Interpretation of Stablecoin RDA

Definition and Core Concepts of RDA

RDA (Real Data Assets) is an innovative paradigm proposed by the Shanghai Data Exchange in 2025. The 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 the digitalization of physical assets (such as real estate and charging piles) on the blockchain, while RDA emphasizes the authenticity verification of data and its value-enhancing effects, generating stablecoins for specific scenarios.

Core Features of RDA:

• Coupling Data with Physical Assets: RDA enhances the credibility, transparency, and regulatory compliance of assets by encapsulating operational data of physical assets (such as steel trading data and logistics data).
• Blockchain Technology Support: Utilize blockchain to ensure data authenticity, immutability, and traceability, supporting data ownership confirmation, transactions, and financing.
• Stablecoin Peg Mechanism: RDA serves as the underlying asset for stablecoins, usually pegged to fiat currencies (such as the Renminbi), generating stablecoins for specific scenarios, such as "STEEL-CNY" (steel trade stablecoin) or "Freight Treasure CNY" (logistics stablecoin).

Functions and Application Scenarios of RDA

RDA combines data assets with stablecoins to provide innovative financial tools for the real economy, demonstrating significant potential in the following scenarios:

Commodity Pricing Power:

RDA generates a stablecoin pegged to the Renminbi by encapsulating trading data of bulk commodities (such as steel), supporting trade settlement and revenue sharing. Shanghai Pudong Development Bank issues the "STEEL-CNY" stablecoin based on steel trading data, allowing buyers to pay for goods, while smart contracts automatically distribute funds to steel traders, logistics providers, and exchanges. Compared to traditional USD settlements, the commission is reduced to 0.15%, with an expected annual profit exceeding 900 million yuan. This promotes the pricing power of the Renminbi in the bulk 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 the Yangtze River Delta express logistics data) to generate stablecoins for cross-border payments and settlements, improving efficiency and reducing costs. Based on the Yangtze River Delta logistics data, RDA issues the "Freight Treasure CNY" stablecoin, which Southeast Asian cargo owners can exchange with local currency to pay for COSCO shipping fees, with smart contracts enabling real-time settlements, eliminating the dollar intermediary step. This reduces cross-border payment costs, promotes the internationalization of the Renminbi, and enhances the global competitiveness of Chinese logistics companies.

Data Element 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 the scale of some enterprises' data assets expected to exceed 500 million yuan. RDA promotes the scaled development of the data factor market, empowering enterprises to achieve value appreciation through data financing and trading.

RDA Pegged Currency System

The stablecoins supported by RDA are typically pegged to fiat currencies to ensure value stability. Currently, they are mainly anchored to the following currency systems:

• Renminbi (CNY): RDA stablecoins are mostly pegged to the Renminbi, such as "STEEL-CNY" and "Freight Treasure CNY", aiming to promote the internationalization of the Renminbi, especially in the fields of bulk commodities and cross-border trade.
• US Dollar (USD): Some RDA stablecoins may be pegged to the US dollar to meet international market settlement needs, but the pegging to the Chinese Yuan is the main trend, reflecting China's strategic positioning 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 around the Chinese Yuan.

The anchoring mechanism is usually based on a 1:1 reserve model, where the issuing institution needs to hold an equivalent amount of fiat currency or assets as collateral, and in some scenarios, dynamically adjusts the supply through smart contracts to maintain stability.

RDA Publisher

The issuers of RDA stablecoins are usually financial institutions, data exchanges, or core enterprises in the industrial chain, collaborating with platforms such as the Shanghai Data Exchange, specifically including:

• Financial Institutions: For example, Shanghai Pudong Development Bank issues the "STEEL-CNY" stablecoin based on steel trading data RDA, responsible for reserve management and compliance auditing.
• Data Exchange: Shanghai Data Exchange, as the proposer and operating platform of the RDA paradigm, coordinates the rights confirmation, standardization, and trading of data assets, and collaborates with enterprises to issue scenario-based stablecoins.
• Industry chain enterprises: Logistics companies such as COSCO Shipping, based on their own operational data (e.g., freight data), package RDA, issue logistics stablecoins, and optimize supply chain finance.
• Technology Providers: Blockchain technology companies (such as AntChain, 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

Challenge:

• Insufficient standardization of data assets

RDA lacks a unified pricing system and legal rights framework, resulting in significant volatility in data value, which affects the credit of stablecoins.

• Technical Barrier

RDA needs to solve the issues of data silos and privacy computation, relying on third-party audits to verify data authenticity, with high technical complexity.

• Regulatory Pressure

Global regulation of stablecoins is tightening, with Hong Kong's "Stablecoin Ordinance" requiring licensed operations and sufficient reserves, while the regulatory framework for RMB stablecoins in mainland China is still being improved.

Prospects:

• Market Size

As a derivative market of RWA, RDA is expected to reach a market size of $30 trillion by 2035 with the growth of data services and trading volumes. The stablecoin market is projected to reach $2.5 trillion by 2030, with a compound annual growth rate of over 80%.

• Policy Support

The National Bureau of Statistics of China promotes the pilot of a trusted data space, with RDA as the core paradigm driven by policy. The Shanghai Data Exchange plans to achieve the listing of 5,000 data products by 2025.

• Internationalization of the Renminbi

The RDA stablecoin facilitates the application of the renminbi in cross-border trade and the data factor market. Experts suggest that trials be conducted in Hong Kong to optimize the payment efficiency of the digital renminbi.

Summary

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 data factor markets demonstrate the potential to promote the internationalization of the Renminbi, enhance China's pricing power, and marketize data. The RDA stablecoin is primarily anchored to the Renminbi and is 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 the dynamics of relevant policies and industry chain enterprises, to seize the development opportunities of the RDA stablecoin.