Minsheng Securities: Building a Stablecoin and RWA Ecosystem, Asset On-chain to Kick Off the Web3.0 Era

July 26th: China Minsheng Securities issued a research report indicating that the powerful alliance between the government and enterprises has constructed an ecological closed loop of a stablecoin anchored by high-quality Chinese assets—RWA. It is expected that the on-chainization of relevant assets will enter the era of Web3.0, starting from Ant Group, Longi Green Energy Technology, and XinAo Group's new energy RWA assets, and expanding to potential directions such as computing power leasing, facilitating Chinese high-quality assets to become the core cornerstone of on-chain diversified assets. At the same time, referring to the development process of overseas stock token issuers like Robinhood, domestic internet brokers, fintech companies, and stock or cryptocurrency exchanges in China are anticipated to achieve value reassessment in this wave, with the "license effect" serving as the core competitiveness of domestic related vendors. The main points of Minsheng Securities are as follows: Stablecoins focus on "fiat tokenization," while RWAs focus on "asset tokenization." Consortium Chain → Public Chain Layer 2 → Public Chain Layer 1, advancing through three chain layers. Basic Infrastructure → Liquidity Activation → Global Asset Network Integration to create a three-step plan. From the United States taking the lead in formulating stablecoin bills to the upcoming stablecoin regulations in Hong Kong, countries around the world are exploring and even embracing the arrival of Web3.0 on the policy front; technology-leading companies like Ant Group are continuously leveraging RWAs to assist domestic high-quality assets to go on-chain, directly aiming at new on-chain incremental funds.