7 classic quotes from Changpeng Zhao at the 2025 Bitcoin Conference❗️

• 1️⃣Discussing stablecoin USDT's role in cross-border settlements backed by USD
  "USDT's circulation has exceeded one trillion globally, yet it facilitates at least $100 billion in 'side gig' cross-border settlements for the U.S. If Hong Kong launches an HKD stablecoin, it could not only connect with global markets but also open doors for RMB's cross-border usage."
• 2️⃣The real opportunity in RWA lies in traditional financial products like stocks
  "Tokenizing a luxury property into 10,000 fractions is RWA, but ordinary people can't live in one fraction—demand is low, no opportunity. The real opportunity is in stocks, bonds—with ledgers on decentralized blockchains, offering fast settlement and low costs. If the HKEX seizes this, it could become the 'NYSE on-chain.'"
• 3️⃣On Binance seeking compliant operations in Hong Kong
  "I've done the math: rebuilding a compliant exchange would cost $1 billion just for tech and security, plus hiring 300 top security experts. If Hong Kong allows Binance to operate compliantly, it saves these costs and quickly taps global liquidity—the savings could buy everyone dim sum for years!"
• 4️⃣Decentralized exchanges (DEX) will eventually surpass centralized exchanges (CEX)
  "Today, people use email to register on CEXs for convenience. But in a decade, wallets will be as common as WeChat. DEXs have lower fees and better privacy—big players are already quietly moving assets there. It's not if, but when."
• 5️⃣AI's role in blockchain
  "In the future, AIs will trade with each other—one writes your report, another makes charts, settling for maybe $0.01. Traditional banks won't touch such amounts, but blockchain settles instantly with zero fees. Hong Kong's early moves could make it the AI economy's settlement hub."—AI settlement and trading
• 6️⃣Grasping industry trends: regulation, liquidity, direction
  "First, regulators shouldn't wait for perfection—launch products first, fix issues later; delay means missed opportunities. Second, liquidity must be global—don't trap users in small ponds or lose big capital. Third, don't just chase today's trends—DEX, AI+Web3's 'fringe' today could be mainstream tomorrow."
• 7️⃣A return?
  "Four years ago, leaving the mainland, I thought I'd never return to the Chinese-speaking world's center stage. But standing in Hong Kong today, I know—the past was just prologue. The real story begins now."

Virtual asset trading access: $GUOTAI JUNAN I(01788.HK), $Futu(FUTU.US), $FOSUN INTL(00656.HK)$CM BANK(03968.HK), $VICTORY SEC(08540.HK), etc.;

Stablecoin issuers: RD Technologies-related ($ZA ONLINE(06060.HK), $GOFINTECH QUANT(00290.HK), $Z FIN(01168.HK), etc.), $JD-SW(09618.HK), $STANCHART(02888.HK), and state-owned applicants;

Hong Kong virtual asset exchanges (VATP licensed):$OSL GROUP(00863.HK), $HKE HOLDINGS(01726.HK)$LIANLIAN(02598.HK), $Futu(FUTU.US), $PUXING ENERGY(00090.HK) (holds Hashkey);

Stablecoin downstream applications:$YEAHKA(09923.HK), $GOLDSTREAM INV(01328.HK), $LIANLIAN(02598.HK)

RWA-related:$CRYPTO FLOW(08198.HK), $SENSETIME-W(00020.HK), $ETHK LABS INC.(01931.HK), $PHANCY(06682.HK), $LINEKONG(08267.HK), $RUIFENG RENEW(00527.HK), $FOSUN INTL(00656.HK), $GOFINTECH QUANT(00290.HK), $SYNAGISTICS(02562.HK), $YUNFENG FIN(00376.HK), $DL HOLDINGS GP(01709.HK), $EASOU TECH(02550.HK), $VOBILE GROUP(03738.HK), $CMGE(00302.HK), $GCL TECH(03800.HK), $LINKLOGIS-W(09959.HK), $COOLPAD GROUP(02369.HK), $GREENLAND HK(00337.HK), $DMALL(02586.HK)

U.S. stablecoin issuers: $Circle(CRCL.US)

U.S. trading platforms and ecosystem partners: $Coinbase(COIN.US), $Robinhood(HOOD.US)

U.S. traditional financial institutions in stablecoins: $JPMorgan Chase(JPM.US), $Bank of America(BAC.US), $Interactive Brokers(IBKR.US), $Citigroup(C.US)

U.S. tech and infrastructure firms: $Mega Matrix(MPU.US)

U.S. payments and fintech: $Paypal(PYPL.US), $SoFi Tech(SOFI.US), $Visa(V.US)