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

On July 26, Minsheng Securities released a research report stating that the strong partnership between the government and enterprises has built an ecological closed loop of stablecoins anchored by high-quality Chinese assets—RWA. The on-chain assets are expected to open the curtain on the era of Web3.0, starting with the new energy RWA assets of Ant Group and Longxin Group, as well as Xiexin Energy, and extending to potential directions such as computing power leasing, helping high-quality Chinese assets become the core cornerstone of diversified on-chain assets. At the same time, referencing the development history of overseas stock token issuers like Robinhood, domestic internet brokerages, financial technology companies, and stock or digital currency exchanges are expected to achieve a revaluation of value under this wave, while the 'licensing effect' may be the core competitiveness of domestic related 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, with three chains progressing layer by layer. The three-step approach consists of foundational building → liquidity activation → global asset network integration. From the United States taking the lead in legislating stablecoin bills to the upcoming implementation of stablecoin regulations in Hong Kong, countries around the world are testing and even embracing the arrival of Web3.0 in terms of policy; leading tech companies like Ant Group are continuously facilitating the on-chain process of domestic high-quality assets through RWA, directly targeting new incremental on-chain funds.