Minsheng Securities: Building a closed loop of stablecoin and RWA ecology, asset chain is expected to open the web 3.0 era

Minsheng Securities released a research report saying that the strong alliance between the government and enterprises has built an ecological closed-loop of RWA, a stablecoin anchored by China's high-quality assets. The chain of related assets is expected to open the era of Web 3.0. Starting from Ant Digital and Langxin Group, and GCL Energy's new energy RWA assets, and then to potential computing power leasing, etc., to help China's high-quality assets become the core cornerstone of diversified assets on the chain. At the same time, referring to the development history of overseas stock token issuers such as Robinhood, domestic Internet securities firms, financial technology companies, stock or digital currency exchanges are all expected to achieve revaluation under this wave, and the "license effect" or the core competitiveness of domestic related manufacturers. The main views of Minsheng Securities are as follows: Stablecoins focus on "fiat currency tokenization", and RWA focuses on "asset tokenization". Alliance chain → Public chain Layer2 → Public chain Layer1, three-chain progressive layers. Foundation construction → Liquidity activation → Three steps to build a global asset network integration. From the United States taking the lead in legislating the stablecoin bill to the imminent implementation of the Hong Kong stablecoin regulations in China, countries around the world are testing and even embracing the arrival of web3.0 in their policies; technology leaders such as Ant Digital continue to help domestic high-quality assets on the chain through RWA, directly facing new on-chain incremental funds.