Minsheng Securities: RWA assets going on-chain may become the curtain raiser for Web3.0, with companies like Ant Group assisting in the on-chaining of high-quality domestic assets.

On July 26, Minsheng Securities released a research report stating that the strong alliance between the government and enterprises has constructed an ecological closed loop of stablecoins anchored by high-quality Chinese assets—RWA. The on-chain integration of related assets is expected to open the curtain on the Web3.0 era, starting with the new energy RWA assets from Ant Group, Longxin Group, and Xiexin Energy Technology, and moving towards 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, referring to the development history of overseas stock token issuers such as certain trading platforms, domestic internet brokerages, fintech companies, and stock or digital currency exchanges are expected to achieve a value reassessment under this wave, while the "licensing effect" may be the core competitiveness of relevant domestic manufacturers. Minsheng Securities' main viewpoints are as follows:

Stablecoins focus on "fiat currency tokenization", while RWA focuses on "asset tokenization". Consortium chain → public chain Layer 2 → public chain Layer 1, the three chains progress layer by layer. Three steps of foundational construction → liquidity activation → integration of global asset networks.

From the United States taking the lead in legislating stablecoin bills to the imminent implementation of stablecoin regulations in Hong Kong, countries around the world are testing and even embracing the arrival of Web3.0 on the policy front; leading technology companies like Ant Group are continuously empowering high-quality domestic assets to go on-chain through RWA, directly facing new on-chain incremental funds.