During the 2026 Hong Kong Web3 Carnival, Hash Global founder KK shared his views on the BNB ecosystem, RWA, and especially non-financial asset RWA during the "BNB Institutional Capital and RWA Forum" with the guests.

The forum was co-hosted by Hash Global and the Greater Bay Area Financial Association, with BNB Chain as the blockchain partner, and YZi Labs providing strategic support. The minutes were organized and published by Nine Lives Community.

BNB as Institutional Capital｜Speech Minutes

Good afternoon, everyone. I am KK, the founder of Hash Global. Today I want to take 15 minutes to clarify why BNB is the best investment target for institutional capital in Web3.

Let's start with a thought experiment.

If Tesla had not listed on NASDAQ, what would Musk choose to issue? The answer is: he would issue a "Tesla token" — one that can carry enterprise value and become the driving engine of the entire business empire.

Because tokens are on a public ledger, they are transparent, verifiable, combinable, and open for circulation across the network. Charging stations in Hong Kong can verify global Tesla token holders; if they choose to pay for charging with Tesla tokens, they can get a 20% discount to attract customers. Musk could also say that holders of Tesla tokens can prioritize bid for SpaceX's manned flights. The Tesla stock data stored by DTCC behind NASDAQ cannot achieve such openness.

BNB to Binance is like Tesla tokens to Musk's business empire. BNB is the real-world "Tesla token."

In our research reports over the past few years, Hash Global has defined such tokens as "value functional tokens": on one hand, they have a clear value capture and supply destruction mechanism, and on the other hand, they are deeply embedded in real-use cases within the ecosystem. With the clarification of global regulatory frameworks, we believe we will see a surge in the number of "value functional tokens" in the coming years. BNB has been running for 8 years and is the most mature example globally. We have always encouraged our invested projects to refer to this template, but only after their own business models are established.

The BNB ecosystem covers both on-chain and off-chain. BNB Chain is one of the most active public chains, with a 30% DEX market share; Binance is the largest exchange globally, with a 38% market share; BNB's market cap is $85 billion, making it the economic engine of the entire ecosystem.

The first source of value for BNB is structural and repeatable returns. By 2025, simply by holding BNB to participate in new listings, the BNB-based return will reach 10.12%. This is not a one-off bonus but a sustainable, verifiable structural return tied to ecosystem activity.

The second source of value for BNB is its endogenous deflationary supply mechanism. Since 2017, the total supply of BNB has decreased from 200 million coins to 139 million coins, with an annualized deflation rate of 4.77%. Recently, another $1 billion worth of BNB has been burned, and the latest supply figure has dropped to 134 million coins.

This is the only "super-scarce asset" among the top ten cryptocurrencies by market cap. The continuous compression of the supply side forms long-term value support. It is not an asset that issues more and dilutes holders but an asset that becomes scarcer as the ecosystem becomes more active.

BNB is not only an investment target but also a usage credential. Transaction fee discounts, on-chain staking, liquidity mining, exclusive token subscriptions — the higher the ecosystem participation, the stronger the structural demand.

Industry monopoly leads to new listing income, income redistribution attracts more assets to land, and enhanced ecosystem activity drives supply destruction; scarcity reinforces value support — this is a self-reinforcing flywheel. When returns, destruction, scenarios, and ecosystem activity are interconnected, a strong value closed loop is formed: more assets and applications entering the ecosystem will strengthen the value foundation of BNB; while the increase in BNB's value will, in turn, consolidate the ecosystem.

Regardless of whether downstream industries are AI, TradFi, or RWA explosions, value ultimately settles at the base layer. BNB is like NVIDIA in the chip industry — it benefits no matter which application is hot. Value will not be dispersed and will eventually converge on the ecosystem's only core asset — BNB.

Unlike BTC and ETH, BNB is more suitable for understanding with a value investment logic. It does not rely purely on narratives, but has business fundamentals, ecosystem cash flows, and comprehensible value capture mechanisms. Since 2017, BNB has outperformed BTC and ETH.

The institutionalization of BNB is still in its early stages. The proportion of institutions allocating BTC through ETFs and DAT has exceeded 15% of the total BTC supply, 10% for ETH, while BNB is only 0.39%. What does this resemble? It resembles Moutai in 2004 — institutions are just starting to build positions, and consensus is gradually forming.

Here, I want to emphasize the revaluation elasticity of core assets in the early stages of institutional allocation. Truly high-quality assets often have the most room for growth before institutional consensus forms. As public funds, brokerage firms' proprietary trading, social security, insurance companies, and QFII gradually build positions, Moutai has shown dozens of times in the following years. BNB is at a similar historical juncture.

