At 19:30 on the evening of June 27, 2025, the 14th Space of "Unguarded Crypto" co-hosted by Techub News, Uweb and Lianzhi ignited the enthusiasm of the Web3 circle as scheduled. This program, featuring open dialogue, is co-hosted by Techub News host Krystal and Chinese Web3 professional host Jia Ge, and invited three guests: HAG CFO Joe, m&WDAO initiator Jerry and Shanghai Mankiw (Shenzhen) Law Firm Compliance Consultant Henry. The program focuses on the integration of Web3 and traditional finance, the centralization and decentralization of stablecoins, the impact of Trump's policies, the evolution of DAO and the value of Dogecoin, etc., and has an in-depth discussion on topics such as the collision of ideas for the audience.

Integration of Web3 and traditional finance: Hong Kong policy ignites new engine

The integration of Web3 and traditional finance has become a hot topic in the industry. Hong Kong is becoming a bridgehead for the development of global Web3 by virtue of the rapid advancement of RWA (real world assets) and stablecoin policies. The guests agreed that integration is not only a catalyst for the introduction of funds, but also a necessary path for the digital transformation of the global economy. However, how to balance compliance and innovation is still the key.

Joe used the compliance experience of HAG, a North American mining company, as a starting point, pointing out that Hong Kong's policy breakthroughs in the fields of RWA and stablecoins have triggered market enthusiasm, and crypto concept stocks have therefore risen. He emphasized that Trump's "Genius Act" broke the funding barriers between traditional finance and Web3 and injected liquidity into the industry. Joe believes that Hong Kong's compliance framework is the first step towards the stars and the sea, but more native tokenized assets need to be implemented to bridge the gap in the traditional industry's understanding of crypto assets. From a media perspective, Joe's views reveal how compliance opens the door to traditional finance for Web3, and Hong Kong's policy dividends are becoming the focus of global attention.

Jerry started with a grand narrative of civilization iteration, saying that the integration of traditional finance and the crypto world will be the main theme for the next 5-10 years, and Hong Kong's RWA policy provides a strategic opportunity for the digitalization of the RMB. He warned that although integration is important, the development of the Web3 native market is more related to long-term competitiveness, and Hong Kong needs to increase its investment in the native ecosystem. Jerry's m&WDAO is committed to uniting industry builders and promoting technological breakthroughs. From a media perspective, Jerry's discussion points out Hong Kong's unique position in the global Web3 landscape, and his call for the native market has sounded the alarm for innovation in the industry.

Henry analyzed from the perspective of legal compliance that centralized supervision is the cornerstone for attracting traditional funds to enter the market, and the Hong Kong Stablecoin Act provides a sandbox space for the industry to land. He believes that the decentralized foundation of Web3 is unshakable, but the current centralized governance can better inspire market confidence. Henry's views highlight the leading position of Hong Kong's policies in the global Web3 regulatory competition. From the perspective of the media, his analysis provides clear guidance for practitioners: compliance is a pass for integration, but we must be wary of the erosion of the Web3 spirit by excessive centralization.

The debate between centralization and decentralization of stablecoins: a game between trust and efficiency

As a bridge between Web3 and the real world, the choice between centralization and decentralization of stablecoins has sparked heated discussions. Guests believe that centralized stablecoins have more market trust and liquidity due to regulatory endorsement, but the concept of decentralization is still the soul of Web3. The industry needs to find a balance between the two to cope with the dual challenges of global payments and the digitization of sovereign currencies.

Joe is optimistic about centralized stablecoins such as USD1, because it is backed by the Trump family and the government, has strong trust endorsement, and is suitable for the current market's thirst for liquidity. He believes that Dogecoin's decentralized payment scenario has been replaced by stablecoins, and centralized institutions are more easily accepted by traditional finance due to their goodwill. From a media perspective, Joe's position reflects the market's real demand for trust and efficiency. The hot discussion of USD1 highlights the amplifying effect of political influence in the crypto market, prompting the industry to pay attention to the rising trend of compliant stablecoins.

