Minsheng Securities: Building a stablecoin-RWA ecological closed loop. The assets related to on-chain are expected to become the opening of the Web3.0 era.

Minsheng Securities released a research report stating that the government and enterprises' strong alliance has created an ecological closed loop with the stablecoin RWA, anchored by high-quality Chinese assets. Assets related to RWA going on-chain are expected to usher in the era of Web3.0, starting with new energy RWA assets from Ant Financial, Longi Group, and Xinjiang Goldwind Technology, and expanding to potential directions such as computing power leasing. This will help Chinese high-quality assets become the core cornerstone of diversified on-chain assets. In addition, taking into account the development of overseas stock token issuers like Robinhood, domestic internet brokers, financial technology companies, stock or cryptocurrency exchanges are expected to realize value revaluation in this wave, with the "license effect" being a core competitive advantage for domestic companies.