Driven by the current wave of digitalization, the traditional financial system is undergoing unprecedented changes. The development of blockchain technology provides crucial support for this transformation, with innovations particularly noteworthy in the three areas of payment, settlement, and public chains.

In the payment sector, we have seen some exciting developments. Emerging blockchain payment solutions are striving to break down the barriers between fiat currencies and crypto assets, providing users with a seamless consumption experience. This not only improves transaction efficiency but also opens up new possibilities for cross-border payments.

The innovation of clearing networks is also noteworthy. Several blockchain-based clearing solutions have been piloted in multiple countries, with developed economies including Japan and the United States showing strong interest in this technology. These solutions are expected to significantly reduce the cost and time of cross-border transactions, injecting new vitality into the global financial system.

In terms of public chains, we have observed some highly promising projects emerging. These projects are not only technically advanced, but more importantly, they have made significant progress in compliance. Especially in the regions of China and Hong Kong, some public chain projects have already received policy support and play an important role in the development of offshore RMB stablecoins. This not only benefits the internationalization process of the RMB but also provides new tools and possibilities for the global financial market.

The collaborative development of these three major areas is building a new foundational framework for the global financial system. They not only change our traditional perceptions of payment, clearing, and asset management, but also provide a broad imaginative space for financial innovation.

However, it is worth noting that despite these innovations demonstrating great potential, the market does not yet seem to fully recognize their long-term value. As these technologies further mature and their application scope expands, we have reason to believe that they will play an increasingly important role in reshaping the global financial order.

In this financial revolution, regulators, traditional financial institutions, and technology companies need to work closely together to build a more open, efficient, and secure financial ecosystem. Only in this way can we fully unleash the potential of blockchain technology and inject new momentum into global economic development.