**[HashKey On-Chain BG COO Rachel Qiu: On-Chain Financial Infrastructure Will Be the Key Support for Institutional Adoption]** According to Deep Tide TechFlow, at the Reuters NEXT Asia roundtable forum held on July 9, Rachel Qiu, Head of Business Development at HashKey Group and COO of the On-Chain Business Group, joined industry representatives from Schroders Investment Management, Invesco, Revo Digital Family Office, and others to discuss the development trends of the global digital asset market, institutional adoption pathways, and the future direction of on-chain financial infrastructure. Rachel stated that while the U.S. is currently integrating digital assets into mainstream capital markets through mature financial products such as Bitcoin spot ETFs, Asia is accelerating the tokenization of real-world assets (RWA), stablecoin payments, and cross-border trade, bringing real-world economic scenarios on-chain to build a more comprehensive on-chain financial ecosystem. These two developmental paths represent different stages of evolution in the digital asset industry and will jointly drive the growth of the global digital asset market. Rachel pointed out that the real obstacles for most enterprises in the process of adopting blockchain lie in the highly fragmented nature of multiple aspects, including asset issuance, legal compliance, custody, identity verification, trading, and ecosystem collaboration. To address these industry pain points, HashKey On-Chain is building on-chain financial infrastructure tailored for institutions. Among these efforts, the HashKey Issuance Platform (HIP) adopts a standardized and modular approach, breaking down the tokenization issuance process into seven standardized steps to provide enterprises with one-stop support covering the entire lifecycle of asset issuance. In terms of practical commercial applications, taking cross-border trade financing as an example, when key trade documents such as electronic bills of lading in international trade are digitized and achieve on-chain circulation, the delivery of goods and settlement of funds can be completed atomically and synchronously via blockchain. This could reduce cross-border settlement processes, which previously took days or even weeks, to just minutes. This will significantly enhance the efficiency of global trade fund flows and hold great significance for international trade and financial hubs like Hong Kong and Singapore. It will also become a key application direction for the development of on-chain financial infrastructure in Asia. Rachel emphasized that the core of future industry competition will no longer be limited to individual products but will revolve around who can build on-chain financial infrastructure that combines openness, interoperability, and institutional-grade compliance capabilities.