Zheshang Securities: RWA brings regulatory difficulties or temporarily leads to the expansion of US dollar credit

According to a report by Golden Finance, Zhejiang Securities has released a research report stating that the macro impact of RWA (Real World Assets) still lies in creating a "global capital market" on blockchain, accelerating the replacement of traditional finance with on chain finance, and may lead to further expansion of US dollar credit in stages. RWA、 Stablecoins and decentralized finance (smart contracts) mirror the traditional financial system's investment targets, fiat currencies, and financial intermediary functions on the blockchain, and the three work together to form a new financial closed loop on the blockchain. In the long run, the RWA on chain mechanism is a potential challenge for traditional financial institutions, including banks, securities firms, insurance companies, and exchanges. (Golden Ten)