Henry believes that centralized stablecoins (such as USDC) are better able to cope with the liquidity needs of payment scenarios and solve risk issues (such as the collapse of Luna) due to regulatory intervention and fund reserves. He pointed out that decentralization is the foundation of Web3, but centralized governance is more attractive to the public and funds at the current stage, and Hong Kong's stablecoin bill provides compliance opportunities for the industry. Henry emphasized that stablecoins need to establish trust in business scenarios, and the centralized model has more advantages in the short term, but the concept of decentralization cannot be abandoned, and the balanced development of the two must be promoted through technological breakthroughs and education popularization.

Jerry analyzed from the perspective of sovereign currency digitization and believed that the Hong Kong dollar stablecoin has strategic significance in the internationalization of the RMB and needs to counter the hegemony of the US dollar (such as USD1). He pointed out that the core value of stablecoins lies in the digitization of sovereign legal tender, not just commercial payment scenarios. Jerry emphasized that Hong Kong's RWA and stablecoin policies provide a basis for integration, but the spirit of decentralization is still the future of Web3. He believes that stablecoins need to combine blockchain and AI to promote the construction of digital civilization order. m&WDAO is committed to uniting Web3 builders to explore new economic forms through decentralized mechanisms and strive to occupy a place in the global game.

The impact of Trump’s policies on Web3 and the global economy: Merchant logic reshapes the industry landscape

Trump's policies (such as pardoning the founder of Silk Road and issuing USD1) have become a catalyst for Web3 to break out of the circle. His business logic and political skills have "extended the life" of the US economy and reshaped the global financial order. The guests analyzed the controversies and opportunities of his dual identity and revealed the industry trend driven by policies.

Joe believes that Trump's "genius bill" connects traditional finance and Web3 through a compliance framework, solves the U.S. debt problem, and amplifies the global economic "bubble". He pointed out that Trump's policy resolved the liquidity crisis after FTX and promoted the transformation of the digital dollar. His business thinking accurately captured the pain points of the market. From a media perspective, Joe's analysis reveals the short-term benefits and long-term impacts of Trump's policy on Web3. The acceleration of the digitization of the U.S. dollar may reshape the global financial landscape. The industry needs to be vigilant against policy-driven bubble risks.

Henry pointed out that Trump is both an "athlete and referee". The USD1 issued by his family has caused regulatory controversy, but his high-profile participation has effectively promoted the industry to break through the circle and attracted attention from non-Web3 circles. He believes that Trump has caught the public's attention through meme coins and stablecoins and accelerated the transformation of digital dollars. Media interpretation believes that Henry's views highlight the driving force of Trump's marketing strategy on the popularization of the industry, but his dual identity also sounded the alarm for regulatory transparency. The industry needs to pay attention to the balance between policy dividends and compliance challenges.

Jerry emphasized that Trump's policy strengthens the digitization of the US dollar, which may consolidate the hegemony of the US dollar and have a far-reaching impact on the sovereign world economic order. He called on Hong Kong to promote the internationalization of the RMB through the Hong Kong dollar stablecoin and strive for a place in the global game. Jerry's m&WDAO is committed to uniting Web3 builders and combining AI and blockchain to build a digital civilization order. From a media perspective, his argument places Trump's policy in the grand narrative of global financial competition, highlights Hong Kong's strategic opportunities, and reminds the industry to maintain its determination to innovate in the policy boom.

The evolution of DAO and the development of Web3 native markets: transformation from concept to tool

DAO has evolved from an early decentralized utopia to a Web3 project management tool, and its potential in uniting industry builders and promoting the integration of blockchain and AI has attracted much attention. The guests believe that DAO needs to adapt to the integration trend while adhering to the core value of native market development.

