Research

Tokenized Funds vs ETFs: Why a Fund Token Is Not an ETF

Tokenized funds and ETFs can both give exposure to pooled assets, but they are built on different structures. This article compares legal rights, pricing, liquidity, disclosure, and exit mechanics.

2026-07-19 · 7 min read

Research

Primary Subscription vs Secondary Transfer: Two Ways RWA Exposure Changes Hands

RWA exposure can enter an account through primary subscription or secondary transfer. The two paths differ in pricing, approvals, documents, settlement, and exit expectations.

2026-07-18 · 7 min read

Research

Audit, Attestation, and Proof of Assets: What Each Check Actually Shows

Audit, attestation, and proof-of-assets reports are often grouped together, but they test different things. This article explains what each check shows and what it cannot prove.

2026-07-16 · 8 min read

Research

How Does the Token Know What the Asset Is Worth? NAV, Oracles, and Reporting in On-Chain RWA

Every RWA token points at an asset that lives off-chain, so its value has to be reported onto the chain by someone. This article explains who computes NAV and how often, how values reach the token layer through manual updates, oracles, and attestations, what proof-of-reserves reports do and do.

2026-07-16 · 13 min read

Market Insights

Pre-IPO RWA Platforms: How Access Models Differ

Platforms offering pre-IPO RWA access typically use one of three structures: a feeder fund, a dedicated SPV, or a direct tokenized share meant to track the underlying stock.

2026-07-13 · 6 min read

Research

Stablecoins vs Tokenized Money-Market Funds: What Is the Difference?

Stablecoins and tokenized money-market funds both put cash-like value on-chain, but they are built differently. One is a payment instrument backed by issuer reserves; the other is a regulated fund whose token represents a share.

2026-07-13 · 12 min read

Research

Hong Kong SFC Rules for Tokenized Securities: What Applies to RWA

Hong Kong's Securities and Futures Commission (SFC) treats tokenized securities under the same rules that already apply to the underlying asset, not as a separate technology-driven category.

2026-07-12 · 8 min read

Research

Comparing RWA Regulation Across Hong Kong, Singapore, and the US

Hong Kong, Singapore, and the US all regulate tokenized securities by what they represent rather than by the fact they are tokenized, but they differ in licensing structure, investor eligibility thresholds, and how far they let tokenized securities reach retail investors.

2026-07-12 · 8 min read

Research

What Is an SPV? The Structure Behind Most RWA Products

Most RWA products do not give you direct ownership of the underlying asset. They give you a claim on a special purpose vehicle (SPV) that holds it.

2026-07-11 · 10 min read

Market Insights

From xStocks to Fund-Type RWA: Two Very Different Products

xStocks and fund-type RWA both get called RWA, but they are built on different underlying assets, trade with different liquidity, and carry different risks.

2026-07-11 · 7 min read