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PHASE 01 / 06

Real-World Asset Fundamentals

Start with assets, claims, cash flows and risk before examining the token.

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01

What Is a Real-World Asset?

Distinguish the underlying asset, the claim an investor holds and its digital representation.

AssetClaimTokenization
What you will learn
  • Separate an asset from a token representing a claim
  • Map the parties between an investor and an underlying asset
Published
02

Assets, Claims, Ownership and Liabilities

Read both sides of a financial relationship and identify who owes what to whom.

OwnershipLiabilityCounterparty
What you will learn
  • Distinguish ownership from a contractual claim
  • Map an investor asset to a counterparty obligation
Published
03

Bonds, Funds, Loans and Equity

Compare the cash flows and investor rights of four foundational financial structures.

DebtEquityFund share
What you will learn
  • Distinguish debt from equity and fund interests
  • Explain how fund ownership differs from portfolio ownership
Published
04

Where Does RWA Yield Come From?

Trace distributions to borrower payments, operating income and other economic sources.

Cash flowYieldExpenses
What you will learn
  • Trace a distribution to its economic source
  • Separate cash income from price appreciation and token incentives
Published
05

Asset Valuation, Liquidity and Risk

Separate a valuation estimate, an executable price and the ability to exit a position.

ValuationLiquidityRisk
What you will learn
  • Explain how discount rates affect present value
  • Identify credit, liquidity and valuation risks independently
Published
06

Why Tokenize an Asset?

Evaluate programmable transfers and shared records against the costs of a new operating model.

ProgrammabilitySettlementReconciliation
What you will learn
  • Identify a concrete coordination problem tokenization could address
  • Evaluate added operational and legal dependencies
Published