At the Hong Kong Fintech Week 2025, Standard Chartered CEO Bill Winters stated that almost all global transactions will eventually be settled on the blockchain, and all currencies will be digitized. He added, "And we believe that Hong Kong's leadership shares this view, and a Hong Kong dollar stablecoin will facilitate more cross-border digital trade." According to Ledger Insights, Standard Chartered has already participated in stablecoin and tokenized deposit projects in the Hong Kong market. In his speech, Winters pointed out that this is not only an evolution of banking technology, but also a historic moment of disruptive change in the global financial system. In recent years, Standard Chartered has continued to increase its investment in the fields of digital assets and blockchain, making frequent moves from crypto asset custody to tokenized products, from cross-border settlement to stablecoin projects. According to the Financial Times, Standard Chartered announced in mid-2025 the launch of institutional spot trading services for Bitcoin and Ethereum, becoming one of the first major international banks to directly offer crypto trading services. In terms of partnerships, Standard Chartered has established a strategic partnership with crypto broker FalconX, leveraging its banking settlement system to provide cross-border crypto liquidity support to institutional clients. The bank has also established a new digital asset custody entity in Europe to address the EU's upcoming MiCA regulatory framework. Why could blockchain become the "underlying settlement layer for global transactions"? The traceable, verifiable, and programmable characteristics of blockchain technology will make it a potential replacement for existing cross-border payment and settlement networks. Winters predicts that the asset tokenization wave will drive fundamental changes in market structure. The head of digital asset research at Standard Chartered Bank also predicts that by 2028, the market capitalization of tokenized money market funds and publicly traded stocks could reach $750 billion. According to joint research data from the International Monetary Fund and the Bank for International Settlements, over 90% of the more than 80 central banks surveyed are researching or testing digital currencies. This trend indicates that "on-chaining" currency and transactions is no longer a distant prospect, but rather a technological evolution jointly driven by central banks and banking systems worldwide. Academics have also pointed out that blockchain's potential efficiency in cross-border settlements far exceeds that of current systems such as SWIFT. A paper published on Theseus argues that blockchain can reduce settlement time from "days" to "minutes or even seconds," significantly reducing transaction costs and enabling real-time, tamper-proof accounting and compliance automation. In the future, competition in the banking industry will no longer be limited to balance sheets, but will extend to the levels of technical standards and settlement architecture. With blockchain becoming the underlying technology for transactions, the role of banks may be reshaped. Last month, Robinhood CEO Vlad Tenev likened tokenization to a "freight train," predicting its widespread adoption in major markets within the next five years. BlackRock CEO Larry Fink stated in April that he believes all asset classes—from stocks and bonds to real estate—could eventually be tokenized, calling it a "revolution" in the investment space. Banking and Blockchain: Replacement or Coexistence? Achieving global on-chain transactions will be a lengthy experimental process, especially given the lack of unified clearing interoperability and compliance standards. This means that large banks, while embracing innovation, still need to maintain a delicate balance between regulatory frameworks and risk control. Standard Chartered's practice is precisely such an "experiment within the rules." Traditional banks still face fundamental challenges in the blockchain transformation process. Bloomberg analysis suggests that as tokenized assets enable automated transactions and smart settlements, the "intermediary role" of banks will be weakened. This will force banks to seek new profit models—such as transforming into digital asset platforms, custody and compliance service providers, or building end-to-end tokenized infrastructure for institutional clients. Standard Chartered's goal is not to replace crypto-native companies, but to "co-build the next generation of financial markets with them." This collaborative approach reflects the gradual formation of a "symbiotic structure" between traditional financial institutions and the decentralized ecosystem—banks provide regulatory and liquidity channels for crypto companies, while crypto companies bring innovation and new customer groups to banks. According to Ledger Insights, Asian markets, particularly Hong Kong, mainland China, and Singapore, will be at the forefront of this global wave of blockchain-based finance. Hong Kong has already launched a cross-border stablecoin pilot program, and the Monetary Authority of Singapore is advancing Project Guardian, an institutional-grade tokenized asset framework. The regulatory friendliness and openness of regional financial centers provide ideal conditions for cooperation between banks and technology companies.At