[HashKey Tokenisation CEO Anna Liu: The 'Programmability' of RWA Will Reshape the 'Impossible Triangle' of Yield, Efficiency, and Risk] During her keynote speech at Hong Kong Fintech Week 2025, HashKey Tokenisation CEO Anna Liu highlighted that the true breakthrough in addressing the 'Impossible Triangle' of yield, efficiency, and risk control will come from RWA transitioning assets from simple 'digital on-chain' to a 'programmable economy.' Anna stated: 'We are at the most transformative stage of RWA—shifting from the traditional "asset on-chain" model to a dynamic, programmable phase that leverages smart contracts to reshape the entire lifecycle of assets.' She emphasized: 'Innovations such as programmable collateral, atomic settlement, embedded compliance, and automated allocation mechanisms will drive RWA to build a "programmable economy." While the dynamic balance of the "Impossible Triangle" of yield, efficiency, and risk control will still exist, the "programmability" of RWA can construct a more resilient and inclusive financial system.' Anna also pointed out that 'Hong Kong's Stablecoin Ordinance, as a forward-looking regulation, provides the necessary guidance for the industry. By formally recognizing the systemic balance between efficiency, practicality, and user benefits, it offers a clear path for the next generation of financial innovation to achieve truly sustainable growth within a regulatory framework.' She remarked: 'The development of the industry requires honest dialogue between innovators and regulators, drawing wisdom from traditional finance while embracing the potential of blockchain. HashKey will continue to strengthen the foundation of digital asset infrastructure and collaborate with industry partners to jointly drive the realization of RWA's transformative vision.'