According to online reports, CITIC Securities Research believes that recently, China Hong Kong and the United States have promoted the legislative process of stablecoin-related bills to varying degrees. stablecoins can provide a trading method for RWA token assets with stable currency, enhance market liquidity, and help promote the further implementation of RWA issuance projects by the mainland of China companies in Hong Kong. At the same time, the stablecoin bill is expected to indirectly boost the construction of digital currency-related payment and settlement interfaces in Hong Kong's financial industry. Financial IT companies with experience in digital currency/digital RMB cross-border settlement and Supply Chain Finance projects are expected to benefit. Huaxi Securities said that RWA will become a core hub connecting the real economy and digital finance. In the future, RWA tokens will be expanded to more subdivided scenarios, such as carbon assets, supply chains and intellectual property rights, and AI and on-chain models will be superimposed to achieve automatic valuation and intelligent clearing, activating the digital liquidity of trillion-level physical assets. (Cailian)