Binance Aims for 'Super App' Status with Payments-Focused Shift

Binance is shifting its focus from being a cryptocurrency exchange to becoming a payments-focused 'super app', according to Shunyet Jan, the company's head of spot trading and derivatives.

The move is driven by the increasing use of stablecoins for everyday payments and transfers, rather than just trading. Binance has added tokenized stocks, ETFs, and other financial products over the past year, with a goal of building one platform where users can trade, pay bills, and access financial services without leaving the exchange.

The 'super app' model is being targeted by major players in the industry, including Coinbase, which has also publicly stated its ambition to offer crypto alongside a wide range of financial services on one platform. Binance sees payments as a larger market than trading alone, and believes that if it can capture even a portion of global payment flows, the scale would be far bigger than its current trading business.