Richard Teng: The trading volume of stablecoins has surpassed that of Visa, but the 65% first-time experience churn rate of Web3 products remains a key challenge Foresight News reported on site that Richard Teng, co CEO of Binance, stated at the "2026 Hong Kong Web3 Carnival" roundtable forum that he has been in the financial services industry for nearly 32 years. By today's standards, traditional infrastructure such as SWIFT networks and correspondent banks are "extremely outdated". Bank transfers usually take two to three days to arrive, and cross-border remittance rates are usually around 6.5%. According to World Bank research, small remittance rates can even reach as high as 11%; Stablecoins, on the other hand, complete transfers instantly based on blockchain technology, with fees much lower than 1%. Since the enactment of the GENIUS Act in the United States last year, stablecoin trading volume has grown by over 70% year-on-year, surpassing Visa, and market value has increased by over 50% year-on-year. After the United States takes the lead, other jurisdictions must follow suit, and Hong Kong's issuance of stablecoin licenses last week is one example. \The industry is currently facing two major challenges: firstly, regulatory clarity, which is gradually being implemented in various regions around the world; The second is the user interface. Currently, about 800 million people worldwide have been exposed to encrypted assets in some form, but only 30 to 40 million people are truly active on the chain. The churn rate of Web2 website users after their first use is about 5% -10%, while Web3 products can reach as high as 65%. Stablecoins and tokenized deposits (such as the direction being experimented with by JPMorgan Chase) allow corporate treasurers to obtain certainty in cross-border settlements at extremely low costs, and the speed and efficiency of capital flow far exceed the past. The industry is still in its very early stages and will show a very strong growth trend in the future