Dr. Xiao Feng: Blockchain has a natural advantage in peer-to-peer transactions On February 12, Dr. Xiao Feng, Chairman and CEO of HashKey Group, stated at the 2026 Crypto Finance Forum held at the University of Hong Kong that the majority of RWAs are not suitable for the continuous auction matching mechanism of traditional exchanges. Instead, they are closer to non-continuous, peer-to-peer OTC trading structures. This form of trading aligns naturally with the underlying logic of blockchain's distributed ledger. In the future, it may be possible to reconstruct the on-chain OTC market based on blockchain technology.