Tokenized Real-World Assets

RWA Funds & Platforms

Platforms enabling tokenized access to real-world assets.

Investment Overview

RWA funds and platforms provide diversified exposure to tokenized real-world assets through professionally managed portfolios. Instead of selecting individual tokenized Treasuries or loans, investors access curated baskets. Leading platforms: Ondo Finance (funds + infrastructure), Securitize (issuance + trading), Backed Finance (European RWA), Swarm Markets (regulated exchange). Fund structures: Evergreen funds (continuous subscriptions/redemptions) vs. closed-end (fixed term). Typical allocations: 40% Treasuries, 30% private credit, 20% real estate, 10% commodities. Fees: 0.5-2% management + 0-20% performance fees. Minimums: $10K-$100K (accredited investors).

Market Context & Trends

RWA platforms proliferated 2023-2024 as demand exceeded single-asset supply. Ondo Finance launched USDY (yield-bearing stablecoin backed by Treasuries) reaching $200M in 6 months. Securitize (backed by BlackRock) became leading issuance platform, onboarding $2B+ assets. Backed Finance dominated European market with Swiss regulation. Swarm Markets launched regulated RWA exchange (MiFID II compliant) enabling secondary trading. Key development: Institutional players (Hamilton Lane, KKR, Apollo) exploring tokenized fund launches 2024-2025.

How to Invest in RWA Funds & Platforms

Ondo USDY: Yield-bearing stablecoin backed by Treasuries, 4.5% yield, $500 minimum

Backed Tracker Certificates: Tokenized stock/bond baskets, Swiss-regulated, €1,000 minimum

Swarm Markets Portfolios: Diversified RWA funds, 6-9% target, €10K minimum, MiFID II compliant

Securitize REIT/PE Funds: Tokenized real estate and private equity, $25K-$100K minimums

Republic Note: Tokenized revenue share from Republic investments, speculative, $100 minimum

Key Platforms & Access Points

Ondo Finance: Leading RWA platform, $700M+ AUM, institutional-grade infrastructure

Securitize: Issuance platform for tokenized securities, $2B+ assets, BlackRock partnership

Backed Finance: Swiss-regulated, tokenized stocks/bonds/indices, European leader

Swarm Markets: Regulated RWA exchange, MiFID II compliant, secondary market liquidity

Polymesh: Purpose-built blockchain for securities, compliance built-in, institutional focus

Key Investment Metrics

Asset allocation: What % Treasuries vs. private credit vs. real estate vs. other?

Historical returns: Net of fees; compare to benchmarks (Treasuries, private credit indexes)

Liquidity terms: Evergreen funds offer quarterly redemptions; closed-end lock up 3-7 years

Management fees: 0.5-1% acceptable; >2% hard to justify for passive RWA exposure

Regulatory status: SEC-registered (BENJI), Reg D (most), MiFID II (Europe), or unregistered?

Risk Considerations

Understanding these risks is critical before investing in rwa funds & platforms.

Manager selection risk: Fund performance depends on asset selection; track record critical
Fee drag: 1-2% management + 10-20% performance fees reduce net returns significantly
Liquidity mismatch: Funds hold illiquid assets (private credit, real estate) but promise quarterly redemptions
Platform concentration: Ondo dominance means single point of failure for RWA ecosystem
Regulatory fragmentation: US (SEC), EU (MiFID II), Asia different rules; compliance complex

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