Tokenization does not make an asset better. It makes it easier to trade. That distinction separates the real-world-asset projects that survived from the ones that quietly wound down.

Liquidity is not fundamental value

Putting a token wrapper on a bond or an invoice does not improve the credit behind it. If the borrower stops paying, a faster settlement layer changes nothing. Investors who bought wrappers assuming the underlying was safe learned this the hard way.

The three questions to ask

  1. Where does the cashflow come from? Rent, interest, fees, repayment — name it precisely.
  2. Who is legally obliged to pay? A token holder’s claim must trace to an obligor, not a marketing promise.
  3. What happens in default? Is there a trustee, collateral, a legal process?

Why infrastructure finally works

The reason RWA is growing now is not hype. It is that stablecoins proved onchain settlement works at scale, and regulated custody made real assets legally wrappable. Yield-bearing instruments built on top collect genuine income.

The discipline

Treat a tokenized asset like the asset it represents. If you would not lend against the underlying on its own terms, a token wrapper should not change your mind.