Solana Foundation President Lily Liu: Out of 195 countries worldwide, around 180 do not have access to capital markets; blockchain provides a path to ownership.
ChainCatcher on-site report: Solana Foundation President Lily Liu delivered a keynote speech at the 2026 Hong Kong Web3 Carnival. From a macroeconomic perspective, she pointed out that while production, users, and resources are globally distributed, capital formation is not. Only 20 stock exchanges in 14 countries hold about 94% of the global market capitalization of approximately $145 trillion, with two-thirds concentrated in the United States. This means that nearly 180 countries have almost no access to capital markets, forcing their economies to rely on debt instead of equity financing, and leaving citizens without a path to ownership.
She proposed a vision of an “Internet capital market,” where assets from anywhere can raise capital from anyone around the world, priced in US dollars and settled on open rails. Stablecoins are the key infrastructure for this vision, enabling any country to participate in the global financial system, with Solana providing the underlying settlement and execution layers. She also contrasted “Universal Basic Ownership” (UBO) with the widely discussed “Universal Basic Income” (UBI) of the AI era, arguing that blockchain allows anyone with a smartphone to hold a share of their country's economy—making this a basic property right for the digital age and not necessarily moving everyone into a welfare-based system.
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