In a recent speech in Shanghai, Xiao Feng discussed the evolution of blockchain technology as a foundational infrastructure for the global financial market. He traced the journey from the 2009 Bitcoin white paper to the present, highlighting how blockchain has transformed from a peer-to-peer electronic cash system into a new underlying architecture for financial markets. Xiao emphasized that tokenized currencies originate as legal tender, thus possessing legal attributes. He credited Satoshi Nakamoto with the invention of blockchain and noted Ethereum's role in enhancing and enriching distributed ledgers. Xiao concluded that blockchain is crucial for the AI and digital era, serving as a platform for new wealth creation.