Definition and Core Concept of RDA
RDA (Real Data Assets) is an innovative paradigm proposed by the Shanghai Data Exchange in 2025. Its core concept is "real number integration," which deeply binds trustworthy real data with physical assets through blockchain technology, forming standardized digital assets that can be verified, traded, and financed. RDA is an extension of RWA (Real World Assets), which focuses on digitizing physical assets (such as real estate and charging stations) on the blockchain, while RDA emphasizes the verification of data authenticity and its value enhancement, generating stablecoins for specific scenarios.
Core Features of RDA:
Coupling of Data and Physical Assets: RDA enhances the credit, transparency, and regulatory compliance of assets by encapsulating operational data of physical assets (such as steel trading data and logistics data).
Blockchain Technology Support: It utilizes blockchain to ensure data authenticity, immutability, and traceability, supporting the verification, trading, and financing of data.
Stablecoin Anchoring Mechanism: RDA serves as the underlying asset for stablecoins, typically pegged to fiat currencies (such as the Chinese Yuan), generating stablecoins for specific scenarios, such as "STEEL-CNY" (steel trading stablecoin) or "Freight Treasure CNY" (logistics stablecoin).
Functions and Application Scenarios of RDA
By combining data assets with stablecoins, RDA provides innovative financial tools for the real economy, demonstrating significant potential in the following scenarios:
Pricing Power in Commodities:
RDA encapsulates trading data of commodities (such as steel) to generate stablecoins pegged to the Chinese Yuan, supporting trade settlement and revenue sharing. Shanghai Pudong Development Bank issues the "STEEL-CNY" stablecoin based on steel trading data RDA, allowing buyers to use it for payment, with smart contracts automatically distributing funds to steel traders, logistics providers, and exchanges. Compared to traditional USD settlements, the commission is reduced to 0.15%, with expected annual profits exceeding 900 million Yuan. This promotes the pricing power of the Chinese Yuan in the commodity market, reduces reliance on USD settlements, and challenges the Singapore Platts energy pricing system.
Logistics and Cross-Border Trade:
RDA integrates logistics data (such as Yangtze River Delta logistics data) to generate stablecoins for cross-border payments and settlements, enhancing efficiency and reducing costs. The "Freight Treasure CNY" stablecoin issued based on Yangtze River Delta logistics data RDA allows Southeast Asian shippers to exchange local currency for payment of COSCO shipping fees, with smart contracts enabling real-time settlement, eliminating the need for USD intermediary transactions. This reduces cross-border payment costs, promotes the internationalization of the Chinese Yuan, and enhances the global competitiveness of Chinese logistics companies.
Data Factor Market:
RDA achieves the standardization, productization, and financialization of data assets through blockchain, promoting the linkage between data and capital markets. The Shanghai Data Exchange plans to list 5,000 tradable data products by 2025, with some enterprise data assets expected to exceed 500 million Yuan in scale. RDA drives the large-scale development of the data factor market, empowering enterprises to achieve value enhancement through data financing and trading.
Currency System Anchored by RDA
The stablecoins supported by RDA are typically pegged to fiat currencies to ensure value stability. Currently, the main currency systems anchored include:
Chinese Yuan (CNY): RDA stablecoins are often pegged to the Chinese Yuan, such as "STEEL-CNY" and "Freight Treasure CNY," aiming to promote the internationalization of the Yuan, especially in the commodity and cross-border trade sectors.
US Dollar (USD): Some RDA stablecoins may be pegged to the USD to meet international market settlement needs, but the trend is primarily towards Yuan anchoring, reflecting China's strategic layout in the global digital economy.
Other Currencies: In specific regions (such as Southeast Asia), RDA stablecoins may support local currency exchanges, achieving multi-currency interoperability through cross-chain technology, while still centering on the Chinese Yuan.
The anchoring mechanism is typically based on a 1:1 reserve model, meaning that the issuing institution must hold an equivalent amount of fiat currency or assets as collateral, with dynamic adjustments to supply through smart contracts in certain scenarios to maintain stability.
Issuers of RDA
The issuers of RDA stablecoins are typically financial institutions, data exchanges, or core enterprises in the industry chain, collaborating with platforms like the Shanghai Data Exchange, including:
Financial Institutions: Such as Shanghai Pudong Development Bank, which issues the "STEEL-CNY" stablecoin based on steel trading data RDA, responsible for reserve management and compliance auditing.
Data Exchanges: The Shanghai Data Exchange, as the proposer and operational platform of the RDA paradigm, coordinates the verification, standardization, and trading of data assets, jointly issuing scenario-based stablecoins with enterprises.
Industry Chain Enterprises: Such as COSCO Shipping and other logistics companies, which encapsulate RDA based on their operational data (such as freight data) to issue logistics stablecoins, optimizing supply chain finance.
Technology Providers: Blockchain technology companies (such as Ant Chain and Baidu Super Chain) provide underlying technical support to ensure the authenticity of RDA data and the security of transactions.
Issuers must comply with strict regulatory requirements, including reserve transparency, data authenticity audits, and anti-money laundering (AML) compliance, to ensure the credit and stability of stablecoins.
Challenges and Prospects of RDA
Challenges:
- Insufficient Standardization of Data Assets: RDA lacks a unified pricing system and legal verification framework, leading to significant volatility in data value, which affects the credit of stablecoins.
- Technical Barriers: RDA needs to address data silos and privacy computing issues, relying on third-party audits to verify data authenticity, which adds to technical complexity.
- Regulatory Pressure: Global regulations on stablecoins are tightening, such as Hong Kong's "Stablecoin Ordinance," which requires licensed operations and adequate reserves, while the regulatory framework for Yuan stablecoins in mainland China is still being improved.
Prospects:
- Market Scale: As a derivative market of RWA, RDA is expected to grow alongside the expansion of data services and trading scale, with the RWA market potentially reaching $30 trillion by 2035, and the stablecoin market projected to reach $2.5 trillion by 2030, with an annual compound growth rate exceeding 80%.
- Policy Support: The National Data Bureau of China is promoting pilot projects for trusted data spaces, with RDA as a core paradigm driven by policy, and the Shanghai Data Exchange plans to achieve the listing of 5,000 data products by 2025.
- Internationalization of the Yuan: RDA stablecoins facilitate the application of the Yuan in cross-border trade and the data factor market, with experts suggesting that trials should be conducted in Hong Kong to optimize the payment efficiency of the digital Yuan.
Conclusion
RDA (Real Data Assets) binds data with physical assets through "real number integration," providing innovative underlying asset support for stablecoins. Its applications in commodities, logistics, cross-border trade, and the data factor market demonstrate the potential to promote the internationalization of the Yuan, enhance China's pricing power, and marketize data. RDA stablecoins are primarily pegged to the Yuan and are jointly issued by financial institutions, data exchanges, and industry chain enterprises, relying on blockchain technology to ensure data authenticity and transaction security. Despite facing challenges in standardization, technology, and regulation, RDA has broad prospects driven by policy support and market demand, and is expected to become an important pillar of the global digital economy. It is recommended to pay attention to the latest developments from the Shanghai Data Exchange, as well as related policies and dynamics from industry chain enterprises, to seize the development opportunities of RDA stablecoins.
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