Stablecoin RDA: China's "Real Number Fusion" New Paradigm

Definition and Core Concept 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 real and trustworthy 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), where RWA 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 data with 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: Utilizing blockchain to ensure data authenticity, immutability, and traceability, supporting data confirmation, transactions, and financing.
• Stablecoin Anchor Mechanism: RDA serves as the underlying asset for stablecoins, typically 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).

The 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. Based on steel trading data, Pudong Development Bank issues the "STEEL-CNY" stablecoin, which buyers use to pay for goods, and smart contracts automatically distribute the payments to steel traders, logistics providers, and exchanges. Compared to traditional US dollar settlements, the commission is reduced to 0.15%, with expected annual profits exceeding 900 million yuan. This promotes the pricing power of the Renminbi in the bulk commodity market, reduces reliance on US dollar settlements, and challenges the Singapore Platts energy pricing system.

Logistics and Cross-Border Trade:

RDA integrates logistics data (such as 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, allowing Southeast Asian shippers to pay COSCO shipping fees after exchanging with local currency, with smart contracts enabling real-time settlements, eliminating the need for USD intermediaries. 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 some corporate data asset entries expected to exceed 500 million yuan. RDA promotes the scalable development of the data factor market, empowering enterprises to realize value appreciation through data financing and trading.

RDA-pegged currency system

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

• Renminbi (CNY): RDA stablecoins are often pegged to the Renminbi, such as "STEEL-CNY" and "Freight Treasure CNY", aimed at promoting 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 yuan peg is the main trend, 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, but still centered around the Renminbi.

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

RDA issuer

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

• Financial Institutions: Such as Pudong Development Bank, based on steel trading data RDA, issued the "STEEL-CNY" stablecoin, responsible for reserve management and compliance auditing.
• Data Exchange: The Shanghai Data Exchange, as the proposer and operating platform of the RDA paradigm, coordinates the confirmation of data asset rights, standardization, and trading, and collaborates with enterprises to issue scenario-based stablecoins.
• Industry chain enterprises: such as logistics companies like COSCO Shipping, encapsulating RDA based on their own operational data (such as freight data), issuing logistics stablecoins, and optimizing supply chain finance.
• Technology providers: Blockchain technology companies (such as Ant Chain, 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, leading to significant volatility in data value, which affects the credit of stablecoins.

Technical Barrier

RDA needs to address the issues of data islands and privacy computing, relying on third-party audits to verify data authenticity, with a high level of technical complexity.

Regulatory Pressure

The global regulation of stablecoins is tightening, such as Hong Kong's "Stablecoin Ordinance" which requires licensed operations and sufficient reserves, while the regulatory framework for RMB stablecoins in the mainland 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 volume. The stablecoin market is projected to reach $2.5 trillion by 2030, with an annual compound growth rate of over 80%.

Policy Support

The National Bureau of Statistics of China promotes the pilot project for trusted data spaces, with RDA as the core paradigm driven by policy. The Shanghai Data Exchange plans to list 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 conducting pilot programs in Hong Kong to optimize the payment efficiency of the digital Renminbi.

Summary

RDA (Real Data Asset) binds data to 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 RMB, enhance China's pricing power, and marketize data. RDA stablecoins are primarily anchored to the RMB 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 the dynamics of related policies and industry chain enterprises, to seize the development opportunities of RDA stablecoins.