Zhao Changpeng's statement that "the ship hasn't capsized, it's just changing course" captures the four-year turbulence and future direction of the crypto industry. His Hong Kong speech revealed the strategic layout and challenges facing the future of digital finance.

On August 27, 2025, the University of Hong Kong lecture hall was packed to capacity. Binance founder Zhao Changpeng (CZ) returned to the Chinese-speaking world after four years, delivering a speech at the highly anticipated "Hong Kong Crypto Finance Forum."

From being "asked to leave" mainland China in 2021 and wandering globally, to now becoming an honored guest in Hong Kong's financial circles, Zhao Changpeng summarized this journey from "mountains remain unchanged, rivers flow forever" to "the story has just begun."

Zhao Changpeng first reviewed the development history of stablecoins. He admitted he is not a stablecoin expert but pointed out that Binance's platform carries approximately 70% of global stablecoin trading volume, making it the industry's most important stablecoin distribution channel.

Stablecoins initially existed merely as a "safe haven" during market downturns. When Binance was established in 2017, due to the lack of fiat trading functionality, users could only withdraw coins to other platforms to exchange for fiat currency when Bitcoin declined.

To improve user experience, Binance decided to support USDT, using it as a hedging tool during market downturns.

USDT's development went through two key phases: the rapid development of coin-to-coin exchanges after 2017 drove the first wave of growth, followed by a second wave driven by many Asian users' demand for US dollars—these users found it difficult to directly open USD accounts, and USDT provided a perfect alternative.

Zhao Changpeng particularly emphasized the value of stablecoins for national strategy: "USDT helped the US dollar do $100 billion worth of private work, and Hong Kong dollar stablecoins could also help the RMB do the same." Currently, approximately over $100 billion in USDT funds have purchased US Treasury bonds, and almost all USDT users are outside the United States, which actually expands the dollar's global influence.

Regarding RWA (Real World Asset tokenization), Zhao Changpeng showed a cautious attitude. Although the RWA sector has broad market prospects, he believes "the implementation difficulty is far higher than market expectations."

He identified three major challenges: liquidity dilemmas, regulatory complexity, and product mechanism flaws.

Taking real estate as an example, even Hong Kong's relatively volatile property market still has much smaller fluctuations compared to Bitcoin. Such low-volatility assets have weak trading characteristics after tokenization, insufficient order book depth, and consequently poor liquidity.

"If investors try to move hundreds of millions in capital in and out, transactions are almost impossible to execute; even with assets on-chain, liquidity remains insufficient, making them more prone to unexpected volatility and even short-term manipulation," Zhao Changpeng explained.

The regulatory aspect is equally complex. Products with financial attributes need clear definition as either securities or commodities, different countries have varying regulatory requirements, and companies need to apply for multiple licenses, leading to constrained business models.

Decentralized exchanges (DEX) were another key topic. Zhao Changpeng predicted: "Within ten years, DEX and CEX roles will swap." Today people register for centralized exchanges with email addresses, tomorrow wallets will be like WeChat, DEX fees are lower, and large investors quietly moving is just a matter of time.

However, he also acknowledged that decentralized exchanges currently face user experience and security challenges, requiring time to mature.

Zhao Changpeng's advice to Hong Kong was "don't build your own exchange, just borrow a ship to sail": "Building a new exchange costs $1 billion plus 300 security experts, better to let Binance operate compliantly in Hong Kong and use the saved money to treat everyone to morning tea."

Zhao Changpeng also discussed the Digital Asset Treasury (DAT) model, believing it represents a completely new investment direction for traditional investors.

DAT allows traditional equity market investors to access crypto assets through purchasing listed company stocks, bringing this niche asset class to a broader audience. This phenomenon occurs not only in the United States but also in Hong Kong, Japan, and other countries and regions with equity markets.

However, he also warned of risks: different DAT business models vary, markets have cyclical fluctuations, bear markets are inevitable in the future, stock prices may decline, most DAT companies will need to weather market winters, and investors should be aware of related risks.

The integration of artificial intelligence and Web3.0 is another area Zhao Changpeng is optimistic about. He predicts this will bring transformation to trading models.

"AI buying coffee from each other, $0.01 per transaction, traditional banks find it troublesome, blockchain instant with zero fees—Hong Kong positioning now makes it the settlement center for the AI economy," Zhao Changpeng vividly described this prospect.

In March 2025, Zhao Changpeng had stated: "Always waiting for AI hype to subside, then start promoting BNB AI, real Builders move forward after the heat ends." This indicates his long-term planning for AI and blockchain integration.

In summary, Zhao Changpeng offered several suggestions to Hong Kong: "Regulation should be fast, products should run first then fix; liquidity should be globalized, don't trap users in small ponds; leave space for DEX and AI, today's periphery is tomorrow's mainline."

He particularly emphasized Hong Kong's opportunities in stablecoins: "Hong Kong dollar stablecoins can also help the RMB run," hinting that Hong Kong could leverage stablecoin technology to promote RMB internationalization.

Zhao Changpeng believes that blockchain technology is essentially ledger technology, with finance being its first application scenario, making stablecoins a natural application of blockchain technology. Currently, only US dollar stablecoins are relatively mature, while stablecoins for other national currencies have yet to rise, meaning the future growth space for this sector is extremely vast.

At the end of his speech, Zhao Changpeng gently put down the microphone: "Four years ago, I thought I'd never return to the Chinese-speaking world. Today in Hong Kong, I know the story has just begun."

The old saying goes "thirty years east of the river, thirty years west," but in this rapidly changing crypto world, four years is enough.

From "exile" to "home court," Zhao Changpeng's return is not only a personal turning point but also a microcosm of the changing relationship between the entire crypto industry and the traditional financial world.