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What Is RWA? The Token Is Not the Asset.
On-chain tokenized real world assets are worth about $33.8 billion, but the assets they represent are worth more than $346 billion. That ten-to-one gap is the whole story: a token is not the asset, it is a legal claim on one - and the claim is only as strong as the SPV, the trust, and the custodian behind it. Here is how the three-layer structure works, why 'synthetic' tokens are not RWA at all, and which risks are structural versus merely fixable.- 3
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