Abstract: [Purpose/Significance] As a new data stewardship mode and data asset management mode, data trusts is of great significances to promote data circulation and the construction of data elements market. [Design/Methodology] On the basis of literature research and inductive analysis, combined with multi-disciplinary thinking such as the theories of data rights, data circulation and public trusts, this paper analyzes the connotation, practical significance, theoretical basis and realizing path of data trusts from multiple perspectives. [Findings/Conclusion] As a emerging intermediaries, a new data relationships and a regulatory tool, data trusts optimizes the  theoretical connotation from emphasizing both value and safety, implements a fair and transparent operation mechanism,builds a credible ecological environment of data circulation, and thus solves the lack of vitality of the main body, crisis of trust and contraction of governance space under traditional data circulation.The healthy development of data trusts requires the collaborative governance of data regulation system, data security governance, trusts operation rules, trusted data ecology and other elements. [Originality/Value] This paper clarifies the connotation framework of data trusts, analyzes the stewardship utility and market value of data trusts from the perspective of data circulation rather than personal data management, which will provide reference for the construction of data elements market and the development of data trusts industry in China.

Key words: Data trusts, Data circulation, Data intermediary, Data transaction, Trust