HashKey RWA CEO Anna Liu spoke on September 9 at an asset management and ETF industry panel discussion hosted by ETFGI, sharing the stage with representatives from institutions including PwC, State Street, and BSE Indices, to exchange views on asset management, ETFs, Tokenisation, and RWA development.
Anna stated that Tokenised ETFs and virtual asset ETFs are two completely different concepts. For the former, the underlying assets, fund structure, regulatory authorization, NAV, and custody arrangements can still remain consistent with traditional funds; what mainly changes is that the record of ownership is transferred on-chain. She pointed out that for on-chain investors, this means they can allocate regulated traditional financial assets within familiar accounts; for traditional investors, the change lies more in the method of access rather than in the assets themselves.
However, Anna emphasized that merely providing new access channels is not enough to drive a real migration of funds. Longer trading hours, more efficient clearing, and richer asset use cases are the areas worth watching in the next stage. She said: "What this truly addresses behind it is liquidity and capital efficiency, and only this has the potential to bring in new capital, rather than causing the same pool of capital to shift between different channels."
Speaking of longer-term innovation, Anna believes that income generated by AI itself may also become an investable and distributable asset in the future. She said: "AI provides production capacity, while the blockchain ledger is responsible for distributing the output." For example, an AI software generates a large number of extremely small but continuous revenues every day, which under traditional financial infrastructure would be difficult to distribute economically and efficiently to a large number of investors, whereas on-chain infrastructure can automate this process.
Anna stated that what will truly be surprising five years from now may not be "machines owning assets," but rather the emergence of the first kind of "revenue stream that is very small in amount, continuously generated, and able to be shared by tens of thousands of people." "This is not a subversion of traditional finance, but an extension of financial infrastructure, making financial relationships that could not previously exist possible for the first time."
ETFGI is a globally renowned independent research and consulting institution in the ETF and ETP industry. Institutions such as J.P. Morgan, Fidelity, and Nasdaq have also participated in its related industry events and insight summits.
