Author: Wanxiang Blockchain
On September 23, 2026, the 12th Blockchain Global Summit hosted by Wanxiang Blockchain Laboratory concluded successfully at the Hyatt Hotel on the Bund in Shanghai. With the theme of "Blockchain New Economy·Smart Chain Symbiosis", this summit joins hands with diamond sponsor Qtum, strategic partner Wanxiang Innovation and Energy City, gold sponsors Frontier Technology Institute (FTI), RD Technologies, Arkreen, Bianjie.AI, Blue Elephant Intelligence, and exclusive dinner sponsor Sui Foundation and other ecological partners bring together guests from the fields of policy, finance, academia, technology and industry to jointly present an annual event that runs through the frontiers of financial innovation and technology, and brings together industry wisdom and practical results.
At the meeting, Dr. Xiao Feng, chairman of Wanxiang Blockchain and chairman and CEO of HashKey Group, delivered a keynote speech on "Asset Tokenization and 24/7 Transactions - Blockchain Reconstructs the Global Financial Market." The following is a shorthand summary of the speech, with modifications that do not affect the original meaning.
Dear guests, hello everyone!
After listening to the sharing all day, everyone has worked very hard. On behalf of the organizer, I would like to express my gratitude to all the attendees.
The sharing of all the guests today generally runs through two main lines:
(1) Tokenization + 24/7 trading. Guests talked about these topics from different angles and aspects in the morning and afternoon;
(2) The relationship between AI and blockchain. I think discussing this topic is very valuable, especially now.
Today I want to share a topic related to the tokenization of financial assets and 24/7 trading. I want to talk about it from one perspective: When an international financial center is so determined to tokenize financial assets and conduct 24/7 transactions, what impact will it have on other international financial centers around the world, and how should other international financial centers respond? So far, there has been little public discussion on this topic.
Last night, Beijing time, during the day on September 22, U.S. time, the "2026 12th U.S. Treasury Market Conference" was held in New York. The seminar was co-sponsored by five agencies: the U.S. Department of the Treasury, the Federal Reserve, the New York Fed, the U.S. Securities and Exchange Commission, and the U.S. Commodity Futures Trading Commission (CFTC). The theme of the CFTC Chairman’s speech at this meeting is very consistent with what I want to share today. Let me briefly recapitulate it for you.
The core gist of his speech is as follows: Under the influence of large-scale tokenization, on-chain finance, and 24×7 all-weather transactions, the changes in the U.S. financial system in the next ten years will exceed the changes in the U.S. financial system in the past few decades. "
How has the U.S. financial system changed over the past few decades? The changes in the past 20 years are mainly caused by Internet information technology. Professor Chen Long also talked about it this morning, so I won’t go into details. Looking further back, from the 1970s to 2000, the U.S. financial system, financial infrastructure, and the so-called trading, clearing, and settlement systems went through an iteration.
Today many experts talk about "DTCC" (Depository and Clearing Corporation of the United States). This company was established in 1999. It is not a newly created company, but it unifies the decentralized depository, registration, and settlement in the United States over the past decades. The United States spent nearly 25 years absorbing and merging decentralized clearing and registration companies one by one, and finally merged to form DTCC in 1999.
In the 1960s, because financial infrastructure could not keep up with the development of financial markets, the New York Stock Exchange was closed every Wednesday, mainly because there was no time for liquidation. At that time, it was still paper stocks. When the trading volume increased, the paper stocks had to be moved from the hands of Goldman Sachs customers to the hands of Morgan Stanley customers, and there was no time for settlement.
As you all know, Nasdaq announced that it will launch "23×5" trading on December 6 this year, with trading five days a week and 23 hours a day. It can be seen that the financial infrastructure, registration and settlement system of stock transactions have undergone great changes.
In the past 50 years, the U.S. financial market and financial system have undergone earth-shaking changes. But the Chairman of the CFTC said last night that the changes in the United States in the next ten years will even exceed the changes in the past few decades.
What factors will drive the changes in the next ten years? He talked about three items - Tokenization, 24×7 trading, and On-chain Finance. In his speech, he actually mentioned the fourth item, Stablecoin. These four technologies will make the U.S. financial market change more in the next decade than in the previous decades. I will also talk about the changes these technologies may bring to the global financial market from this perspective.
1. Financial market system
Let’s first review what is the theoretical structure of the financial market system? The theoretical financial market system roughly includes five levels:
(1) Central bank.