We believe that the biggest theme of finance in the next decade will be everything on-chain. We believe that ten years from now, all assets — including financial and non-financial assets — will be issued, transferred, and traded on-chain. Last year, SEC Chairman Paul Atkins announced the Project Crypto plan, officially starting this era in the U.S.

After 8 years of global layout, Binance is estimated to have over 500 million real users on-chain and off-chain, making it the only true internet-level financial infrastructure, and its development path is no longer replicable. Everyone can read the autobiography of Binance founder CZ, thanks to the strong support from my Fudan alum General Mao from Commercial Press. We have managed to secure a small batch of sample books before this meeting; if you read them, you will understand why I say the development path is no longer replicable.

To allow institutions to participate in this transformation, Hash Global, in collaboration with YZi Labs, has launched the BNB Holdings Fund — the world's first third-party custodial BNB institutional product. We aim not just to provide investment tools, but also to help institutions become co-builders of the BNB ecosystem.

The BNB Holdings Fund is not simply helping institutions to buy coins; rather, it transforms high-growth assets into standardized products that institutions can hold long-term. It addresses the issues that institutions care about the most, such as custody, auditing, profit distribution, and agency operation.

The BNB Holdings Fund offers institutional investors not only BNB exposure but also a collaborative framework for entering the BNB ecosystem—supporting BNB Chain business implementation, RWA asset issuance, and ecosystem resource connectivity.

Finally, I want to talk about RWA, which everyone is concerned about.

My judgment is that RWA will not just stay on financial assets on-chain but will continue to extend to non-financial user assets on-chain.

Why is the BNB ecosystem suitable for RWA? Because it is not a chain with only technology and no users. It already has real users, real liquidity, and complete financial infrastructure, so after assets come on-chain, they won’t just be "issued" but will have the opportunity to truly flow.

The first RWA to land will still mainly be financial asset RWA. Essentially, it is about bringing assets like stocks, bonds, funds, real estate trusts, and pre-IPO shares into the on-chain liquidity system to enhance the efficiency of existing traditional financial assets. We particularly look forward to non-standard financial asset RWA, where the technical advantages of Web3 can be fully realized. By effectively solving the most challenging aspects of off-chain custody and due diligence, the new generation of on-chain financial infrastructure can unleash its power, and RWA will not just be a gimmick.

However, financial products in issuance and trading phases are strongly regulated areas, requiring time to adapt to the existing regulatory framework. We believe that non-financial, commodifiable RWA may develop faster, driving user assets on-chain, such as cards, fan rights, event tickets, wine, and collectible life experiences, to create entirely new markets.

What it faces is not purely institutional investor funds, but users, communities, and consumption scenarios; what it creates is not efficiency upgrades of existing assets, but new trading demands and new user markets.

Non-financial RWA is not a supplement to financial RWA, but rather a new market that is closer to users, trading, and brands. It organizes IP, rights, content, consumption rights, and membership identity into verifiable, tradable, and long-term operational on-chain assets.

We have invested in and incubated several non-financial RWA projects within the ecosystem; here are a few examples:

Renaiss Protocol is creating on-chain circulation for PSA rated cards, targeting not just the card market but the infrastructure for all collectibles. The challenge is not on-chain but rather how to manage custody and other off-chain systems well. It integrates identification, custody, on-chain certificates, trading, and settlement into collectibles, allowing a traditionally trust-based collectibles market to begin to have assetization and global circulation capability.

MEET48 transforms fan voting, spreading, and co-creation behaviors into on-chain contribution certificates; fans' participation has truly become an asset that can be recorded, verified, and borne for the first time.

Gamebank's first game, PumpSnake, solidly develops into a multiplayer game first and then uses Web3 technology to gamify asset issuance, cleverly unifying KOL community building, fan emotional value, and income generation. Only by enlarging the ecosystem and having sufficiently diverse players can true sustainable Play to Earn be achieved.

IPDEX serves all kinds of content IP, such as film and television, and designs layered structures for commemorative cards, membership cards, and project rights, allowing content IP to transition from one-time consumption to long-term memberships and continuous operations.

OFF Grid starts from ticketing assets to create an integrated new model of Fanvestment for event financing and settlement. It organizes event financing, ticket sales, revenue distribution, and data accumulation into a complete chain, turning an event not just into ticket sales but into a financeable, settleable, and sustainable asset system.

These projects collectively outline the map of non-financial RWA: user assets, community participation, emotional value, and brand communication will all find their on-chain expression within the BNB ecosystem. They are proving that everything can be tokenized, and the BNB ecosystem is the best soil for all of this.

Finally, I want to end today's sharing with a sentence:

BNB is not just a crypto asset but one of the most important value-bearing platforms in the future "everything on-chain" era. And what Hash Global aims to do is help institutions invest in this value system and truly participate in this ecosystem.

Thank you, everyone.