HONG KONG, February 13, 2026 — The CryptoFi Forum (CFF), jointly hosted by WLFI, Bakkt, HKU Business School and ME Group, was successfully held at The University of Hong Kong. Under the theme “Decoding Crypto, Reshaping Finance,” the forum brought together representatives from traditional financial institutions, crypto-native ecosystems, public blockchain protocols and academia to explore the evolution of crypto finance and innovation within compliant regulatory frameworks.

Nathan Ma, Co-Founder and Chairman of DMZ Finance (“DMZ”), was invited to participatein the roundtable discussion titled “Institutional vs. Degenerate: Who Will Win the RWA 2.0 Race, Regulated Giants or Permissionless DeFi Innovators?” The session was moderated by Horace Peng, Founder and CEO of CoinFound. Other speakers included DC Huang, Head of Product at Antalpha RWA Hub; John, APAC Lead at TON Foundation; Bridget Li, Co-Founder and CEO of Asseto; and Sonia Shaw, CEO of OneAsset.

RWA 2.0: From On-Chain Asset Representation to On-Chain Utility

Addressing the key drivers of RWA 2.0, Nathan stated, “If RWA 1.0 focused on bringing assets such as U.S. Treasuries on-chain, then RWA 2.0 is fundamentally about how those assets can be effectively utilized. Tokenization alone does not create a complete value loop. Assets must be supported by sustainable liquidity and real use cases.”

He emphasized that RWA 2.0 places greater importance on programmability, composability and liquidity efficiency. The industry’s current challenges can be summarized in three key areas.

First, asset structuring and packaging capability. This goes beyond simple asset mirroring and requires designing compliant on-chain structures that balance yield generation with sustainable liquidity management.

Second, liquidity distribution and market-making capability. This includes managing market depth and secondary liquidity around tokenized assets such as U.S. equities and gold ETFs, supported by professional trading operations and risk management expertise.

Third, defining the regulatory boundary between compliance and permissionless innovation. The extent to which permissionless mechanisms can operate within regulatory frameworks will directly influence the scalability and long-term development of RWA markets.

Nathan noted that after multiple market cycles, on-chain investors have become increasingly rational. “Today’s digital asset investors demand yield, liquidity and security simultaneously.

Platforms that can consistently deliver all three will gain a structural advantage.” In his view, RWA 2.0 is not simply about expanding the number of tokenized assets, but about establishing sustainable asset structures and resilient liquidity systems.

Regulated Institutions and DeFi Innovators: Functional Specialization Determines

Ecosystem Efficiency

When discussing whether regulated institutions or permissionless DeFi innovators would ultimately prevail, Nathan emphasized that RWA 2.0 should not be framed as a binary confrontation. Instead, it represents a competition of integrated system capabilities.

During the RWA 1.0 phase, regulatory compliance was the dominant driver, giving licensed institutions a natural advantage. As the market enters the RWA 2.0 stage, functional specialization has become clearer. Licensed institutions provide trusted legal frameworks and regulatory assurance. Public blockchain protocols provide the underlying technical infrastructure and composability layer. Exchanges and ecosystem platforms are responsible for liquidity organization and market distribution.

Nathan stressed that competitiveness depends not only on regulatory qualifications, but also on the ability to design trusted architectures, structure assets effectively and integrate brand and distribution channels. “In the RWA 2.0 era, long-term success will require the integration of institutional trust and technological efficiency.”

Asset Trends: From U.S. Treasuries to ETFs and Structured Products

Looking ahead to 2026, Nathan observed that U.S. Treasuries dominated the RWA 1.0 stage, but diversification is accelerating in the RWA 2.0 phase. He identified tokenized ETF products, gold-backed RWA assets and structured yield products as high-potential growth areas. In an environment of global macroeconomic uncertainty, gold-backed assets offer natural safe-haven characteristics. Structured products are more aligned with on-chain investors’ dual demand for yield optimization and liquidity flexibility.

RWA 2.0 is not merely about increasing asset variety. It represents a shift toward productization, structured design and enhanced capital efficiency within tokenized real-world assets.

User Segmentation and Emerging Markets in the Post-P2P Era

When discussing where genuine RWA demand is emerging, Nathan stated that the industry has entered a “post-P2P era,” characterized by rational capital allocation and a return to fundamentals.

Current RWA users can be broadly categorized into two groups. The first group consists of rationalized on-chain investors who prioritize a balance among yield, liquidity and security.