At the top is the central bank. The central bank is the "master valve" of funds. All money is issued by the central bank, and the central bank is the lender of last resort no matter whether the institution is in trouble or there is a macroeconomic problem.
Interest rates in the United States have suddenly risen in the past few years. Rising interest rates mean the prices of Treasury bonds issued when U.S. interest rates are low fall. As a result, the price of U.S. Treasury bonds issued during the low interest rate cycle fell, resulting in paper losses for U.S. banks. According to statistics, when interest rates in the United States suddenly rose a few years ago, U.S. banks lost nearly $600 billion in capital. Later, a familiar blockchain company appeared, the stablecoin company Circle. Circle placed more than 3 billion US dollars in reserves in Silicon Valley Bank. Silicon Valley Bank became insolvent due to losses in holding treasury bonds, leading to a run, and the USDC reserves equivalent to more than 3 billion US dollars were almost reduced to zero. According to the U.S. deposit insurance system, the compensation Circle can receive is very, very small, only hundreds of thousands of dollars.
This is not a loss caused by poor management of any bank, but a problem caused by the overall rise in interest rates in the United States. In the end, the Federal Reserve and the U.S. Treasury came to the rescue. The Treasury Department and the Federal Reserve announced that during this period, U.S. bank deposits will not be compensated according to the deposit insurance system. Banks that fail due to insufficient bank capital adequacy ratios will have 100% federal protection of all depositors' deposits and 100% compensation. This is called a "lender of last resort."
In 2008, why did Morgan Stanley and Goldman Sachs apply to become "bank holding companies"? Because after the "financial crisis", there was a liquidity problem on Wall Street. Financial institutions like Goldman Sachs and Morgan Stanley had to carry out tens of billions of dollars in lending and repurchase in the financial market every day in order to maintain operations. But if you have to pay an interest rate of 24% to borrow money, there will be problems in the U.S. capital market. It's not because Goldman Sachs and Morgan Stanley are not operating well, but because the liquidity in the financial market is completely gone and they can no longer lend money. What about financial institutions that need tens of billions of dollars to turn over every day? The Fed stepped in. You are an investment bank. I can't give money directly to the investment bank, but I can give liquidity directly to the bank. So the two companies applied to become bank holding companies in the morning and were approved in the afternoon. Another hour later, the Fed gave them tens of billions of dollars.
I had a discussion with a friend not long ago. When AI in Silicon Valley was at its hottest, my friend asked whether the international financial center in the United States would be moved from New York to Silicon Valley. I said it was unlikely to happen. What needs to be moved is not the exchange. The exchange is only the top and most obvious level. The really lowest level thing that cannot be moved is the New York branch of the Federal Reserve. Because the Fed's open market operations and handling of U.S. dollars are all conducted at the New York branch. Unless you also move the open market operations room of the New York branch, you will only have assets but no money.
(2) Financial institutions.
The difference between financial institutions and central banks is that the central bank issues base currency, and banks create money through capital adequacy ratios, turning 1 yuan obtained from the central bank into 5 yuan or 8 yuan to spend. Therefore, financial institutions are the creators of money multipliers and credit creators of various assets. They issue various financial instruments and design different credit structures to improve financial efficiency and capital efficiency.
Why are U.S. Treasuries the most popular? Why is the most conservative underlying asset of any financial institution investing in U.S. Treasury bonds? Because if you buy 100 yuan of U.S. Treasury bonds, you can immediately mortgage 100 yuan of U.S. Treasury bonds and get at least $95 back. This is a process of credit creation. Financial institutions create money and assets. It also includes money market, capital market and derivatives market. The five-layer structure overall constitutes the financial market system. What we are saying is that these five layers may change dramatically in the next ten years. The words of the CFTC Chairman refer to this financial market system.
2. Financial market structure
What does a mature and efficient financial market structure look like? Basically it can be divided into four quadrants/directions:
First, a high-speed trading system. Deal matching must be completed efficiently and at high speed. Transactions that are completed quickly obviously require a very large capital pool and very deep liquidity, otherwise it will be impossible to complete the transaction quickly and according to the wishes of the trader.