Jerry pointed out that DAO has transformed from a concept-driven (such as the early Ethereum DAO) to a Web3 management tool. m&WDAO takes the mission of joint builder to promote the integration of blockchain and AI and build a digital civilization order. He believes that Hong Kong's RWA policy provides a foundation for integration, but the development of the native market is more critical, requiring technological breakthroughs and ecological construction. From a media perspective, Jerry's views point the way for the future of DAO. His emphasis on the integration of AI and Web3 indicates a new trend in the industry. Hong Kong needs to make up for the shortcomings of the native market to maintain its competitiveness.

Joe believes that DAO represents the spirit of decentralization, but its appeal has declined in the current bear market and the dominance of centralized funds. He predicts that after the market matures, DAO may recover due to the need for order and evolve into a mechanism that integrates centralized efficiency and decentralized spirit. Joe emphasizes that the long-term value of DAO lies in community governance, and in the short term it needs to adapt to compliance needs. Media interpretation believes that Joe's analysis reflects the market's realistic pursuit of efficiency, and the integration trend of DAO provides the industry with a path to balance ideals and reality.

Henry pointed out that DAO carries the idea of ​​decentralization, but currently it needs centralized governance to attract funds because the public does not have a good understanding of consensus. He believes that the Hong Kong 2.0 Declaration provides soil for the development of DAO by funding entrepreneurship and industry-university cooperation, and the enthusiasm of the post-00s for blockchain will promote technological breakthroughs. From a media perspective, Henry's views show the potential of DAO driven by education and technology, and call on the industry to take into account the inheritance of decentralized concepts in the wave of integration.

The Current State of Dogecoin and Decentralized Consensus: The Enduring Life of Meme Culture

As a symbol of the spirit of decentralization, Dogecoin’s payment function has been replaced by stablecoins, but its community consensus and technological upgrades are still attractive. Guests analyzed its value from different angles, highlighting the unique charm of Web3’s native culture.

Joe believes that Dogecoin's PoW mechanism and payment scenarios have decentralized appeal, but its narrative has been replaced by stablecoins, and its market competitiveness has declined. He emphasized that PoW provides a sense of trust, but Dogecoin's meme attributes and low unit value limit its development and need more application scenarios to support it. From a media perspective, Joe's analysis reveals Dogecoin's narrative dilemma under the stablecoin craze, suggesting that the industry needs to redefine the market positioning of meme coins.

Henry admitted that he holds a small amount of Dogecoin, which he regards as a symbol of community consensus, stemming from meme culture and retail investor motivation. He believes that although Dogecoin has been replaced by stablecoins for payment functions, its cultural value (such as the "Home Cat and Two Dogs" project) gives it lasting vitality. Henry emphasized that Dogecoin represents the spirit of decentralization and needs technological upgrades to maintain its status. From a media perspective, his point of view highlights the significance of community-driven development to Web3 culture, and Dogecoin may become a symbol of the native spirit.

Jerry supplemented the Dogecoin community's efforts in technology upgrades and ecological governance, such as the protocol development of the CZZ community after the May consensus conference. He believes that Dogecoin's decentralized consensus is consistent with the m&WDAO concept, and that the ecological value can be enhanced through technological breakthroughs in the future. From the media's interpretation, Jerry's sharing has injected technology-driven optimism into Dogecoin, highlighting the unique value of the Web3 native community in the integration trend.

The 14th issue of "Unguarded Crypto" opened a new chapter in the Web3 industry with an open dialogue. From Hong Kong's policy dividends to Trump's global impact, from the trust game of stablecoins to the native value of DAO and Dogecoin, Joe, Jerry and Henry's multiple perspectives provided profound inspiration for the industry. Techub News calls on listeners to join the exchange group, get the latest summary articles, and participate in the lottery for tickets to the Bitcoin Asia conference in Hong Kong in August, and witness the future direction of Web3 together. Looking forward to another storm of ideas in the next issue of Space!