China Merchants Securities: Continue to recommend RWA & stablecoin main line, focus on RDA investment opportunities

According to the Zhitong Finance APP, China Merchants Securities has released a research report stating that RDA, as an RWA anchored to data assets, has recently gained attention. It is recommended to continue monitoring investment opportunities in stablecoins & RWA core targets and data element vendors. With the advancement of regulatory legislation, the combination of stablecoins and RWA with traditional finance is rapidly developing, and the market scale is expanding quickly, indicating that a global financial innovation cycle may have begun. RDA is expected to accelerate the marketization and valuation of data elements, and investment opportunities in state-owned infrastructure manufacturers, vertical data resource providers, application service providers, and data engineering service providers are promising.

The main viewpoints of China Merchants Securities are as follows:

Stablecoins: The Shanghai State-owned Assets Supervision and Administration Commission organizes learning on cryptocurrencies and stablecoins, and the National Financial Reform Laboratory discusses promoting RMB stablecoins in the Shanghai Free Trade Zone pilot.

According to the official WeChat account of the Shanghai State-owned Assets Supervision and Administration Commission, on July 10, the Party Committee of the Shanghai State-owned Assets Supervision and Administration Commission held a central group study meeting to learn about the development trends and response strategies of cryptocurrencies and stablecoins. Participants included the second-level inspector of the Commission for Discipline Inspection and Supervision, all party members from the Shanghai State-owned Assets Supervision and Administration Commission, the Commission for Discipline Inspection and Supervision, and directly affiliated institutions, as well as relevant members of the fourth supervision group of the Shanghai Municipal Party Committee. On the same day, the National Financial Development Research Office stated that stablecoins built on the Web 3.0 world have surpassed traditional offshore and onshore categories. To better achieve strategic coordination, proactive regulation, and collaborative promotion, consideration should be given to adopting a linked development model for domestic offshore and overseas offshore RMB stablecoins.

RDA: RWA anchored to data assets

According to the Data Asset Management Center Director Liu Xiaoyu from the National Engineering Laboratory for Big Data Circulation and Trading, RDA can be defined from the perspective of data resource elementization and assetization. It is a type of data asset that can map real tangible assets and can independently form value, with its value realization and appreciation achievable through circulation or trading. The underlying assets of RDA anchor real assets, emphasizing the authenticity of data and the verification and value appreciation of other tangible assets, as well as the interactive integration of data and other tangible assets. RDA promotes the process of data value realization through four innovative models: data asset shells, self-certification, authoritative endorsement, and industry standards, based on trusted technology, upgrading data to true data and empowering the entire chain of data value realization. On one hand, RDA can help accelerate the marketization and valuation process of data elements, and on the other hand, it can promote the linked development of data elements and other elements, enhancing the efficiency of matching tangible assets and capital, facilitating the development of new productive forces, and promoting the deep integration of the real economy and digital economy.

RDA is expected to become one of the core driving factors for promoting the marketization and valuation of data elements.

According to Liu Xiaoyu, Director of the Data Asset Management Center at the National Engineering Laboratory for Big Data Circulation and Trading, the new paradigm of RDA pioneered by the Shanghai Data Exchange is not only an innovative practice of RWA but also a key to solving the challenges of marketization and valuation of data elements. RDA innovatively uses real data assets as value carriers, aiming to reasonably explore data world assets beyond real-world assets through measures such as data asset registration, valuation, etc., with the goal of releasing the value of data assets, relying on blockchain to achieve the confirmation and circulation of data assets, and opening up new financing channels for enterprises Risk Warning: Risks of related policies falling short of expectations; risks of intensified industry competition