Second, efficient settlement network. The second point in assessing whether a financial market is efficient or ineffective, efficient or inefficient, is settlement speed. The settlement of digital assets based on the blockchain is "transaction is settlement", and transaction and settlement are synchronized, so all digital asset exchanges can naturally trade 7×24 hours. Nasdaq’s existing payment clearing and settlement system cannot support 7×24-hour trading, so the first thing to do is “5×23-hour trading” that started on December 6 this year. To achieve 7x24-hour trading, the settlement currency must first be tokenized. Banks close at 5pm and are not open on Sundays. You need 7×24 hours, but for night trading, Sunday trading, and public holiday trading, banks do not provide fund transfer services for institutions. Therefore, an efficient settlement network obviously requires blockchain and currency tokenization.
Third, reasonable credit creation. Either add leverage to funds or add leverage to assets, or provide higher efficiency in the use of funds and assets. For example, if you accept a certain type of funds/assets as a deposit or as collateral, these are all credit creations. Anyone who buys financial assets hopes to be able to realize it at any time, and also hopes to use it as collateral, margin, and deposit to continue financing and leverage. This is a reasonable credit creation system and a very important part of the financial market.
Fourth, a deep liquidity pool must have sufficient market breadth and depth. When you want to sell something, what you see is what you get. The exchange quote you see is the price you can trade at. That is the best liquidity. If an asset looks like it has a book value of 100 yuan, but it loses 3% when trading, then it is actually only worth 97 yuan, not 100 yuan. But if the liquidity is particularly good and the market depth is particularly deep, the transaction may be able to be completed at 100 yuan, or at a price of 99.99 yuan.
These four aspects are the four most important criteria for measuring whether a financial market is a good market or a mature market.
3. Blockchain and distributed accounting
Looking back at blockchain, the reconstruction and innovation that the financial market system and financial market structure are currently facing are all based on the new accounting method of blockchain. So far, all tokenization can only be achieved with blockchain technology. 7×24-hour transactions can only be settled in real time with distributed ledgers such as blockchain, and transactions are settled immediately.
Blockchain is the third innovation in the accounting method invented by human society. In the thousands of years of civilization history of human society, the accounting method has been innovated three times so far:
The earliest accounting method appeared in 3500 BC. In what is now Iraq, the Sumer area and Mesopotamia were the birthplace of human civilization. A clay tablet 3500 years ago was unearthed there. It was finally discovered that it was an account book, which made very simple accounting of income and expenditure.
Around 1300 AD, the double-entry accounting method that everyone is familiar with appeared in the Mediterranean region of Italy, which not only recorded income and expenses, but also recorded assets and liabilities.
It took more than 730 years, and it was not until 2009 that the third iteration of accounting methods appeared, that is, the emergence of the Bitcoin blockchain, and distributed accounting began to come out. From the accounting method, you can know that the impact of this thousand-year change on the financial market system and financial market structure will indeed be what the chairman of the U.S. CFTC (U.S. Commodity Futures Trading Commission) said. The changes in the next ten years will exceed those in the past fifty years.
4. Digital twins and tokenization
With the support of blockchain technology, starting from the tokenization of funds in 2024, the financial market system has begun its own innovation and reconstruction on the capital and asset sides.
First, the financial side.
On the capital side, everyone has already discussed the central bank digital currency (CBDC), and today’s guests also discussed topics such as stablecoins and the tokenization of bank deposits.
Whether it is a digital currency (CBDC) issued by the central bank, a tokenized deposit issued by a bank, or a stable currency issued by a private institution, they are actually doing the same thing, which is to tokenize currency. Therefore, we can collectively refer to them as “tokenization on the funding side”.
The tokenization of funds actually appeared as early as 2014, and USDT appeared that year. Here, I would like to explain stablecoins in particular. Functionally, stablecoins are identical to private digital cash. If you have 100 RMB in your pocket, when you take out 100 RMB in cash from the bank, the 100 RMB has actually left the bank account system. The same is true for stablecoins. After you mint 1 yuan of stablecoins, the 1 yuan of stablecoins is stored in your mobile wallet, just like it is in your trouser pocket. It has left the bank account system. This is the first feature.
The second feature is that there is usually no interest for holding cash, and there is usually no interest for holding stablecoins.
The third feature is that cash can be used for peer-to-peer payments. You take cash to the store to buy a bottle of soy sauce, give the money to the store, and the store hands the goods to you. This is peer-to-peer payment and transaction settlement. There is no problem that the merchant will receive the money the next day after you swipe the card. You pay me now and the money is in my hands now.
Isn’t this Bitcoin? Isn’t this a stablecoin? Stablecoins are functionally digital cash and have their own unique value. Just like we still need some cash and steel in our pockets, stablecoins are cash. Bank deposits are not cash but bank currency, central bank currency is central bank currency, and bank currency is bank currency.
