According to online reports, Minsheng Securities released a research report that the strong alliance between the government and enterprises has built an ecological closed loop of stablecoin-RWA anchored by China's high-quality assets. The listing of related assets is expected to become the curtain of the era of Web 3.0. Starting from the new energy RWA assets of Ant Digital, Langxin Group and GCL Energy, and then moving to potential computing power leasing, China's high-quality assets will become the core cornerstone of diversified assets in the chain. At the same time, referring to the development history of overseas stock token issuers such as Robinhood, domestic Internet brokerages, financial technology companies, stock or digital currency exchanges are expected to achieve value revaluation under this wave, and the "license effect" is the core competitiveness of relevant domestic manufacturers. Minsheng Securities's main views are as follows: stablecoins focus on "legal currency tokenization", and RWA focuses on "asset tokenization". Alliance chain → Public chain Layer2→ Public chain Layer1, the three chains are progressive layer by layer. The three-step process of infrastructure construction → liquidity activation → global asset network integration. From the United States taking the lead in enacting the stablecoin bill to the upcoming implementation of the stablecoin regulations in China Hong Kong, countries around the world are testing and even embracing the arrival of web 3.0 on the policy side; Ant Digital and other technological leaders continue to help domestic high-quality assets go online through RWA, directly facing new incremental funds on the chain.