the Hong Kong Fintech Week 2025, Standard Chartered CEO Bill Winters stated that almost all global transactions will eventually be settled on the blockchain, and all currencies will be digitized. He added, "And we believe that Hong Kong's leadership shares this view, and a Hong Kong dollar stablecoin will facilitate more cross-border digital trade." According to Ledger Insights, Standard Chartered has already participated in stablecoin and tokenized deposit projects in the Hong Kong market. In his speech, Winters pointed out that this is not only an evolution of banking technology, but also a historic moment of disruptive change in the global financial system. In recent years, Standard Chartered has continued to increase its investment in the fields of digital assets and blockchain, making frequent moves from crypto asset custody to tokenized products, from cross-border settlement to stablecoin projects. According to the Financial Times, Standard Chartered announced in mid-2025 the launch of institutional spot trading services for Bitcoin and Ethereum, becoming one of the first major international banks to directly offer crypto trading services. In terms of partnerships, Standard Chartered has established a strategic partnership with crypto broker FalconX, leveraging its banking settlement system to provide cross-border crypto liquidity support to institutional clients. The bank has also established a new digital asset custody entity in Europe to address the EU's upcoming MiCA regulatory framework. Why could blockchain become the "underlying settlement layer for global transactions"? The traceable, verifiable, and programmable characteristics of blockchain technology will make it a potential replacement for existing cross-border payment and settlement networks. Winters predicts that the asset tokenization wave will drive fundamental changes in market structure. The head of digital asset research at Standard Chartered Bank also predicts that by 2028, the market capitalization of tokenized money market funds and publicly traded stocks could reach $750 billion. According to joint research data from the International Monetary Fund and the Bank for International Settlements, over 90% of the more than 80 central banks surveyed are researching or testing digital currencies. This trend indicates that "on-chaining" currency and transactions is no longer a distant prospect, but rather a technological evolution jointly driven by central banks and banking systems worldwide. Academics have also pointed out that blockchain's potential efficiency in cross-border settlements far exceeds that of current systems such as SWIFT. A paper published on Theseus argues that blockchain can reduce settlement time from "days" to "minutes or even seconds," significantly reducing transaction costs and enabling real-time, tamper-proof accounting and compliance automation. In the future, competition in the banking industry will no longer be limited to balance sheets, but will extend to the levels of technical standards and settlement architecture. With blockchain becoming the underlying technology for transactions, the role of banks may be reshaped. Last month, Robinhood CEO Vlad Tenev likened tokenization to a "freight train," predicting its widespread adoption in major markets within the next five years. BlackRock CEO Larry Fink stated in April that he believes all asset classes—from stocks and bonds to real estate—could eventually be tokenized, calling it a "revolution" in the investment space. Banking and Blockchain: Replacement or Coexistence? Achieving global on-chain transactions will be a lengthy experimental process, especially given the lack of unified clearing interoperability and compliance standards. This means that large banks, while embracing innovation, still need to maintain a delicate balance between regulatory frameworks and risk control. Standard Chartered's practice is precisely such an "experiment within the rules." Traditional banks still face fundamental challenges in the blockchain transformation process. Bloomberg analysis suggests that as tokenized assets enable automated transactions and smart settlements, the "intermediary role" of banks will be weakened. This will force banks to seek new profit models—such as transforming into digital asset platforms, custody and compliance service providers, or building end-to-end tokenized infrastructure for institutional clients. Standard Chartered's goal is not to replace crypto-native companies, but to "co-build the next generation of financial markets with them." This collaborative approach reflects the gradual formation of a "symbiotic structure" between traditional financial institutions and the decentralized ecosystem—banks provide regulatory and liquidity channels for crypto companies, while crypto companies bring innovation and new customer groups to banks. According to Ledger Insights, Asian markets, particularly Hong Kong, mainland China, and Singapore, will be at the forefront of this global wave of blockchain-based finance. Hong Kong has already launched a cross-border stablecoin pilot program, and the Monetary Authority of Singapore is advancing Project Guardian, an institutional-grade tokenized asset framework. The regulatory friendliness and openness of regional financial centers provide ideal conditions for cooperation between banks and technology companies.