In response to the industry pain points such as scattered data sources, inconsistent standards, lack of trust, restricted high-sensitive data circulation, high costs for small and medium-sized entities to access, and the limitations of the traditional centralized and point-to-point single data circulation model in cross-domain scenarios, this paper combines the theories of data market, data space, and data intermediary, and proposes a “point-to-point + adapter” dual-mode API data market circulation path. By constructing a core architecture that separates the management flow from the data flow, the point-to-point mode ensures the local controllable circulation of highly sensitive data, and the adapter mode reduces the access threshold for existing systems and small and medium-sized entities. This paper builds an exclusive application framework and studies its migration paths in areas such as cargo trade document verification, cross-departmental government approval, financial joint risk control, supply chain collaboration, and industrial internet. The research shows that this model can achieve trusted, compliant, and large-scale cross-domain data circulation without aggregating the original data, providing a feasible infrastructure solution for the release of value of data elements in multiple scenarios.