The second group includes infrastructure-level early adopters, such as institutions and new market participants that are proactively allocating assets on-chain.

Nathan highlighted the Middle East and Japan as potential sources of incremental liquidity and user growth. The Middle East offers advantages in capital scale, while Japan benefits from regulatory maturity and institutional clarity. Both regions are positioned to become important contributors to the expansion of RWA 2.0 markets.

Nathan concluded that the core question of RWA 2.0 is not whether institutions or DeFi will win, but whether the industry can build sustainable asset structuring frameworks, efficient liquidity infrastructure and scalable market mechanisms within compliant regulatory environments.

Under the vision of “Decoding Crypto, Reshaping Finance,” DMZ will continue advancing the integration of RWA and traditional financial systems, connecting key markets across Asia and the Middle East, and contributing to the long-term development of global digital financial infrastructure.

About DMZ Finance

DMZ Finance is a leading RWA infrastructure company and the tokenization partner of Qatar National Bank (QNB Group), the largest bank in the Middle East and Africa. Together, they are advancing the integration of asset tokenization into both TradFi and DeFi systems. In collaboration with QNB Group and Standard Chartered, DMZ Finance co-launched QCDT, the DIFC’s first tokenized money market fund. The company is also among the first cohort admitted to the Qatar

Financial Centre (QFC) Digital Assets Lab and BNB Chain’s Most Valuable Builder program. Follow DMZ Finance on X and LinkedIn.

Media Inquiries

media@dmz.finance

Disclaimer

This announcement is provided for informational purposes only and may describe products that are not available or approved in certain jurisdictions. Any references to regulatory approvals refer solely to in-principal approvals and are subject to the satisfaction of final conditions; such references do not constitute confirmation of full regulatory authorization.

This announcement does not constitute (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold any crypto/digital assets or securities, or (iii) financial, accounting, legal, or tax advice. Information (including market data and statistical information, if any) appearing in this announcement is for general information purposes only.

It is intended solely for institutional or professional investors and is not directed at retail investors. While all reasonable care has been taken in preparing this release, no responsibility or liability is accepted for any errors, omission, or inaccuracies.

HONG KONG, February 13, 2026 — The CryptoFi Forum (CFF), jointly hosted by WLFI, Bakkt, HKU Business School and ME Group, was successfully held at The University of Hong Kong. Under the theme “Decoding Crypto, Reshaping Finance,” the forum brought together representatives from traditional financial institutions, crypto-native ecosystems, public blockchain protocols and academia to explore the evolution of crypto finance and innovation within compliant regulatory frameworks.

Nathan Ma, Co-Founder and Chairman of DMZ Finance (“DMZ”), was invited to participatein the roundtable discussion titled “Institutional vs. Degenerate: Who Will Win the RWA 2.0 Race, Regulated Giants or Permissionless DeFi Innovators?” The session was moderated by Horace Peng, Founder and CEO of CoinFound. Other speakers included DC Huang, Head of Product at Antalpha RWA Hub; John, APAC Lead at TON Foundation; Bridget Li, Co-Founder and CEO of Asseto; and Sonia Shaw, CEO of OneAsset.

RWA 2.0: From On-Chain Asset Representation to On-Chain Utility

Addressing the key drivers of RWA 2.0, Nathan stated, “If RWA 1.0 focused on bringing assets such as U.S. Treasuries on-chain, then RWA 2.0 is fundamentally about how those assets can be effectively utilized. Tokenization alone does not create a complete value loop. Assets must be supported by sustainable liquidity and real use cases.”

He emphasized that RWA 2.0 places greater importance on programmability, composability and liquidity efficiency. The industry’s current challenges can be summarized in three key areas.

First, asset structuring and packaging capability. This goes beyond simple asset mirroring and requires designing compliant on-chain structures that balance yield generation with sustainable liquidity management.

Second, liquidity distribution and market-making capability. This includes managing market depth and secondary liquidity around tokenized assets such as U.S. equities and gold ETFs, supported by professional trading operations and risk management expertise.

Third, defining the regulatory boundary between compliance and permissionless innovation. The extent to which permissionless mechanisms can operate within regulatory frameworks will directly influence the scalability and long-term development of RWA markets.

Nathan noted that after multiple market cycles, on-chain investors have become increasingly rational. “Today’s digital asset investors demand yield, liquidity and security simultaneously.

