Traffic for that /48 will be routed to your router. You're free to divvy up that /48 into /64 subnets on your LAN. Eg you can make one subnet A:B:110::/64, another A:B:110:1::/64, and so on all the way to A:B:110:ffff::/64. ("Making a subnet" == setting up at least RA to advertise that prefix, along with DHCPv6 / SLAAC options as you want.) Then LAN devices on those subnets can use any IP in the /64 for themselves.

In your case it's a static assignment, but otherwise it can be assigned via DHCPv6-PD (when your router asks for a WAN IP using DHCPv6, it also gets told that some prefix like your /48 has been "delegated" to it). The result is the same.