Second, the asset side.
With the support of blockchain technology, the asset side is also promoting tokenization. Members of the Hong Kong Legislative Council mentioned earlier that Hong Kong has completed the tokenization of bonds totaling more than HK$70 billion.
Bond tokenization, fund tokenization, and derivatives tokenization are all already available. The most important thing about the tokenization of derivatives that has attracted huge attention from domestic financial regulatory authorities is that before Changxin Storage was listed on the A-share market, the overseas decentralized exchange Hyperliquid had already started trading. When Changxin Storage was listed on the A-share market, its opening price was actually the price of overseas Hyperliquid transactions. Therefore, when the A-share market opened, everyone found that the two prices were very close. Many people exclaimed, "It's over. The pricing power of Chinese assets has been transferred overseas so easily." This puts pressure on us - are you following? Do you do tokenization? If you don't do it, Hyperliquid is doing it; if you sit back and do nothing, the other side will get bigger and bigger, and the pricing power of financial assets will reach there first, which will in turn affect the domestic asset pricing. This puts a lot of pressure on us, and at the same time, I guess it is also a motivation.
Therefore, with the support of blockchain technology, asset-side tokenization, capital-side tokenization, and asset-side tokenization will eventually form On-chain Finance, which is an on-chain financial market system, and can achieve a self-closed loop.
This is why the Chairman of the CFTC said in his speech last night that, catalyzed by Tokenization, On-chain Finance, and 7x24-hour trading, the changes in the U.S. financial market system in the next ten years will exceed those in the past 50 years.
5. Tokenization and 24/7 Transactions
When an international financial center takes the lead in the world to implement tokenization of financial assets, large-scale tokenization, and conduct 24×7 transactions, what does it mean for other financial centers around the world?
First, liquidity.
This means that other international financial centers will face a loss of liquidity. Regardless of whether it causes a 10% loss or a 20% loss of your liquidity, your liquidity will be attracted to the financial center with 24/7 trading. We know that there are two main indicators of liquidity: first, whether the trading volume is large, and second, whether the trading depth is sufficient. Are the market impact costs and bid-ask spreads during the transaction smooth, or very large? These are requirements for liquidity.
Taking the U.S. market as an example, the New York Stock Exchange and Nasdaq have only opened trading for five and a half hours so far, but U.S. stocks are not only traded during these five and a half hours. Before the opening and after the closing, many stocks are still traded in the U.S. capital market, and these transactions are completed through ATS and dark pools. Imagine if the New York Stock Exchange and Nasdaq opened 24/7 trading on their own, these dark pool and ATS transactions would flow back to these two exchanges. It turned out that the liquidity was fragmented in more than a dozen dark pools and ATS; now, it is equivalent to two exchanges opening themselves for round-the-clock trading, and the liquidity will naturally come back. After returning, I believe that their trading volume will be larger than that of financial centers and exchanges in other countries even during the night hours in the United States.
In addition, once 24/7 trading is launched, it will naturally attract other investors from around the world. Investors who were previously inconvenient to buy and sell, who had to wait until midnight to buy and sell U.S. stocks, can now buy and sell locally during the day. Therefore, everyone agrees that liquidity will be siphoned off. Just how much is siphoned, different markets have different proportions. But I believe that for other financial centers around the world, there will be a loss of liquidity.
Second, the financial aspect.
Funds were siphoned off. Everyone is willing to trade in a market with very good liquidity and getting more and more liquid. This is the simplest willingness to trade.
No trader wants to trade in a market with 2% slippage and another market with only 0.1% slippage. It's 0.1% over there and 2% over here. Why do I have to trade in the 2% market? So funds will also be siphoned off.
Why can the United States easily produce listed companies with a market value of US$5 trillion? OpenAI and Anthropic, which have not yet been listed, can easily be valued at US$1 trillion and can still raise money. This reminds me of a Chinese saying: "The water is big and the fish is big." If the same company is listed on other capital markets, even if it makes the same amount of money, sorry, the company's valuation will be smaller than that of the United States. Because the capital pool is large, big fish can be raised. Big fish cannot be raised in a water tank.
Therefore, the reason why the United States wants to implement tokenization and 24/7 transactions is to prepare funds for the US$10 trillion in financing needed for the future construction of AI infrastructure in the United States. The United States has not carried out decent national infrastructure construction for decades, but now it is facing a new infrastructure construction cycle, that is, AI infrastructure construction. Starting from electricity to data center, everything must be built. The scale of funds required for these infrastructure constructions in the next five to ten years may reach the level of 10 trillion US dollars, so financing is needed.
