The first day of the Binance Blockchain Week Dubai 2025 saw a star-studded afternoon panel, comprising Lily Liu, President of Solana Foundation, Brad Garlinghouse, CEO of Ripple, and Richard Teng, co-CEO of Binance. Dan Murphy, a correspondent and anchor at CNBC, moderated the panel.
The three leading industry voices had a session full of bits of wisdom and raw insights that spanned across cryptocurrency regulations, the rise of crypto exchange-traded funds (ETFs), the future of stablecoins, and what it will take to onboard the next billion users to the crypto industry.
Crypto industry has come of age
Teng set the tone for the high-profile session, opening with the statement, “the best is yet to come.” Garlinghouse remarked, “I don’t remember being this optimistic in the last few years.”
Liu chimed in, saying that the crypto industry has grown out of the speculation phase. She claimed that the world is now seeing real-world applications and that it’s no longer just about speculation.
The Solana Foundation President also commented on the crypto market’s recent strides, saying:
You’re going to have non-linear ups and non-linear downs.
Crypto ETFs to rise in popularity
The conversation then pivoted toward the rising institutional adoption of cryptocurrencies. Specifically, the emergence of digital asset treasuries (DAT). Answering Murphy’s question about whether the ETF moment was overhyped, Garlinghouse said, “Definitely no.”
He added that the major roadblock to ETF approval in the US was the hostile nature of the Joe Biden administration toward the industry. Referring to the success of XRP ETFs, Garlinghouse noted that in the last 1-2 weeks, more than $700 million has flown into spot XRP ETFs.
He added that currently, crypto ETFs represent only 1-2% of the total global ETF market, and this proportion is only likely to increase in the coming years.
Stablecoin ecosystem to mature over the coming years
Teng discussed the importance of the GENIUS Act which has brought clarity to stablecoin regulation in the US. He predicted that in the future, major e-commerce companies like Amazon can play an important role in bridging the gap between digital assets and merchants.
Garlinghouse shared his thoughts on the advantages of stablecoins saying that they can operate around the clock without any hindrance. He added that they are easier to manage than cash, and highlighted how Ripple’s recent stablecoin – RLUSD – now has a market cap of more than $1 billion. Liu remarked that the “value proposition of stablecoins is very clear.”
Concluding the panel – bringing the next billion people
Teng brought the panel discussion to a close, saying that Binance’s ambition is to onboard the next 1 billion users in crypto.
He remarked that today, Binance is one of the most regulated entities in the world, and the key to attracting the next billion people to crypto is by addressing some of the most pressing issues facing the people, including getting forcefully de-banked.
