Binance Is Reportedly Weighing a Return to the U.S. as Changpeng Zhao Regains Influence
Binance is quietly weighing a return to the United States, a move that would mark one of the most significant attempted comebacks in modern crypto history. At the center of the renewed push is co-founder Changpeng Zhao (CZ), whose recent presidential pardon has reshaped internal discussions and reopened doors that had long been considered shut. According to reporting by Bloomberg, Binance executives are exploring pathways to relaunch Binance.US, the exchange’s American subsidiary that once commanded a sizable share of the U.S. crypto trading market before regulatory pressure forced it into retreat. While no formal announcement has been made, the internal momentum signals a shift in tone for a company that, until recently, appeared resigned to operating outside the world’s largest financial market. Key Takeaways A Comeback Fueled by Political and Regulatory Shifts The renewed interest in the U.S. comes after CZ was pardoned by U.S. President Donald Trump in October, a development that has had both symbolic and strategic implications for Binance. Zhao, who pleaded guilty in 2023 to failing to maintain effective anti-money-laundering controls, was barred under the plea agreement from holding any official or informal management role at Binance. That restriction technically remains, but the pardon has revived his public profile and influence. Although Zhao no longer holds a title at the exchange, he continues to shape its strategic direction. Speaking earlier this month at Binance Blockchain Week, he made clear where his focus lies, stating: “It is my full attention to help make America the capital of crypto.” He also described the United States as an “emerging market” for Binance, a phrase that underscored both the opportunity and the regulatory distance the company must still navigate. The timing is not accidental. U.S. regulators, including the Securities and Exchange Commission, are gradually moving toward clearer rules for digital assets. While enforcement actions remain a feature of the landscape, industry executives increasingly see a path toward compliance rather than outright exclusion. The Ownership Question Looms Large One of the most sensitive issues surrounding Binance’s U.S. ambitions is Zhao’s ownership stake. CZ is widely believed to hold a controlling share in Binance, and that concentration of ownership has long been viewed by regulators and state authorities as a barrier to approving licenses. Sources familiar with the discussions suggest that Binance is considering a recapitalization strategy for Binance.US, which could include Zhao relinquishing or significantly reducing his stake. Such a move would be designed to ease regulatory concerns and create distance between the U.S. entity and the company’s founder. This would represent a major concession for Zhao, whose control has been central to Binance’s rapid global expansion. But insiders argue that without a restructuring of ownership, Binance.US may struggle to regain approval in key states that revoked or declined licenses during the exchange’s earlier legal battles. Rebuilding Binance.US From the Ground Up Before its operations effectively shut down two years ago, Binance.US controlled roughly 35% of the U.S. crypto exchange market. Today, that figure stands at zero. Rivals have absorbed much of the liquidity and user base that once defined Binance’s American footprint, making any return both urgent and uncertain. To support a relaunch, Binance has restructured its leadership at the global level, appointing Yi He and Richard Teng as co-CEOs. Teng, a former regulator, is widely seen as the public face of Binance’s compliance-first approach, while Yi He is tasked with reshaping user experience and internal operations. As part of the reboot, Binance is reportedly exploring fresh capital injections into Binance.US. This recapitalization could bring in U.S.-based partners with strong institutional credibility, helping the exchange regain trust among regulators and users alike. Among the names circulating are BlackRock and World Liberty Financial (WLFI), though no confirmations have been made. Even speculative ties to such firms signal a clear intent: Binance wants its U.S. arm to look and operate less like a renegade offshore exchange and more like a conventional financial platform. Political Signals and Strategic Alliances Adding another layer to the story is Binance’s apparent openness to politically connected partnerships. The exchange has reportedly explored links to USD1, a stablecoin associated with Trump-aligned crypto interests. While details remain sparse, the discussions point to Binance’s growing awareness that success in the U.S. requires not just legal compliance but political alignment. Supporters of Binance’s return argue that pending market-structure legislation could eventually smooth the path for exchanges that were previously sidelined. Such legislation is intended to clarify the roles of federal and state regulators, potentially resolving conflicts that have left companies like Binance caught in regulatory limbo. For now, however, that bill remains stalled amid political disagreements, leaving Binance to navigate a fragmented regulatory environment state by state. A Cautious Silence From Binance Despite the swirl of speculation, Binance itself has remained publicly cautious. A company spokesperson declined to engage with the reports, stating that Binance “cannot comment on hypothetical storylines” and adding that “none of these speculative scenarios reflect accurate facts.” That silence is consistent with Binance’s recent communication strategy, which has favored restraint over confrontation following its multibillion-dollar settlement with U.S. authorities. The company paid hefty penalties to resolve federal charges, a settlement that allowed it to continue operating globally but left its U.S. future unresolved. The Stakes of a U.S. Return A successful relaunch of Binance.US would be a watershed moment for the crypto industry. It would signal that even the most aggressive global exchanges can find a path back into the U.S. market after regulatory violations, provided they are willing to restructure governance, ownership, and compliance systems. Failure, on the other hand, would reinforce the view that the U.S. remains inhospitable to offshore crypto giants, regardless of political shifts or leadership changes. For Zhao, the stakes are deeply personal. While he may never return to a formal leadership role, a revived Binance.US would cement his legacy not just as a builder of the world’s largest crypto exchange, but as a figure capable of steering it through its most severe crisis. For now, Binance’s U.S. comeback remains a
