According to online reports, Zheshang Securities released a research report that the macro impact of RWA (real-world assets) is also to create a "global capital market" on the blockchain, accelerate the replacement of traditional finance by on-chain finance, and may lead to further expansion of US dollar credit in stages. RWA, stablecoins and decentralized finance (smart contracts) mirror the investment targets, legal currencies, and financial intermediation functions in the traditional financial system on the blockchain. The three cooperate with each other and are forming a new financial closed loop on the blockchain. In the long run, the RWA uplink mechanism is a potential challenge for traditional financial institutions, including banks, securities firms, insurance companies, and exchanges. (Jin Shi)