CZ said Hong Kong and Web3 form a strong combination because the city offers advantages in financial technology talent, mainland talent mobility and institutional connectivity. He also expressed optimism about Dubai, Abu Dhabi and the United States following a policy shift toward supporting the crypto industry. Real-world assets, or RWAs (traditional assets represented on blockchain), are developing faster than he expected, particularly tokenized securities. Unlike traditional stocks, which face account-opening, trading-hour and geographic constraints, on-chain assets can be offered directly to global investors, potentially improving accessibility and liquidity. CZ said RWAs could become a major growth area, with stablecoins representing, in essence, fiat currencies placed on-chain; more countries may eventually promote putting their national currencies on-chain. He also said decentralized exchanges, or DEXs (crypto markets without a central intermediary), have matured over the past eight years from platforms such as Uniswap and PancakeSwap to Hyperliquid. Continued regulatory easing could accelerate growth across DEXs and the broader crypto industry in the next few years.