On July 26, Minsheng Securities released a research report stating that the strong collaboration between government and enterprises has constructed a stable coin ecosystem—RWA anchored by high-quality Chinese assets. The on-chain process of related assets is expected to usher in the Web3.0 era, starting with Ant Digital Technology, Lanxin Group, and GCL Energy's new energy RWA assets, and potentially extending to computing power leasing, helping Chinese high-quality assets become the core cornerstone of diversified on-chain assets.
Meanwhile, referencing the development trajectory of overseas stock token issuers like Robinhood, domestic internet brokers, financial technology companies, and stock or digital currency exchanges are likely to achieve value reassessment in this wave, with "license effects" potentially being the core competitive advantage for domestic related manufacturers. Minsheng Securities' main points are as follows:
Stablecoins focus on "legal currency tokenization", while RWA concentrates on "asset tokenization".
Progression from alliance chain → public chain Layer2 → public chain Layer1.
A three-step approach: infrastructure construction → liquidity activation → global asset network integration.
From the United States' pioneering stablecoin legislation to the imminent Hong Kong stablecoin regulations, countries worldwide are tentatively exploring or embracing the arrival of web3.0; tech leaders like Ant Digital Technology continuously help domestic high-quality assets go on-chain, directly facing new incremental on-chain funds.
