[3 July 2025] – Richard Teng recently appeared on episode 529 of Raj Shamani’s podcast to detail the transformative role of blockchain technology in modernizing global financial infrastructure. During the episode, titled “Why Banks Are Dying: Bitcoin, Crypto & De-dollarisation Explained,” Teng outlined the Areas for improvement of traditional finance and shared strategic insights into Binance’s ongoing evolution into a comprehensive “financial super app.”
As digital assets continue to gain mainstream institutional adoption, Teng emphasized that the architecture of future financial services will be fundamentally rebuilt using blockchain and artificial intelligence, moving away from legacy models.
Addressing Cross-Border Inefficiencies and Settlement Risks
A central theme of the discussion was the friction inherent in current global financial systems. Teng highlighted the immense costs associated with traditional cross-border payments
“If you do a bank transfer cross-border, it takes two to three days and incurs huge costs,” Teng explained. ” If you look at the fees that banks charge – 6 to 7% – you are thinking of $6 to $7 billion USD that can be substantially saved and given to loved ones, families, and vendors.”
Teng also contrasted traditional equities and securities markets, which still rely on T+2 (two-day) settlement and restricted operating hours, with the 24/7 nature of cryptocurrency markets. He noted that traditional market closures expose institutions and retail investors to significant liquidity and hedging risks, whereas crypto’s “atomic settlement” provides instantaneous clearing and constant risk management capabilities.
The Rise of Stablecoins in Corporate Treasuries
The interview underscored the rapid institutional integration of blockchain technology. Teng noted that major global banks are now issuing their own stablecoins, and global financial messaging networks like SWIFT are actively exploring blockchain support.
Driven by clear stablecoin legislation in multiple jurisdictions, massive corporate treasuries are pivoting toward digital assets for capital efficiency. Teng pointed out that multinational corporations are beginning to utilize stablecoins to seamlessly transfer hundreds of millions of dollars globally on a daily basis, reducing capital lock-up, increasing capital velocity, and drastically cutting operational costs.
Binance’s Evolution into a “Financial Super App”
During the broadcast, Teng also clarified Binance’s strategic trajectory, expanding far beyond its origins as a pure cryptocurrency exchange to fulfill a broader spectrum of global financial needs.
“We are a financial super app,” Teng stated. “Beyond crypto, we offer our investors exposure and the ability to take positions across a suite of products. It’s not only crypto; it is commodities, petrochemicals, precious metals, US stocks, and pre-IPO [offerings]. We continue to believe that we need to build the best platform out there to serve all our users’ financial services needs. And that’s where we are heading.”
The full discussion is available on Raj Shamani’s podcast platforms under episode FO529.
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