HashKey Group Chairman and CEO Xiao Feng stated that on-chain finance is transitioning from the experimental stage to the application stage, with the integration of traditional finance and crypto finance accelerating. He pointed out that in the future, many companies may skip IPOs and issue and trade stocks directly in the form of tokenized securities (SPO) on compliant exchanges. At the same time, in addition to the asset side, the funding side is also gradually realizing tokenization, specifically manifested in aspects such as stablecoins and deposit tokenization. In his view, this will establish a closed loop for the issuance, clearing, and global circulation of on-chain assets, promoting the maturity of on-chain financial infrastructure.