YouTube Now Lets Eligible U.S. Creators Receive Payouts in PayPal’s $PYUSD Stablecoin
YouTube has quietly rolled out one of its most meaningful monetization updates in years, allowing eligible U.S.-based creators to receive earnings in PayPal USD (PYUSD), a dollar-backed stablecoin. While there was no high-profile announcement or product launch event, confirmation from PayPal and Google makes clear that this is a deliberate and strategic move rather than a limited test. The update gives creators the option to receive payouts tied to a stable digital dollar instead of relying solely on traditional bank transfers. In practical terms, this positions YouTube among the first global consumer platforms to enable stablecoin payouts at scale, signaling that blockchain-based settlement is beginning to show up in everyday income flows, not just trading desks or crypto-native platforms. For creators, the change introduces new flexibility. For the payments industry, it underscores how stablecoins are moving closer to the center of mainstream financial infrastructure. Key Takeaways How the New PYUSD Payout Option Works Despite the headline, YouTube itself is not handling cryptocurrency directly. The platform continues to pay creators through its existing AdSense and PayPal payout system. The difference comes after funds arrive at PayPal. Eligible creators in the United States can now opt to have their earnings converted into PYUSD within PayPal’s ecosystem. From there, they can choose to hold the stablecoin, convert it back into U.S. dollars, spend it where supported, or transfer it into compatible crypto environments. As PayPal’s Head of Crypto, May Zabaneh, explained in an interview with Fortune: “The beauty of what we’ve built is that YouTube doesn’t have to touch crypto and so we can help take away that complexity.” This structure allows YouTube to offer a crypto-linked payout option without assuming custody risk, regulatory exposure, or on-chain operational burdens. PayPal manages the conversion, wallet infrastructure, and compliance, while YouTube simply enables the option within a system it already uses. A Google spokesperson confirmed that the feature is live as of December 2025 but declined to share adoption figures or details about future international expansion. Why PayPal’s PYUSD Was the Logical Choice PYUSD is issued by Paxos Trust Company and was launched by PayPal in August 2023. Each token is backed one-to-one by U.S. dollar deposits, short-term Treasury bills, and cash equivalents. Paxos publishes monthly reserve reports, and the stablecoin is regulated by the New York State Department of Financial Services. That regulatory positioning matters. Unlike many stablecoins that gained traction primarily through crypto exchanges, PYUSD was designed as a payments instrument from the start. Its deep integration with PayPal and Venmo gives it immediate utility across a large consumer and merchant network. By December 2025, PYUSD’s circulating supply had climbed to roughly $3.9 billion, up from about $1.2 billion just three months earlier. This rapid growth has made it the sixth-largest stablecoin globally, with most tokens circulating on Ethereum and Solana. For YouTube, PYUSD offers a stablecoin that already fits within a regulated payments framework and avoids the reputational and compliance risks that come with less established alternatives. What Creators Gain and What They Don’t The primary benefit for creators is optionality. Traditional ACH transfers can take days to settle, while PYUSD transactions are nearly instant once funds are converted. Creators who manage income across multiple platforms, wallets, or digital services may also appreciate the ability to hold earnings in a digital dollar format without immediate conversion back to fiat. Once paid in PYUSD, creators can: That said, the feature is not universal. It is currently limited to U.S.-based creators who are already using PayPal and who meet YouTube Partner Program requirements, including minimum subscriber and watch-hour thresholds. International creators do not yet have access, and YouTube has not committed to a timeline for broader availability. Importantly, the option is entirely voluntary. Creators who prefer traditional bank payouts can continue using them without any changes. Regulatory Timing Played a Key Role The rollout comes just months after a major shift in U.S. crypto policy. In July 2025, President Donald Trump signed the GENIUS Act into law, creating the first comprehensive federal framework for stablecoins. The legislation requires issuers to maintain full reserve backing with liquid assets, publish regular disclosures, and comply with strict anti-money laundering rules. It also restricts misleading claims around government backing or federal insurance. This regulatory clarity has given large technology and payments firms more confidence to experiment with stablecoins. Google Cloud had already accepted PYUSD payments from select customers before the YouTube rollout, and Stripe’s $1.1 billion acquisition of stablecoin startup Bridge in February 2025 further highlighted growing institutional interest. In that context, YouTube’s decision looks less like a leap into crypto and more like a cautious response to a maturing regulatory environment. Big Tech’s Growing Interest in Stablecoins YouTube is not acting in isolation. Stablecoins have moved well beyond their early role as trading tools and are increasingly being viewed as payment infrastructure. PayPal has steadily expanded PYUSD’s reach, allowing users to hold it in PayPal and Venmo wallets, spend it with merchants, and transfer it peer-to-peer. The company has also signaled plans for small and mid-sized businesses to use PYUSD for vendor payments. Other major firms are watching closely. Industry reports suggest companies such as Apple, Airbnb, and X are exploring stablecoin-based settlement for payouts. Meanwhile, traditional finance players like State Street and Galaxy Asset Management plan to launch a tokenized liquidity fund in 2026 that will use PYUSD as its settlement currency. Against this backdrop, YouTube’s integration stands out not because it is radical, but because it is practical. A Careful Step Into Crypto Payments From YouTube’s perspective, the PYUSD payout option aligns with CEO Neal Mohan’s broader strategy to modernize creator monetization without disrupting the platform’s core business. By outsourcing all crypto-related complexity to PayPal, YouTube preserves simplicity while expanding payment choice. There are still open questions. YouTube has not disclosed how many creators have opted into PYUSD payouts or what share of total payouts now flows through stablecoins. It also remains unclear whether international creators will eventually be included, especially in regions with