If I open a 24/7 capital market, it will obviously be more convenient for me to raise the US$10 trillion in funds needed for AI infrastructure construction. At the same time, only a 7x24-hour global, all-weather trading market can afford to support an AI company with a market value of US$10 trillion in the future. In addition, I have not seen the second capital market in the world that has such a financial foundation to support an AI company worth 10 trillion US dollars. It is the only one.
Of course, it must also be reformed, and one of its reforms is 24/7 global trading. You all are welcome to come.
Third, the asset side.
If liquidity is siphoned off and funds are siphoned off, then all asset issuers will naturally and rationally choose to issue assets in markets with very deep pools. Therefore, the asset side will also be siphoned off. The capital market that takes the lead in tokenization and 24-hour trading will gradually become the center of global asset issuance, trading and settlement. This is a mutually reinforcing process.
Fourth, pricing power.
Under this model, pricing power will be more concentrated. I have already talked about the case of Changxin Storage. This incident made everyone exclaim for the first time: for a Chinese asset listed on the A-share market, its pricing power is not decided by China, but by Hyperliquid overseas - a decentralized exchange that does not know who controls it, has no jurisdiction, and no legal structure. Therefore, the further concentration of pricing power means that the voice of the global financial market is further strengthened, which is also a challenge that needs to be faced.
Fifth, investors.
If financial assets are tokenized and can be traded 24/7, it means that investors from other countries around the world can invest in assets in this market more conveniently than before, because you do not need to open a local bank account. Now to invest in U.S. stocks, you may need to use a U.S. bank account and exchange U.S. dollars. But now. You can use stablecoins to invest anywhere in the world. You can also invest in Hong Kong during the day and use stablecoins to invest. Because the New York Stock Exchange’s 7×24-hour trading plan has proposed using stablecoins as a trading medium and settlement tool. Therefore, the convenience for global investors to invest in the U.S. stock market will be greatly improved, and the trading time will also be significantly extended.
If the United States builds an all-weather "financial supermarket", global investors will naturally be more willing to go there. Because this financial supermarket has a very complete range of products, you can buy everything you want at a very reasonable price. You can buy as much as you want. All innovative things are already there before they are available elsewhere. If there was such a supermarket, would you not go there? From an investor's perspective, the rational choice is of course to go to the all-weather financial supermarket with the most complete range of products.
Sixth, the settlement layer.
There is also the DTCC that everyone talked about, which is settlement. Before this, some people had actually tried to establish a trading market system that could cover the world and be able to trade 24/7, but they had not been successful. Why didn't it succeed? Even if you buy an Asian exchange, a European exchange and an American exchange, all three exchanges trade different products and have different settlement currencies. You use Hong Kong dollars to buy Hong Kong stocks, euros in Europe, and U.S. dollars in the United States. The banking systems behind them are also different. But things are different now, because with stablecoins, bank tokenized deposits, and central bank digital currencies, the problem of 24/7 settlement can be solved.
After the tokenization of financial markets, the problem of global circulation of financial assets has also been solved. Just like Bitcoin, hundreds of exchanges around the world trade the same financial product - Bitcoin. They use stablecoins for settlement, USDT and USDC for settlement, so in terms of settlement technology, the financial and technical problems faced by establishing a global financial market are gone. At the same time, 7×24 hour tokenized asset trading is more about preparing for future machine trading. Does AI Agent trading need a break? In the future, the smart financial market of AtoA and MtoM will definitely be a financial market that trades 24/7.
If we believe that AI Agents can assist humans in trading in the future, or even make trading decisions independently of humans, shouldn’t the capital market be transformed into a 7x24-hour trading market? If you want AI to trade, AI does not know US dollars and RMB, it knows tokenized currencies. So, shouldn’t you tokenize your currency? If the currency is not turned into tokenized currency and the currency is not programmable, the machine cannot be used. Therefore, tokenized funds, tokenized assets, and 7×24-hour transactions are all preparing for AI in the future. Time waits for no one, and such preparations should begin today.
Seventh, financial information.
