RWA checklist: five questions before buying a 'real-world asset' token

In RWA, a nice website and a smart contract audit mean nothing: the contract is a facade, the asset and rights live in the documents. Our filter - five questions.

Checklist

• 1. Where is the asset and who holds it? Custodian name, jurisdiction, public attestations. "Assets under management by partners" without names - a stop.
• 2. What does the token legally grant? A share in a fund, a debt note, a claim right? The answer should be in the prospectus, not on Twitter. No prospectus - no rights.
• 3. Who confirms reserves, and how? Regular auditor reports with a name against a "dashboard on the website." The dashboard is drawn by the same party holding the money.
• 4. How to exit? Redemption mechanics: timelines, limits, fees, the issuer's right to freeze redemption. In stress, this is the point that matters.
• 5. What happens if the issuer goes bankrupt? Are the assets separated from the company's balance sheet (bankruptcy remote). If not, you're an unsecured creditor in the general queue.

A token without clear answers to at least three questions is not RWA, it's a narrative. The sector is mature, documents from serious issuers are public - the absence of an answer is itself an answer. Our breakdowns - in the section.