Minsheng Securities: Building a Stablecoin-RWA Ecological Closed Loop, Related Assets on the Chain Expected to Open the Curtain for the Web 3.0 Era

According to the Zhitong Finance APP, Minsheng Securities released a research report stating that the strong alliance between the government and enterprises has constructed a stablecoin anchored by high-quality Chinese assets—RWA's ecological closed loop. The on-chain assets are expected to open the curtain on the era of Web 3.0, starting with the new energy RWA assets of Ant Group and Longxin Group (300682.SZ) and Xiexin Energy Technology (002015.SZ), and extending to potential directions such as computing power leasing, helping high-quality Chinese assets become the core cornerstone of diversified on-chain assets. Meanwhile, 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 value reassessment under this wave, while the "license effect" may be the core competitiveness of domestic related firms. The main viewpoints of Minsheng Securities are as follows: Stablecoins focus on "fiat currency tokenization," while RWA focuses on "asset tokenization." The core function of stablecoins is similar to that of real-world fiat currencies, concentrating more on transactions and payments. In contrast to stablecoins that are pegged to fiat currencies and do not generate returns, RWA encompasses a broader range of asset types and application scenarios, enhancing asset liquidity, facilitating the pricing of real assets in the Web 3.0 domain, and providing investors with low-risk, stable-return financial products in the Web 3.0 world. On the policy front, Hong Kong, China, is a leading region globally in promoting stablecoin legislation, continuously catching up with the legislative progress in the United States. Alliance chain → Public chain Layer 2 → Public chain Layer 1, a three-tiered progression. The alliance chain has three major advantages: controllable access, efficient collaboration, and privacy protection, making it the main technical path for early RWA asset on-chain. The Layer 2 public chain achieves low thresholds, real-time, high-frequency trading with extremely high transaction performance, creating conditions for the active secondary market circulation of RWA and building a highway for capital flow. Layer 1 (underlying public chain) constitutes the cornerstone of the blockchain world, undertaking core functions of underlying consensus, data storage, and smart contract execution, and, with its decentralized openness and universality, creates a Layer 1 ecosystem similar to the strategic high point of the CUDA ecosystem. As a performance expansion layer, the public chain Layer 2 often needs to achieve compatibility with the Layer 1 public chain ecosystem based on considerations of security, liquidity, and migration costs. Three-step approach: foundational construction → liquidity activation → global asset network integration. The first phase of RWA focuses on "foundational construction," where different assets are tokenized on-chain through RWA, offering fixed returns to investors, highly similar to the models of primary investment and bond investment. In the second phase of RWA, the layered architecture of alliance chain + Layer 1 + Layer 2 activates the liquidity of secondary market trading, presenting standardized and fragmented characteristics, achieving a value closed loop of "financing-splitting-circulation" after RWA is on-chain. Once RWA enters the third phase, a mature RWA ecosystem will be built globally, with cross-chain trading becoming the norm, and exchanges and token issuance groups becoming the true core distribution and outreach platforms on-chain Investment Advice: From the United States' pioneering legislation on stablecoin bills to the imminent implementation of stablecoin regulations in Hong Kong, countries around the world are testing and even embracing the arrival of Web 3.0 in terms of policy; leading technology companies such as Ant Group are continuously facilitating the on-chain integration of high-quality domestic assets through RWA, directly targeting a new influx of on-chain capital. The strong collaboration between the government and enterprises has constructed an ecological closed loop of stablecoins anchored by high-quality Chinese assets—RWA. It is believed that the on-chain integration of related assets is expected to open the curtain on the era of Web 3.0, starting from the new energy RWA assets of Ant Group, Longxin Group, and Xiexin Energy, and extending to potential directions such as computing power leasing, helping Chinese high-quality assets become the core cornerstone of diversified on-chain assets. Meanwhile, referencing the development history of overseas stock token issuers like Robinhood, domestic internet brokerages, fintech companies, and stock or digital currency exchanges are expected to achieve value reassessment under this wave, while the "license effect" may be the core competitiveness of domestic related firms. For the three stages: Stage One: Asset on-chain is fundamental, it is recommended to focus on RWA asset side: Aoyrede, Longxin Group, Xiexin Energy, Hang Seng Electronics, Youkede, Yingfeng Environment, Hongbo Co., Ltd., Hainan Huatie, CloudWalk Technology, Youfang Technology, Zhiwei Intelligent, Xiechuang Data, WanGuo Data, Century Internet, Baoxin Software, Data Port, Aofei Data, YunSai Zhihui, Guangdian Yuntong, Hengwei Technology, Runjian Co., Ltd., Hongxin Electronics, Shenzhou Digital, Huqin Technology, Lianhua Holdings, Hongjing Technology, etc.; Stage Two: Liquidity activation is key, it is recommended to focus on: 1) Trading platforms and shovel-type companies: Yaocai Securities, Bank of China Hong Kong, Bank of China Securities, Zhongke Jin Cai; 2) Internet brokerages: Dongfang Caifu, Tonghuashun, Dazhihui, Zhinanzhen, Jiufang Zhitu Holdings; 3) Supporting industrial chain: Jinzheng Co., Ltd., Zhong'an Online, Lianlian Digital, China Everbright Holdings, Yuxin Technology, Tianyang Technology, Jingbeifang, Duodian Shuzhi, and other companies related to stablecoin licenses; Stage Three: Global asset network integration is a vast ocean, it is recommended to focus on: JD.com, Alibaba, and other internet giants. Risk Warning: RWA policy implementation may fall short of expectations; industry development may not meet expectations.