From the perspective of financial information, the US Securities Regulatory Commission once required that for Chinese companies listed in the United States, the United States should have the right to inspect the audit working papers of these companies. However, the audit work manuscripts involve sovereignty. China is unwilling to give them, but the United States insists on them. Of course, we cannot give up such a large capital pool and asset pool as the U.S. dollar capital market, because the construction of our country still needs the support of the U.S. dollar capital market. The final result of the compromise between the two parties is that US regulatory agencies have the right to inspect the audit working papers of Chinese companies listed in the United States, but the working papers cannot go to the United States and can be inspected in Hong Kong. This is the result of the compromise between the two sides so far.
This involves the issue of financial information. If you go to a tokenized trading market and say that I want to issue stocks, the other party will tell you that we no longer issue traditional stocks, they are all tokens. Companies from your country are coming to the United States, or to the 24/7 tokenized capital market. Do you recognize tokens? If you don’t admit it, please leave. Information disclosure of tokenized stocks has its own new rules. Do you abide by them? The tokenized capital market may even impose new requirements on accounting standards. Do you comply with them? This involves many conflicts and collisions between financial market standards.
Finally, the demand side must compromise, and the demand side has Power. Just like the audit work paper review issue just mentioned, we need the U.S. capital market to finance us, so we can compromise and be inspected in Hong Kong if necessary.
Eighth, financial center.
I imagine that under such collision, conflict, and reconstruction, the global financial center will definitely divide. The most optimistic estimate is that there will be no impact, and everyone will be fine and go their own way, but this possibility is very small. The impact must be there, and the conflict must also be there. It is nothing more than the extent of this impact and this conflict.
A neutral judgment recognizes that the result of this influence and conflict is "one super, many powers". Perhaps there will be only one super financial center in the world, or the status of the current super financial center will be further strengthened.
The pessimistic prediction is that it will become the only one in the world, other financial centers will become unimportant, and its status, role, and influence will sink than it is now.
Ninth, financial market model.
Therefore, for other international financial centers, the risk you may face is that they will truly decouple, break off the links, and go their separate ways. If you don’t accept tokenization, don’t accept blockchain, and don’t accept 24×7 transactions, then you will stay in the old financial market system.
The world's largest and most core financial market system has been updated. I believe that no other international financial center can bear this kind of "broken chain". Almost no international financial center can withstand such a decoupling and broken chain.
As we all know, the Hong Kong dollar is pegged to the US dollar. It is often suggested that the Hong Kong dollar should be pegged to the RMB because the Hong Kong market is so closely linked to the mainland economy. What is the size of the offshore RMB market? 1.5 trillion yuan. What is the dollar market? $50 trillion. Which one would you say you hook up with? Which fund pool are you connected to? Should you accept a capital pool of 1.5 trillion yuan, or a capital pool of 50 trillion yuan worth hundreds of billions of yuan? The reason is very clear.
We should not decouple and break the chain, so we must build a new system that combines the off-chain financial market system and the on-chain financial market system, participate in and build such a new financial market system, and should not stay out of it.
6. Tokenization and 24/7 Transactions in the United States
(1) Money market.
Having said so much, I have always assumed that there is an international financial center that wants to do these things, and analyzed the possible impact on other financial centers. At present, who is closer to the "family" of "one family"? So far, only the United States is doing these things, and Europe is still just discussing it. This morning, Professor Li Guoquan introduced Asia policies. Asia is fragmented. Everyone is doing their own thing. No one helps establish a set of rules and standards to compete with another market system.
The Stablecoin Act, Stripe, and SWIFT have each launched a global stablecoin alliance; the four major U.S. banks, including JP Morgan, Citibank, Wells Fargo, and Bank of America, have launched a deposit tokenization alliance. 30 small and medium-sized banks in the United States are also working on a deposit tokenization alliance. In currency markets, U.S. financial institutions are already in full swing.
(2) Capital market.
In terms of capital markets, the United States is also in full swing. I have a friend who came back from a trip to New York from Silicon Valley. I asked him what it was like to go there this year? He told me that everyone in Silicon Valley is talking about AI, and the enthusiasm for Web3, blockchain, digital currency, and digital assets in New York is exactly the same as a year ago. From the outside, it seems that the United States only talks about AI, but in fact, when all institutions meet in New York, they still talk about Web3, blockchain, digital assets, and digital currency. It’s just that the topic has shifted from Bitcoin to tokenization, and to Tokenization. We will also wait and see about this timetable. This afternoon we have Ondo and Canton, two guests from the Web3 industry. They have done a lot of asset tokenization.
This is probably what I will share today, thank you all!