Dr. Xiao Feng: Blockchain has inherent advantages 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 vast majority of RWA are not suitable for the continuous auction matching mechanism of traditional exchanges, but are more aligned with a non-continuous, peer-to-peer over-the-counter trading structure. This trading form naturally fits with the underlying logic of blockchain distributed ledgers, and in the future, the on-chain OTC market may be reconstructed based on blockchain technology.