The wider world · 77 / 86
Real-world assets
A real-world asset token claims to be a treasury bill, a house, a share, or an invoice. The token is only as good as the legal claim and the company in the middle.
The claim
Someone must hold the actual asset and owe it to the token holders. That someone can go bankrupt, refuse redemption, or sit in a country that will not enforce your claim.
The check
What do you receive if you redeem. Who is the custodian. What court would hear you. A ticker that says T-bill is not a T-bill.
The chain records the token. The law records the asset. You need both.
Check yourself
Does the token itself own the building?
No. A legal structure and a custodian sit between you and the asset, if they exist at all.
After this you can name the custodian and the redemption, or treat the token as a story.
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