Binance Co-CEO Richard Teng: Fundamentals Have Never Stopped Growing
Richard Teng posted in response to "What is happening in crypto now," listing four points he claims: the total locked value of stablecoins is still rising; smart money continues to accumulate Bitcoin; the tokenization of real-world assets has exceeded $30 billion and is expected to expand further; monthly trading volume of stablecoins is $7.2 billion, surpassing many payment networks. The conclusion is that fundamentals have never stopped growing.
These four points did not include original tables or timestamps in the post, representing executive commentary rather than an audited disclosure. Binance's semi-annual report previously stated that the supply of stablecoins would be around $311 billion by the end of the first half of 2026, with some months experiencing declines; the exchange's stablecoin reserves returned to near the beginning of the year after fluctuations in the first half. The statistics for RWA tokenization vary significantly depending on whether government bond funds and private credit are included, with $30 billion being the lower limit narrative he chose.
The $7.2 billion monthly payment volume, when compared to card organizations measured in trillions, refers to specific slices of stablecoin settlements, not the total processing amount for Visa for the year. The accumulation of Bitcoin by smart money also did not provide a list of addresses or net inflows from exchanges, requiring on-chain annotations for verification. The function of the post is to shift the price sentiment from "what happened" to "the pipeline is still expanding."
Teng simultaneously oversees one of the largest liquidity pools for spot and derivatives trading globally, with stablecoins and tokenized products serving as the fuel for deposits and trading on his exchange. The choice of metrics aligns with the platform's balance sheet: as long as stablecoins are alive, deposits will thrive; as RWA grows, the variety will increase.
Mechanically, this uses traffic indicators to hedge against candlestick charts. The narrative being sold is "industry stagnation," while the buying narrative is stablecoin settlements and tokenization expansion. Funds continue to rotate between stablecoins, Bitcoin accumulation, and tokenized government bonds; the beneficiaries are the settlement layer and large exchanges, while those under pressure are traders who only look at altcoin prices and perceive quietness as a disappearance of fundamentals.
The four indicators from executives do not equate to overall market profitability, nor do they indicate that the altcoin season has returned.
Source: Public Information
ABAB AI Insight
Teng reframed the question from "Why is the coin price stagnant" to "Is the pipeline still growing?" The locked value and settlement volume of stablecoins are like a blood test for the exchange, while smart money accumulating Bitcoin is reclassifying volatile assets as reserves, and RWA is moving traditional financial tickets into the same matching system. The four points do not mention user losses, regulatory fines, or the depletion of altcoin liquidity, as those are not parts he wants to sell.
The capital path is: stablecoins are deposited in exchanges and on-chain accounts, Bitcoin is marked as institutional inventory, and tokenized assets provide new targets for perpetual and collateral. Binance already holds a significant share in RWA perpetuals, and the pipeline is thickening primarily in its order book. The $7.2 billion monthly volume selectively compares crypto settlements with payment networks to demonstrate that the orbit has expanded.
Similar rhetoric is used by cloud vendors when stock prices are stagnant, discussing billing and token usage. Crypto trading is in a control phase: prices can rest, but the settlement layer cannot; whoever controls the stablecoin and tokenization entry points will collect rent during the sideways market.
This represents a transfer of pricing power. The mechanism defines fundamentals as a pipeline rather than a quote; the owner of the pipeline has the right to declare that the industry is still growing, while the holder of the quote can only ask why their accounts haven't increased.
ABAB News · Cognitive Law
Prices may rest, but the pipeline can still report growth
As long as stablecoins are alive, exchanges will continue to cash in
Fundamentals are determined by who has the right to choose which four numbers