CZ said real-world assets, or RWA (blockchain-based representations of real assets), are developing faster than he expected, particularly the tokenization of securities. He argued that putting stocks on-chain can remove account-opening, trading-hour and geographic barriers, making them more accessible and liquid for global investors. Stablecoins are also a form of RWA because they bring fiat currency onto blockchains, with dollar stablecoins currently dominating and more countries potentially seeking to put their own currencies on-chain. CZ said decentralized exchanges, or DEXs (crypto markets without a central intermediary), have matured significantly from Uniswap and PancakeSwap to Hyperliquid over the past eight years. He also said regulatory pressure on decentralized products in the United States appears to have eased, while platforms are developing clearer separation between international operations and services for U.S. users. If the policy environment continues to loosen, DEXs and the broader crypto industry could grow significantly faster over the next several years.