As a newcomer to the crypto space, I have developed a strong interest in cryptocurrencies this year. This is due to the macro trend of going with the flow, as well as my past experience as a financial journalist and industry researcher.

With the tariff war initiated by Trump, the trend of global trade globalization that lasted for nearly half a century has come to an end. The sovereign-backed fiat currencies represented by the US dollar will find it difficult to maintain their previous strong hegemonic status. Decentralized cryptocurrencies are gradually moving into the mainstream.

Of course, while the trend prediction is such, the process will be relatively long and tortuous.

Latest data shows that by the first quarter of 2025, there are 659 million global cryptocurrency users, accounting for 11.8% of the global population, among which, the UAE in Asia has the highest proportion at 30.4%.

By regional distribution, Asian users are the most numerous, about 327 million, accounting for more than half of the global total, with over 100 million users in India and approximately 59 million in China (including Hong Kong, Macau, and Taiwan).

From the above data, the user base of cryptocurrencies is still relatively low, and there is a significant gap from everyday consumption scenarios.

Yesterday (April 27), I posted on Binance Square (Binance updates listing rules: strengthen penetration in traditional scenarios), briefly explaining that Binance may be adjusting its business direction -
transitioning from 'the world's largest cryptocurrency exchange' to 'the world's largest cryptocurrency ecosystem service provider'.

This judgment stems from the fact that Binance's latest user count in 2025 has reached 250 million. Binance's user base has already completed the accumulation of foundational users.

Of course, the vast majority of these users are cryptocurrency traders. To complete the entire ecosystem of cryptocurrencies, it requires penetration into everyday life scenarios to become a medium of consumption. This is the true meaning of 'currency'!

In comparison, today's cryptocurrencies, such as stablecoin USTD, are more akin to Tencent's 'Q Coin'. The scenarios are largely limited to current crypto space players. This clearly cannot be compared to fiat currencies such as the US dollar, euro, or yen, which are backed by national credit. But I have reason to believe that whether it’s Binance’s Zhao Changpeng, He Yi, or Sun Yuchen, they all hope their cryptocurrencies can become a medium of circulation like fiat currencies. Although this goal seems quite distant at the moment.

Rome was not built in a day, similarly, envisioning a magnificent future also requires gradual realization.

Let’s take a look back at the development of WeChat Pay:
In 2013, Tencent launched an upgraded version of 'Q Coin' - WeChat Pay, based on the massive user base of QQ;
In 2014, the 'Red Envelope' feature was launched, rapidly expanding the user base based on the marketing scenario of the Spring Festival Gala;
In 2019, WeChat Pay surpassed Alipay, with active users exceeding 800 million;
In 2023, monthly active users exceeded 1.3 billion, and cash usage among residents in mainland China has basically been replaced;

Returning to the previous point, Binance currently has 250 million users, which can be compared to WeChat Pay in 2014.

Sending red envelopes during the New Year is a gaming scenario, while the vast majority of Binance's 250 million users are cryptocurrency traders. To allow users to directly use the cryptocurrencies they hold, it is necessary to expand into everyday consumption scenarios to complete the ecosystem closed loop of cryptocurrencies.

Binance's latest updates on listing rules -
Binance Alpha project's fundamentals and performance indicators:
Consumer products, infrastructure projects, and other non-meme projects
Business model: a viable business model with a clear growth path and profit prospects
Industry relevance: relevance to popular cryptocurrency themes and emerging narratives

My personal interpretation is that Binance's move is to expand consumption scenario projects and capital players at the front end. Once this accumulation is completed, the 'cryptocurrency ecosystem closed loop' will also be achieved.

The above is my personal view as a newcomer to the crypto space. I look forward to comments and critiques from industry leaders.