During the 2026 Hong Kong Web3 Carnival, KK, founder of Hash Global, shared his insights with guests at the "BNB Institutional Capital and RWA Forum".

He shared his views on the BNB ecosystem, RWA, and especially non-financial asset RWA. The forum was organized by Hash Global and the Bay Area Financial Institutions Association.

Co-organized by [Organizer Name], with BNB Chain as the blockchain partner and YZi Labs providing strategic support. Shorthand notes compiled and published by Nine Lives Commune.

BNB as Institutional Capital | Speech Notes

Good afternoon, everyone. I'm KK, the founder of Hash Global. Today, I'd like to spend 15 minutes explaining why BNB is a platform for institutional capital.

The best investment for configuring Web3.

Let's start with a thought experiment.

If Tesla hadn't gone public on Nasdaq, what would Musk have issued? The answer is: he would have issued a "Tesla token"—one that could both represent the company's value and become the driving engine of the entire business empire.

Because the tokens are on a public ledger, they are completely transparent, verifiable, combinable, and openly circulated. Hong Kong's charging stations can verify global car owners holding Tesla tokens; if they choose to pay for charging with Tesla tokens, they can offer discounts to attract customers. Musk can also say that Tesla token holders can have priority access to SpaceX manned trains. The DTCC, which stores Tesla stock data behind Nasdaq, cannot achieve this level of openness.

BNB is to Binance what Tesla tokens are to the Tesla business empire. BNB is the real-world equivalent of the "Tesla token".

In our research reports over the past few years, Hash Global has defined such tokens as " value utility tokens ": on the one hand, they have a clear value capture and supply burning mechanism; on the other hand, they are deeply embedded in real-world use cases within the ecosystem. With the clarification of global regulations, we believe we will see an explosive growth in the number of "value utility tokens" in the coming years. BNB, having been running for eight years, is the most mature example globally. We consistently encourage our invested projects to refer to this template, but the prerequisite is that your own business model must first be established.

The BNB ecosystem covers both on-chain and off-chain operations. BNB Chain is one of the most active public chains, with a 30% market share in DEXs; while Binance is the world's largest exchange, with a 38% market share; BNB has a market capitalization of $85 billion and is the economic engine of the entire ecosystem.

BNB's primary source of value is its structured, repeatable returns. In 2025, simply by holding BNB and participating in IPOs, the BNB-based return reached 10.12%. This is not a one-off bonus, but a sustainable and verifiable structured return linked to ecosystem activity.

BNB's second source of value is its inherent deflationary supply mechanism. Since 2017, the total supply of BNB has shrunk from 200 million to 139 million, an annualized deflation rate of 4.77%. With the recent burning of $1 billion worth of BNB, the latest supply figure has dropped to 134 million. This makes it the only "ultra-scarce asset" among the top ten cryptocurrencies by market capitalization. This continuous compression of supply constitutes long-term value support. It is not an asset that is constantly being issued and diluting its holders, but rather an asset that gradually becomes scarcer as the ecosystem becomes more active.

BNB is not just an investment target, but also a token of use. The higher the participation in the ecosystem, the stronger the structural demand, such as exchange renewal fee discounts, on-chain staking, liquidity mining, and exclusive token subscriptions.

BNB's monopolistic position in the industry generates revenue from new share subscriptions, which in turn attracts more assets to the ecosystem. Increased ecosystem activity drives the burning of new shares, and scarcity further strengthens its value – this is a self-reinforcing cycle. When revenue, burning, scenarios, and ecosystem activity are linked together, a strong value loop is formed: more assets and applications entering the ecosystem strengthen BNB's value foundation; and the increased value of BNB, in turn, consolidates the ecosystem.

Regardless of whether the downstream applications explode in AI, TradeFi, or RWA, the value ultimately settles at the foundational layer. BNB is like Nvidia in the chip industry—it benefits from every application. The value will not be dispersed; it will ultimately converge into the ecosystem's unique core asset—BNB.

Unlike BTC and ETH, BNB is better understood through value investing principles. It doesn't rely purely on narratives, but rather on fundamental business practices, a robust ecosystem, and a comprehensible value capture mechanism. Since 2017, BNB has outperformed BTC and ETH.

Institutionalization of BNB is still in its early stages. Institutional holdings of BTC through ETFs and DAT already exceed 15% of the total BTC supply, ETH is at 10%, but BNB is only at 0.39%. What does this resemble? It's like Moutai in 2004—institutions were just beginning to build their positions, and consensus was gradually being reached.

Here, I want to emphasize the revaluation elasticity of core assets in the early allocation stage by institutions. Truly high-quality assets often have the most potential before institutional consensus is formed. As mutual funds, securities firms, social security funds, insurance companies, and QFIIs gradually built their positions, Moutai saw its price increase several times over in the following years. BNB is at a similar historical juncture. We believe that the biggest theme in finance over the next ten years will be everything going on-chain. We believe that in ten years, all assets—including financial and non-financial assets—will be issued, transferred, and traded on-chain. Last year, US SEC Chairman Paul Atkins announced Project Crypto, officially ushering in this era in the United States.

