Unit 2 · Level 5 · RWAs & tokenization
Unit review: paper, promises, chains
Tokenization moves the ledger, not the asset. Tokenized treasuries pass real bond yield to holders, the rare clean answer to 'where does the yield come from?'. But every RWA re-imports a middleman: custodian, issuer, legal wrapper. So the graduate reads the wrapper: who holds it, what am I owed, who checked, and how do I exit?
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What you get asked
What does tokenizing a real-world asset actually put on the blockchain?
Ledger on-chain, asset off-chain, rights defined by law. All three parts matter; only one of them is crypto.
A well-structured RWA keeps assets in a ___-remote vehicle so the issuer's collapse doesn't take your claim down with it.
The single most important phrase in RWA fine print. No separate legal box for the assets = you're an unsecured creditor with a fancy token.
Match each event to the RWA lesson it teaches
Four headlines, one framework: find the real asset, find who holds it, find who keeps the yield.
Two tokens both say 'backed by US treasuries, ~4% yield'. Token A: named custodian, bankruptcy-remote SPV, monthly attestations, clear redemption. Token B: 'reserves held securely offshore'. The graduate's read?
The backing asset was never the question; the wrapper is. Vague custody language in an RWA is like an anonymous team in DeFi: the missing information is the finding.
Institutions arriving + RWAs growing means crypto is becoming...
The wall between crypto and traditional finance is dissolving in both directions: bond yield flows in, bank failures echo through. Next unit: what happens when AI walks through the same door. 🐜
The rest of this unit
Treasuries, buildings, and funds on-chain, and the awkward question of who holds the real thing.