**[YZi Labs Report: CZ Personally Holds Less Than 1% of BNB]** YZi Labs research leads Haley H. and Ella Z. recently published an article stating that BNB, as the native token of the BNB Chain, is evolving from a single-platform token into a Web3 infrastructure asset. It now serves functions such as gas payments, staking, security, and governance, while also providing benefits within Binance's CEX ecosystem, including fee discounts, Launchpool/Megadrop access, and more. The report notes that BNB operates under a deflationary model, with approximately 139 million BNB currently in full circulation and over 62 million BNB cumulatively burned. The total supply cap is set at 100 million tokens. This structure is described as decentralized, with low unlocking pressure, and CZ personally holding less than 1% of the supply, which helps build institutional trust. The report further states that during October 2025, BNB Chain ranked among the top public chains in metrics such as decentralized spot trading volume, active addresses, and stablecoin active wallets. DeFi TVL was estimated to be in the range of $13 billion to $16 billion, with daily active address peaks reaching several million, demonstrating that BNB has become a unified asset gateway connecting DeFi, AI, RWA, memecoins, and consumer applications. The report also emphasizes that BNB is viewed as the next structural opportunity in the U.S. market: BNB-related DAT/ETF products and exchange listing pipelines are advancing, coupled with Binance founder CZ receiving a pardon, which is seen as a positive compliance signal. This could potentially unlock incremental compliant funds for BNB in North America. In conclusion, the report states that unlike BTC, which is primarily positioned as a store of value, and ETH, which is focused on DeFi infrastructure, BNB is being positioned as an efficient settlement and distribution layer spanning issuance, pricing, trading, and allocation across the entire chain. Its goal is to become "the core engine of the global Web3 economy."