After eight years of global expansion, Binance has an estimated 500 million real users both on and off-chain, making it the only truly internet-level financial infrastructure. Its development path is unrepeatable. You can read Binance founder CZ's autobiography. Thanks to Mr. Guo from Fudan University's Commercial Press for his strong support; we received a small batch of sample copies before this conference. Reading them will explain why I say its development path is unrepeatable.

To enable institutional participation in this transformation, Hash Global, in partnership with YZi Labs, launched BNB Holdings Fund—the world's first third-party custodian of BNB institutional-grade products. We aim to do more than just provide investment tools; we want to help institutions become co-builders of the BNB ecosystem.

BNB Holdings Fund doesn't simply buy cryptocurrency for institutions; rather, it transforms high-end assets into open-ended, standardized products that institutions can hold long-term. It addresses the issues that institutions care about most, such as custody, auditing, profit distribution, and operational support.

BNB Holdings Fund provides institutional investors with not only BNB exposure, but also a collaborative framework for entering the BNB ecosystem, supporting the implementation of BNB Chain business, RWA asset issuance, and ecosystem resource integration.

Finally, I'd like to talk about RWA, which everyone cares about.

My assessment is that RWA will not stop at putting financial assets on the blockchain, but will continue to move towards putting non-financial assets on the blockchain.

Why is the BNB ecosystem suitable for RWA? Because it's not a chain with only technology and no users. It already has real users, real liquidity, and a complete financial infrastructure, so once assets are listed, they don't just "issue" them, but have the opportunity to truly circulate.

The first RWAs to be implemented are primarily financial asset RWAs. Essentially, they bring assets such as stocks, bonds, funds, real estate investment trusts (REITs), and pre-IPO equity into the on-chain liquidity system, improving the efficiency of traditional financial assets. We are particularly optimistic about non-standard financial asset RWAs, as Web3's technological advantages can be fully utilized. Once the most challenging aspects of off-chain custody and due diligence are resolved, the next generation of on-chain financial infrastructure will unleash its power, and RWAs will not be just a gimmick.

However, financial products, particularly in issuance and trading, are heavily regulated and require time to adapt and integrate with the existing regulatory framework. We believe that the non-financial, commoditable RWA sector may develop faster, driving the on-chaining of user assets, such as trading cards, fan benefits, concert tickets, wine, and lifestyle collectibles, to create entirely new markets. This targets not just institutional investment capital, but users, communities, and consumption scenarios; it doesn't create efficiency improvements for existing assets, but rather new trading demands and new user markets.

RWA is not a supplement to RWA, but a new marketplace that is closer to users, transactions, and brands. It organizes IP, rights, content, consumption rights, and memberships into verifiable, tradable, and long-term on-chain assets.

We have invested in and incubated several non-financial RWA projects within our ecosystem. Here are a few examples:

Renaiss Protocol 's on-chain circulation of PSA-graded collectible cards isn't just aimed at the collectible card market, but at the infrastructure for all collectibles. The challenge isn't on-chain, but rather how to optimize off-chain systems like custody. It targets collectibles like collectible cards, integrating authentication, custody, on-chain certificates, trading, and settlement, enabling the collectibles market, which previously relied on trust within specific communities, to achieve assetization and global circulation.

MEET48 has converted fans' voting, dissemination, and co-creation activities into on-chain contribution certificates; for the first time, fans' participation has truly become an asset that can be recorded, verified, and inherited.

Gamebank 's first game, PumpSnake, focused on creating a solid multiplayer game. Then, using Web3 technology and a gamified approach, they distributed the assets, cleverly integrating KOL community building, fan emotional value, and revenue generation. Only by building a large ecosystem and ensuring a diverse player base can truly sustainable Play to Earn be achieved.

IPDEX serves various content IPs such as film, television, and variety shows, and designs commemorative cards, membership cards, and project benefits in a tiered manner, allowing content IPs to move from one-time consumption to long-term membership relationships and continuous operation.

OFF Grid , starting with ticketing assets, has created a new Fanvestment model that integrates event financing and settlement. It organizes event financing, ticket sales, revenue distribution, and data accumulation into a complete chain, transforming an event from simply selling tickets into a financing, settlement, and sustainable asset system.

These projects collectively outline the landscape of non-financial RWA: user assets, community engagement, emotional value, and brand communication will all be integrated into BNB.

Find your own on-chain representation in the ecosystem. They are proving that everything can be tokenized, and the BNB ecosystem is the best soil for all of this.

Finally, I'd like to conclude today's sharing with one sentence:

BNB is not just a crypto asset, but one of the most important value-carrying platforms in the future era of "everything on the blockchain." What Hash Global wants to do is help institutions not only invest in this value system, but also truly participate in this ecosystem.

Thank you everyone.