At the Consensus Hong Kong conference, Coinhako CEO Yusho Liu stated in a roundtable discussion that the Southeast Asian crypto market is undergoing a three-tiered evolution: the first tier is "trading and speculation," which serves as the industry's marketing engine and an early entry point for regional users to access the global market. The second tier is "stablecoin implementation," which has already achieved real-world use in scenarios such as fund management and cross-border payments. Currently, it is entering the third tier: "the construction of institutional-grade infrastructure." Yusho pointed out that custody, compliant trading platforms, and prime brokers are rapidly taking shape in the region, progressing in tandem with the regulatory framework. Furthermore, Yusho stated that Coinhako's future strategic focus is on serving the infrastructure construction of financial institutions and traditional financial networks within the region, ultimately making crypto technology "an underlying protocol embedded in traditional finance, invisible to users but indispensable to them."