Hong Kong, August 27, 2025. When Zhao Changpeng took the stage at the University of Hong Kong in a sharp suit, the audience was packed. Four years ago, he was forced to part ways with the mainland market, leaving behind the message 'The green mountains remain, the clear waters flow on', embarking on a global journey. Four years later, he returned as a 'guest of honor', facing a full room of regulators, investment banking giants, and entrepreneurial innovators, making a casual remark 'The ship didn't capsize, it just changed course', igniting applause throughout the room.
He then said: "Many thought I was finished back then. But today, standing in Hong Kong, I just want to say: the story has just begun."
From 'exile' to 'guest of honor': A dramatic return
This is not just a speech, but a symbolic coronation.
In September 2021, a regulatory announcement expelled Binance from the mainland, and Zhao Changpeng's Chinese-speaking stage was instantly lost. That phrase 'The green mountains remain' was both a farewell and a reluctant declaration. From 2022 to 2024, major financial centers around the world, including Dubai, Paris, and Abu Dhabi, extended olive branches to him. However, he chose to reserve his most important public appearance for Hong Kong. On August 27, 2025, at the University of Hong Kong, the former 'exile' became the focus of the entire audience. Regulators, capitalists, and entrepreneurs gathered to listen to the thoughts of this 'returning king' of the crypto world.
Six core insights: Zhao Changpeng pointed the direction for Hong Kong and the crypto world
In his speech, Zhao Changpeng did not dwell on the past but got straight to the point, using six core views to outline a clear roadmap for the future of Web3 in Hong Kong and globally.
1. Stablecoins: The 'digital ticket' for the internationalization of the Renminbi
He pointed out incisively: "USDT has made a great contribution to the global circulation of the US dollar, and Hong Kong's stablecoin can similarly become a powerful booster for the Renminbi to go global." This statement highlights Hong Kong's unique strategic opportunity in the era of digital currencies.
2. RWA (Real World Assets): Don't get stuck on 'houses'
Regarding the hot RWA sector, he poured cold water on it and pointed out a clear path: "If you sell a luxury home divided into ten thousand parts, where does the liquidity come from? The real opportunity lies in assets that are already digital, like stocks and bonds. By putting them on-chain, the Hong Kong Exchange can instantly upgrade to the 'on-chain New York Stock Exchange.'"
3. Exchanges: Hong Kong should not 'build ships', but rather 'borrow ships to go to sea'
In response to the discussion of whether Hong Kong should build a top-tier exchange, he offered pragmatic advice: "Building a secure exchange from scratch requires $1 billion and 300 top security experts. It’s better to invite global giants like Binance to operate in Hong Kong compliantly. The money saved would be enough for all Hong Kong people to enjoy good morning tea for a long time."
4. CEX and DEX: The roles will swap in the next decade
He foresaw the intertwined fate of centralized and decentralized exchanges: "Today, you register for a CEX with your email; tomorrow, your crypto wallet will be as ubiquitous as WeChat. DEX is quietly attracting large sums of money with lower fees. In the next decade, the roles and status of both may undergo dramatic exchanges."
5. AI + Web3: The next trillion-level 'micro-payment' revolution
He looked further into the future: "Imagine, AI paying each other $0.01 to complete a task. Traditional banks would refuse due to high costs, but blockchain can enable instantaneous transfers with zero fees. If Hong Kong lays the groundwork now, it has the chance to become the global settlement center of the future AI economy."
6. A 'hidden strategy' for Hong Kong
Finally, he offered three core suggestions to Hong Kong’s regulators and builders:
Regulation should be swift: Allow products to start running and iterate and improve in practice. Liquidity should be open: Embrace global users, and do not confine the market to a small local pond. Leave room for the future: Reserve ample development space for disruptive technologies like DEX and AI, as 'today's edge may be tomorrow's mainstream.'
After the speech, Zhao Changpeng gently set down the microphone, his gaze sweeping across the audience, and slowly said: 'Four years ago, I thought I might never return to the Chinese-speaking world. But today, standing here, I know, the story has just begun.'
People often say, thirty years in the east, thirty years in the west. But for Zhao Changpeng and the crypto world, four years is enough for dramatic changes.