from ETFs to tokenized RWAs — represents a long-term positive shift. Still, he urged investors to tread carefully: “Not every treasury company will multiply in value. Investors need to understand the risks, evaluate carefully, and be prepared for cycles.”
