We just sat down with @cz_binance for a new FYI episode. A few takeaways from our conversation with him: On the US shift: a year and a half ago, the US had effectively declared war on crypto. CZ himself served four months. Today, the US has pro-crypto regulation and institutional capital flooding in. He calls it a "180-degree turn" and credits the Constitution. On AI: CZ believes AI agents will transact 10x, 100x, even 1,000x more than humans; that they won’t use Swift or Visa to do it, but rather they're going to use crypto. This is the demand curve he believes almost no one is pricing in yet. On stablecoins: Tether is dominant, but the moat is shrinking. Now that bank access is no longer a barrier, the next wave of stablecoins competes on yield. CZ believes stablecoins should pass yield through to users. The ones that do will likely win. On the everything-exchange: Binance now lists gold and oil. Gold is roughly 10% of futures volume. Binance is one of the largest gold trading venue outside traditional markets. The line between Traditional Finance (TradFi) and crypto is dissolving in real time. On Bitcoin in 2026: we've seen the cyclical drawdown, but CZ thinks two forces could pull this recovery forward: a President focused on the stock market heading into the midterms, and institutions that buy slowly and hold for years. He's still bullish. We are too.