PANews reported on August 13th that Dr. Xiao Feng, Chairman and CEO of HashKey Group, stated during a live broadcast of Guotai Junan's 818 Wealth Management Festival that on-chain finance is moving from the experimental stage to the application stage, accelerating the integration of traditional finance and crypto finance. He noted that in the future, companies may skip IPOs and directly issue shares on regulated exchanges through tokenized securities offerings (SPOs). Simultaneously, tokenization of funds is also advancing, including stablecoins and deposit tokenization. This will establish a closed loop for on-chain asset issuance, clearing, and global circulation, driving the maturity of on-chain financial infrastructure.