Minsheng Securities: Building a stablecoin and RWA ecological closed loop, asset on-chain is expected to pump the curtain for the Web3.0 era.

On July 26, Minsheng Securities released a research report stating that the strong collaboration between the government and enterprises has created an ecological closed loop anchored by high-quality Chinese assets—the stablecoin RWA. The related assets going on-chain are expected to start the era of Web3.0, with Ant Group's digital technology and Longxin Group, as well as Xiexin Energy's new energy RWA assets serving as the starting point, leading to potential directions such as computing power leasing, helping Chinese high-quality assets become the core cornerstone of diversified on-chain assets. At the same time, referring to the development history of overseas stock token issuers like Robinhood, domestic internet brokerages, fintech companies, and stock or digital currency exchanges are expected to achieve value reassessment in this wave, where the "license effect" may become the core competitiveness of domestic relevant manufacturers. The main viewpoints of Minsheng Securities are as follows: stablecoins focus on "fiat tokenization", while RWA focuses on "asset tokenization". Consortium Blockchain → public chain Layer 2 → public chain Layer 1, the three chains progress layer by layer. Basic construction → liquidity activation → global asset network integration is a three-step approach. From the United States being the first to legislate stablecoin bills to the imminent implementation of stablecoin regulations in Hong Kong, countries around the world are testing and even embracing the arrival of Web3.0; leading tech companies like Ant Group are continuously helping domestic high-quality assets go on-chain through RWA, directly facing new on-chain incremental funds.