The speech event in China was packed: On August 27, 2025, Zhao Changpeng, dressed in a sharp suit, delivered a speech at the University of Hong Kong, with every seat filled, bringing together regulatory officials, investment banking elites, and entrepreneurs. After a glamorous return from 'exile': He mentioned, 'Four years ago I was sent off, today in Hong Kong, I just want to say: The story has just begun.' The phrases 'the ship hasn't capsized, just changed its course' resonated with the audience.
1. Stablecoins: Digital tickets for the 'going abroad' of the RMB
CZ pointed out succinctly: 'USDT has helped the US dollar run 100 billion USD in private transactions, and a Hong Kong dollar stablecoin can also help the RMB run.' This statement highlights the strategic opportunity for Hong Kong dollar/RMB stablecoins in Hong Kong.
2. RWA (Real World Asset Tokenization): Focus on financial assets
Regarding the currently popular RWA, he offered a rational observation: "No one is taking over the luxury home cut into 10,000 shares; the real opportunity lies in assets already in digital form, such as stocks and bonds; if they are put on-chain, the Hong Kong Stock Exchange has the potential to become the 'on-chain New York Stock Exchange'." He also emphasized that non-financial RWA going on-chain may face challenges due to insufficient liquidity.
3. Exchange construction: Hong Kong 'borrowing a boat to go to sea' is more efficient
He suggested that Hong Kong does not need to create its own exchange, saying, "Building a new exchange would cost 1 billion USD and require 300 security experts; it is better to let Binance operate compliantly in Hong Kong, and save the money for everyone to have dim sum." This is a pragmatic yet impactful recommendation.
4. The future relationship between CEX and DEX will interchange
He predicts: 'Today you register for CEX with your email, tomorrow your wallet will be WeChat. DEX fees are lower, and large users are quietly moving; it's just a matter of time.' This viewpoint reveals the future transition trend between centralized and decentralized trading platforms.
http://5.AI + Web3: The next trillion-level micro-payment era
CZ envisioned a scenario where AI completes payments between AI, such as buying coffee for just 0.01 USD, a task traditional banks would be unable to handle due to cumbersome procedures, whereas blockchain offers the advantage of instant settlement and zero fees, positioning Hong Kong as a potential global settlement center for the AI economy.
6. A 'brilliant plan' for Hong Kong
He proposed three strategic recommendations for Hong Kong:
• Regulation should be swift: Embrace innovation, 'let the products run first and then fix them';
• Globalize liquidity: Do not restrict the market, embrace global users;
• Preserve marginal space: Allow development space for DEX and AI, because 'today's margin may be tomorrow's main line'.