【Zhejiang Merchants Securities: RWA Brings Regulatory Challenges, May Temporarily Lead to Expansion of Dollar Credit】Golden Finance reports that Zhejiang Merchants Securities has published a research report stating that the macro impact of RWA (Real World Assets) lies in creating a "global capital market" on the blockchain, accelerating the replacement of traditional finance by on-chain finance, which may temporarily lead to further expansion of dollar credit. RWA, stablecoins, and decentralized finance (smart contracts) mirror the corresponding investment targets, fiat currency, and financial intermediary functions in the traditional financial system on the blockchain. The three are working together to form a new financial closed loop on the blockchain. In the long run, the mechanism of RWA on-chain poses a potential challenge to traditional financial institutions, including banks, securities firms, insurance companies, and exchanges. (Golden Ten)