Platforms that can consistently deliver all three will gain a structural advantage.” In his view, RWA 2.0 is not simply about expanding the number of tokenized assets, but about establishing sustainable asset structures and resilient liquidity systems.

Regulated Institutions and DeFi Innovators: Functional Specialization Determines

Ecosystem Efficiency

When discussing whether regulated institutions or permissionless DeFi innovators would ultimately prevail, Nathan emphasized that RWA 2.0 should not be framed as a binary confrontation. Instead, it represents a competition of integrated system capabilities.

During the RWA 1.0 phase, regulatory compliance was the dominant driver, giving licensed institutions a natural advantage. As the market enters the RWA 2.0 stage, functional specialization has become clearer. Licensed institutions provide trusted legal frameworks and regulatory assurance. Public blockchain protocols provide the underlying technical infrastructure and composability layer. Exchanges and ecosystem platforms are responsible for liquidity organization and market distribution.

Nathan stressed that competitiveness depends not only on regulatory qualifications, but also on the ability to design trusted architectures, structure assets effectively and integrate brand and distribution channels. “In the RWA 2.0 era, long-term success will require the integration of institutional trust and technological efficiency.”

Asset Trends: From U.S. Treasuries to ETFs and Structured Products

Looking ahead to 2026, Nathan observed that U.S. Treasuries dominated the RWA 1.0 stage, but diversification is accelerating in the RWA 2.0 phase. He identified tokenized ETF products, gold-backed RWA assets and structured yield products as high-potential growth areas. In an environment of global macroeconomic uncertainty, gold-backed assets offer natural safe-haven characteristics. Structured products are more aligned with on-chain investors’ dual demand for yield optimization and liquidity flexibility.

RWA 2.0 is not merely about increasing asset variety. It represents a shift toward productization, structured design and enhanced capital efficiency within tokenized real-world assets.

User Segmentation and Emerging Markets in the Post-P2P Era

When discussing where genuine RWA demand is emerging, Nathan stated that the industry has entered a “post-P2P era,” characterized by rational capital allocation and a return to fundamentals.

Current RWA users can be broadly categorized into two groups. The first group consists of rationalized on-chain investors who prioritize a balance among yield, liquidity and security.

The second group includes infrastructure-level early adopters, such as institutions and new market participants that are proactively allocating assets on-chain.

Nathan highlighted the Middle East and Japan as potential sources of incremental liquidity and user growth. The Middle East offers advantages in capital scale, while Japan benefits from regulatory maturity and institutional clarity. Both regions are positioned to become important contributors to the expansion of RWA 2.0 markets.

Nathan concluded that the core question of RWA 2.0 is not whether institutions or DeFi will win, but whether the industry can build sustainable asset structuring frameworks, efficient liquidity infrastructure and scalable market mechanisms within compliant regulatory environments.

Under the vision of “Decoding Crypto, Reshaping Finance,” DMZ will continue advancing the integration of RWA and traditional financial systems, connecting key markets across Asia and the Middle East, and contributing to the long-term development of global digital financial infrastructure.

About DMZ Finance

DMZ Finance is a leading RWA infrastructure company and the tokenization partner of Qatar National Bank (QNB Group), the largest bank in the Middle East and Africa. Together, they are advancing the integration of asset tokenization into both TradFi and DeFi systems. In collaboration with QNB Group and Standard Chartered, DMZ Finance co-launched QCDT, the DIFC’s first tokenized money market fund. The company is also among the first cohort admitted to the Qatar

Financial Centre (QFC) Digital Assets Lab and BNB Chain’s Most Valuable Builder program. Follow DMZ Finance on X and LinkedIn.

Media Inquiries

media@dmz.finance

Disclaimer

This announcement is provided for informational purposes only and may describe products that are not available or approved in certain jurisdictions. Any references to regulatory approvals refer solely to in-principal approvals and are subject to the satisfaction of final conditions; such references do not constitute confirmation of full regulatory authorization.

This announcement does not constitute (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold any crypto/digital assets or securities, or (iii) financial, accounting, legal, or tax advice. Information (including market data and statistical information, if any) appearing in this announcement is for general information purposes only.

It is intended solely for institutional or professional investors and is not directed at retail investors. While all reasonable care has been taken in preparing this release, no responsibility or liability is accepted for any errors, omission, or inaccuracies.