Building and scaling the ecosystem

Building one of today’s busiest blockchain ecosystems requires focused execution, and BNB Chain’s Sarah Song shares how she’s driving that growth.

What does it take to lead business development in one of the most active blockchain ecosystems today? To understand this, we spoke to Sarah Song, Head of Business Development at BNB Chain at Binance Blockchain Week in Dubai, about ecosystem growth, developer support, RWAs, stablecoin payments, and expansion into emerging markets. She also shares her perspective on building credibility in the industry and exploring leadership as a woman in web3.

Q: Sarah, what originally inspired you to join the blockchain industry, and what specifically led you to BNB Chain?

Sara: In 2017 or 2018, I was invited to an event organized by HKUST, the university from which I also graduated. The event brought together experts from the crypto space, which was the first time I heard about Bitcoin and peer-to-peer digital money.

I was very inspired by the concept of Bitcoin, and by the vision and mission of people working in crypto. After that event, I started researching blockchain technology more deeply, looking at the infrastructure layer, Ethereum, and other protocols. I quickly decided that I wanted to join the crypto and blockchain industry.

Having no previous experience, in 2018 I joined one of the most important Layer 1 protocols of the time. I worked in ecosystem and ecosystem fund roles, talking to developers, supporting projects and even investing in some of them.

From the beginning, my goal has been to help builders and developers create things that are useful and valuable on blockchain, things that are decentralized, more efficient, and that can benefit investors, private users, and even web2 users.

When it comes to BNB Chain, it is one of the most active and widely used Layer 1 ecosystems in the industry. I felt like joining a bigger platform would allow me to work with more real builders and developers. That’s why I started at BNB Keten in 2023.

I have led the BD team for the past three years. We are a team of ten people and our role is exactly what I wanted to do from the beginning: build relationships with developers, infrastructure providers and key partners, and help them build DeFi, GameFi, RWA and other solutions on top of BNB Chain.

Q: Given BNB Chain’s focus on DeFi, gaming and other sectors, which areas are you most excited about at the moment?

Sara: At the end of last year and beginning of this year, we identified three key areas to focus on. These are AI, stablecoin payments and RWAs.

RWAs in particular have grown very quickly on BNB Chain. At the beginning of the year, there was only about $4 million in RWA-related TVL. As of early December, that number grew to about $1.6 billion.

We have onboarded many major players in the RWA space, including BlackRock’s BUIDL, Franklin Templeton’s BENJI, and USYC. We also work with Securitize and several Asian institutions such as China Merchants Bank and China Merchants Securities.

We have also diversified the types of RWA assets on BNB Chain. It’s not just money market funds. We now have tokenized stocks live on mainnet, pre-IPO assets, digital gold, tokenized art collectibles, and other assets. We’re even exploring tokenizing things like wine and Pokémon cards.

Stablecoin payments are another important area. This year, stablecoin circulation on BNB Chain grew from approximately $7 billion to $40 billion. We launched a native stablecoin and introduced several regional and European stablecoins.

We have also launched a stablecoin transfer campaign where users do not need BNB for gas fees when transferring stablecoins. This led to strong growth in the use of stablecoins, and BNB Chain is now one of the top chains in the stablecoin business.

AI is still in its infancy, but I’m very optimistic about areas like AI agents, AI payments, and AI tools that can help merchants with research and decision-making. We are actively working with AI protocols and introducing them into BNB Chain.

These three areas, RWAs, stablecoin payments and AI, will remain our main focus in the coming years.

Q: What makes a high-quality project in today’s crypto environment?

Sara: First, the team must gain a clear understanding of the fit between the products and the market. You shouldn’t just get into crypto to launch a token. You need to understand how your product creates value and how it can sustain itself.

Secondly, the team itself is very important. We always look at the backgrounds of the founders, how they know each other and whether they can work together in the long term. Strong relationships and a shared vision are of great importance.

We also look at what the project is building and whether it fits into the directions we think have great potential, such as AI, RWAs or payments.

Q: What challenges and opportunities do you see as BNB Chain expands into emerging markets such as Asia and Africa?

Sara: In many emerging markets, the traditional financial system is not very accessible or easy to use. That creates strong opportunities for stablecoins, payments, DeFi, lending and even simple asset holdings.

The biggest challenge is understanding local users. You need people on the ground who understand local needs and problems. Because our team is relatively small, we cannot be everywhere at once.

To address this, we organize events, travel to different regions and collaborate with strong local partners and institutions. This helps us train developers, support local builders and grow together in those markets.

Q: What was the most surprising or challenging part of your role at BNB Keten?

Sara: A major challenge is that you cannot support every project in the same way. We develop some projects, some receive investment support and others receive assistance through partnerships or exchange relationships. You can’t make everyone happy.

Clear communication is very important. We need to explain our standards, expectations and how support works. As market trends change quickly, we also need to keep developers informed so we can stay on the same page.

Another challenge is that the industry is still figuring out what really works when combining blockchain with areas like AI and real-world adoption. We experiment a lot, brainstorm internally and test ideas. It is uncertain, but also exciting.

Q: Web3 is still a male-dominated field. How have you experienced a leadership role as a woman?

Sara: It was difficult at first. People often asked about my age, my appearance and whether I really understood blockchain technology.

But after many conversations and close collaboration with builders and teams, people started to see the value I bring. Respect comes from demonstrating your capabilities and delivering results.

The situation for women in crypto is improving. There are more women playing important roles, and that is encouraging. In my own team I work with many talented women who are passionate and capable.

I do my best to support young women entering this sector, and I hope that together we can continue to build a better and more inclusive space.

Read more: Nina Rong from BNB Chain about building for developers and global growth