The richest Chinese person is Zhao Changpeng. A few days ago, he gave a speech at Hong Kong University, focusing on a particularly hot concept called stablecoin RWA. What does it mean? It is not only related to billionaires but also closely related to every ordinary person, and it could very well be a revolutionary industry change. From several angles, what is RWA? Let me explain it in the simplest terms. RWA refers to various assets in our real world: cars, houses, stocks, bonds, even down to a limited edition toy. Anything that is valuable, tradable, and tangible is considered an asset in our real life. For example, I have a house in Beijing, and the characteristic of this house is that it has poor liquidity. Right now, I am particularly optimistic about a certain stock in the US market, from a certain company, but I don't have cash on hand, so I want to sell my house to buy into that company I am optimistic about. At this time, this takes time; the long process, especially now that the real estate market is declining, requires me to find an agent, sell it, and go through the transfer, which takes a long time. However, in the future, I can directly put my physical assets on the blockchain through stablecoins, using the underlying technology that is encrypted and immutable. For example, my house is worth 10 million. If I sell it, I can only find someone who can afford it. Selling it through RWA means that I can divide my 10 million house into 10,000 shares, or even 100,000 shares. Ordinary people around the world, anyone, can subscribe to the smallest share. With 100 yuan, you can buy one share. Instantly, once it is on the chain, it becomes a token, transforming into liquidity. Any commodity, from tables and chairs to a cup of coffee, can achieve rapid circulation, greatly increasing liquidity; the liquidity of assets is crucial. The underlying technology utilized is blockchain, and its feature is that this cryptocurrency is immutable. What is meant by underlying technology? Let me give another example: we now use this mobile phone, and everyone scrolls through short videos, social media, and short dramas every day. The underlying technology for this is the 4G network and 5G network, which gave rise to smartphones.