Stablecoin RDA: China's new paradigm of "real number integration"

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". Through blockchain technology, real and credible data is deeply bound to physical assets to form standardized digital assets that can be confirmed, traded, and financed. RDA is an extension of RWA (Real World Assets). RWA focuses on digitizing physical assets (such as real estate and charging piles) on the chain, while RDA emphasizes the authenticity verification and value-added role of data to generate stablecoins for specific scenarios.

Core features of RDA:

• Coupling data with physical assets: RDA improves the credit, transparency and controllability of assets by encapsulating the operational data of physical assets (such as steel trading data and logistics data).
• Blockchain technology support: Use blockchain to ensure data authenticity, immutability and traceability, and support data ownership, transactions and financing.
• Stablecoin anchoring mechanism: RDA, as the underlying asset of stablecoin, is usually pegged to legal currency (such as RMB) to generate stablecoins for specific scenarios, such as "STEEL-CNY" (steel trade stablecoin) or "Cargo 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, showing significant potential in the following scenarios:

Commodity pricing power:

RDA generates stablecoins linked to the RMB by encapsulating commodity (such as steel) transaction data, supporting trade settlement and account splitting. Pudong Development Bank issues the "STEEL-CNY" stablecoin based on steel transaction data RDA. Buyers use it to pay for goods, and smart contracts automatically split accounts to steel traders, logistics parties and exchanges. Compared with traditional US dollar settlement, the commission is reduced to 0.15%, and the annual profit is expected to exceed 900 million yuan. Promote the pricing power of the RMB in the commodity market, reduce dependence on US dollar settlement, and challenge the Singapore Platts energy pricing system.

Logistics and cross-border trade:

RDA integrates logistics data (such as high-speed logistics data in the Yangtze River Delta) to generate stablecoins for cross-border payments and settlements, improving efficiency and reducing costs. Based on the "Cargo Treasure CNY" stablecoin issued by RDA based on the Yangtze River Delta logistics data, Southeast Asian shippers can pay COSCO shipping fees after exchanging local currencies. Smart contracts realize real-time settlement, eliminating the US dollar transit link. Reduce cross-border payment costs, promote the internationalization of the RMB, and enhance the global competitiveness of Chinese logistics companies.

Data factor market:

RDA uses blockchain to standardize, productize, and financialize data assets, and promotes the linkage between data and the capital market. The Shanghai Data Exchange plans to list 5,000 tradable data products by 2025, and the scale of data assets of some companies is expected to exceed 500 million yuan. RDA promotes the scale development of the data factor market and enables companies to realize value-added through data financing and transactions.

RDA-anchored currency system

Stablecoins supported by RDA are usually 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 RMB, such as “STEEL-CNY” and “Cargo-Treasure CNY”, aiming to promote the internationalization of RMB, especially in the fields of commodities and cross-border trade.
• US Dollar (USD): Some RDA stablecoins may be pegged to the US dollar to adapt to the settlement needs of the international market, but pegging to the RMB 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 exchange and achieve multi-currency interoperability through cross-chain technology, but the RMB is still the core.

The anchoring mechanism is usually based on a 1:1 reserve model, that is, the issuer needs to hold an equivalent value of legal currency or assets as collateral. In some scenarios, the supply is dynamically adjusted through smart contracts to maintain stability.

Publisher of RDA

The issuers of RDA stablecoins are usually financial institutions, data exchanges or core enterprises in the industrial chain, cooperating with platforms such as 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 and is responsible for reserve management and compliance auditing.
• Data Exchange: As the proposer and operating platform of the RDA paradigm, the Shanghai Data Exchange coordinates the confirmation, standardization and trading of data assets, and jointly issues scenario-based stablecoins with enterprises.
• Industrial chain companies: Logistics companies such as COSCO Shipping encapsulate RDA based on their own operating data (such as freight data), issue logistics stablecoins, and optimize supply chain finance.
• Technology providers: Blockchain technology companies (such as Ant Chain and Baidu Super Chain) provide underlying technical support to ensure the data authenticity and transaction security of RDA.

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 confirmation framework, and the value of data is highly volatile, which affects the credit of stablecoins.

Technical threshold

: RDA needs to solve the problems of data silos and privacy computing, rely on third-party audits to verify data authenticity, and has high technical complexity.

Regulatory pressure

：Global stablecoin regulation is becoming stricter. For example, Hong Kong's "Stablecoin Ordinance" requires licensed operations and sufficient reserves, and the mainland's regulatory framework for RMB stablecoins is still being improved.

prospect:

Market size

: As a derivative market of RWA, RDA is expected to grow with the growth of data services and transaction scale. The RWA market may reach 30 trillion US dollars by 2035, and the stablecoin market is expected to reach 2.5 trillion US dollars in 2030, with an annual compound growth rate of over 80%.

Policy support

：China's National Data Administration promotes the trusted data space pilot. RDA, as a core paradigm, is driven by policies. The Shanghai Data Exchange plans to list 5,000 data products by 2025.

RMB Internationalization

：RDA stablecoin helps the application of RMB in cross-border trade and data factor markets. Experts suggest that Hong Kong should take the lead in trialing and optimize the payment efficiency of digital RMB.

Summarize

RDA (Real Data Asset) binds data to physical assets through "real number fusion", providing innovative underlying asset support for stablecoins. Its application in commodities, logistics, cross-border trade and data factor markets demonstrates the potential to promote the internationalization of the RMB, enhance China's pricing power and marketization of data. The RDA stablecoin is mainly anchored to the RMB, jointly issued by financial institutions, data exchanges and industrial chain enterprises, and relies on blockchain technology to ensure data authenticity and transaction security. Despite the challenges of standardization, technology and supervision, 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 of the Shanghai Data Exchange, as well as the dynamics of relevant policies and industrial chain enterprises to seize the development opportunities of the RDA stablecoin.