Standard Chartered CEO predicts: Global transactions will eventually be on-chain, and Hong Kong stablecoins may become key drivers.

At the global financial technology barometer - the 2025 Hong Kong FinTech Week, Standard Chartered Group CEO Bill Winters put forward a significant viewpoint: in the future, almost all global transactions will be settled on the blockchain, and the Hong Kong dollar stablecoin is expected to become an important bridge for cross-border digital trade.

This judgment not only comes from the strategic foresight of a major international banking giant but also reflects the profound transformation that the traditional financial system is undergoing at its fundamental architecture.

01 Banking giants collectively turn to blockchain as a new financial infrastructure

Winters emphasized that this is not just a technological upgrade, but a "historic moment of disruptive change in the global financial system." Standard Chartered's recent efforts in the digital asset space can be described as a comprehensive offensive:

• Launch of Bitcoin and Ethereum institutional spot trading services
• Collaborating with crypto brokerage FalconX to provide cross-border crypto liquidity
•Establishing digital asset custody entities in Europe to comply with MiCA regulations
•Participate in the Hong Kong stablecoin and tokenized deposit project

These actions show that traditional banks are no longer just observing blockchain technology, but are actively integrating it into their core business systems.

02 Why can blockchain become the underlying technology for global settlement?

The "traceable, verifiable, and programmable" characteristics of blockchain give it a natural advantage in the field of cross-border settlement. According to academic research, blockchain can reduce the current settlement time of the SWIFT system from several days to minutes or even seconds, while achieving real-time compliance checks.

The joint data from the International Monetary Fund and the Bank for International Settlements show that over 90% of central banks are researching or testing digital currencies. The "on-chain" concept of currency has moved from theoretical discussion to a substantive advancement stage.

03 Tokenization: The "revolution" that Larry Fink spoke of is accelerating.

Asset tokenization is seen as the most practical application of blockchain in the financial sector. The head of digital asset research at Standard Chartered predicts that by 2028, the market capitalization of tokenized money market funds and publicly traded stocks could reach $750 billion.
This trend has been recognized by several financial leaders:

•Robinhood CEO Vlad Tenev compared tokenization to a "freight train".
• BlackRock CEO Larry Fink believes that all asset classes will eventually be tokenized.

Traditional assets are undergoing a process of "digital twinning," and blockchain provides a reliable technological foundation for it.

04 The Self-Reconstruction of the Banking Industry: From Credit Intermediary to Digital Infrastructure Service Provider

The popularization of blockchain is reshaping the role of banks. As smart contracts enable automated transactions, the traditional intermediary functions of banks are being weakened, forcing them to shift to a new positioning:

•Digital asset platform operator
•Compliance and Custody Service Provider
•Tokenization infrastructure provider

Standard Chartered has clearly stated that its goal is not to replace native crypto companies, but to "build the next generation of financial markets together with them." This symbiotic relationship is forming a new industry ecosystem.

05 Asia's Main Stage: The Regulatory Innovation Competition between Hong Kong and Singapore

The Asian market is becoming the forefront of this financial transformation. Hong Kong has launched a cross-border stablecoin pilot, and Singapore is promoting the "Project Guardian" institutional tokenization framework, with both places attracting global institutions through regulatory-friendly policies.
Winters specifically pointed out that "the Hong Kong leadership recognizes that the Hong Kong dollar stablecoin will promote cross-border digital trade," indicating that the regional financial center is competing for the high ground of digital finance through policy innovation.

This transformation is not achieved overnight. Blockchain still faces challenges in clearing interoperability and the unification of compliance standards, and traditional banks need to carefully balance innovation and risk control. However, it is certain that the on-chain process of the financial system has already begun, and the Asian market is at the forefront of this transformation.

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