Odaily News CITIC Securities Research Report believes that recently, Hong Kong, China and the United States have both advanced the legislative process of stablecoin-related bills to varying degrees. Stablecoins can provide a stable currency value trading method for RWA token assets, enhance market liquidity, and help promote the further implementation of RWA issuance projects by mainland Chinese companies in Hong Kong. At the same time, the Stablecoin Act is expected to indirectly promote the construction of digital currency-related payment and settlement interfaces in the Hong Kong financial industry, and financial IT companies with experience in cross-border settlement of digital currency/digital RMB and supply chain financial projects are expected to benefit. Huaxi Securities said that RWA will become the core hub linking the real economy and digital finance. In the future, RWA tokens will expand to more segmented scenarios, such as carbon assets, supply chains, and intellectual property rights, superimposed with AI and large on-chain models to achieve automatic valuation and intelligent liquidation, and activate the digital liquidity of trillions of physical assets. (Cailianshe)