Real-world assets (RWA)

Tokenized RWAs bring traditional assets, treasuries, gold, money-market funds, onto public chains. The thesis is direct: if the asset already exists and is trusted, wrapping it in a token expands who can hold it and when. The trade-off is that trust does not disappear, it concentrates: an RWA is worth what its issuer, custodian, and governing law are worth, and redemption guarantees are legal documents rather than protocol properties. When markets price them as frictionless tokens, they are mispricing the category.

What to compare: Ask who the issuer is and under what law, how redemption works under stress, and what fees and time windows separate the token from the real asset it claims to represent.