Not long ago, Hong Kong 🇭🇰 officially passed the stablecoin draft, the stablecoin economy is only the initial stage of RWA, it is the bridgehead for blockchain to truly enter the industry and cash flow#RWA. @myanTokenGeek Meng Yan: Some people think that the RWA concept is popular and can be issued again. Start an RWA project and then launch an ICO. Is this possible? Xiao Feng: This question should be viewed from two aspects. On the one hand, telling the story of a chain, making an agreement, and issuing a coin to get rich, this stage has passed, and the wind has passed. In the past decade, we have experienced the first growth curve of the blockchain industry, which is a stage of development dominated by infrastructure construction and coin issuance financing. At that stage, it was indeed "narrative-driven capital", and issuing a coin could drive a whole round of financing. But looking at it today, the marginal effect of coin issuance financing is rapidly declining. Investors in the currency circle are becoming more and more rational, and the market is becoming more and more voluminous, and users are not unseen in the white paper, the key is to see if you have real application scenarios and whether you can obtain users and cash flow. So I say that the energy of the first curve is already fading, and what we need is the second growth curve - the explosive phase with applications at the core. On the other hand, the United States is not one-size-fits-all about coin financing, but the United States is establishing a new legal framework for token financing through two paths. The first is the FIT21 Act, and the second is the regulatory exemption mechanism for the "Token Safe Harbor". Combined, these two form the prototype of a new token-compliant financing system. If you know a little about the legal history of U.S. securities, you will know that the status of FIT21 is similar to the Investment Company Act of 1933. It is a structural legislation for an economic entity, juxtaposed with the Securities Act of 1933 and the Exchange Act of 1934, which together laid the foundation for the rule of law of the century-old prosperity of the American capital market. Now we see that the SEC and CFTC are also constantly issuing explanatory documents to define whether a token is a security, commodity, or virtual commodity, and also define regulatory responsibilities. This is the process of the whole framework becoming clear step by step. I believe that if these two efforts can be sustained and combined, today's U.S. legislation may "set a prome" for token financing and token market regulation on a global scale. If it goes well, this could lay the foundation for a new century of prosperity in digital finance. In the past, we talked about stocks and bonds, but now we talk about RWA and Token, and the form is changing, but the underlying logic of finance has not changed - that is, risk pricing, information transparency and rule of law protection. I still say the same thing: don't rush to issue coins now, first do a good job in the business of the stablecoin economic stage, make the application, and lay a solid foundation. When your model is verified by the market and cash flow runs through, and then issue coins to raise funds according to the new rules of the United States, why worry about not being able to raise funds efficiently? Why worry about not being able to go public? Make good products and good applications first, the road to the rule of law is being opened, and the bridge of capital will naturally come to pick you up. In the future, tokens can be traded on the Nasdaq and NYSE, and in turn, exchanges like HashKey can also trade stocks. Recently, the US crypto exchange Kraken has taken the lead in announcing support for the trading of some US stock tokens. As SEC Chairman Atkins recently said, there will be some "super applications" in the future to trade all types of assets on one platform - stocks, bonds, tokens, stablecoins, RWAs. The day won't be long. Chinese must be the protagonists of RWA innovation