# RWA / Tokenization source note — 2026-06-20

## Purpose
Create a Managing Expectations learning section on real-world assets (RWA), tokenization, why it works, where it can fail, and what to watch daily.

## Public sources checked
- BIS CPMI, **Tokenisation in the context of money and other assets: concepts and implications for central banks**, 21 Oct 2024: https://www.bis.org/cpmi/publ/d225.htm
- BIS Annual Economic Report 2023, **Blueprint for the future monetary system: improving the old, enabling the new**: https://www.bis.org/publ/arpdf/ar2023e3.htm
- BlackRock press release, **BlackRock Launches Its First Tokenized Fund, BUIDL, on the Ethereum Network**, 20 Mar 2024: https://www.blackrock.com/corporate/newsroom/press-releases/article/corporate-one/press-releases/blackrock-launches-tokenized-fund
- Monetary Authority of Singapore, **Project Guardian** page: https://www.mas.gov.sg/schemes-and-initiatives/project-guardian
- SWIFT press release on tokenised asset transfers using existing financial infrastructure: https://www.swift.com/news-events/press-releases/swift-unlocks-potential-tokenised-asset-transfers-existing-financial-infrastructure
- U.S. SEC / investor education materials should be checked before any investment-specific claim. This page is educational and not financial advice.

## Editorial frame
RWA tokenization should be explained as infrastructure, not magic. A token is not automatically ownership, liquidity, safety, legality, or yield. The decisive questions are: what legal claim does the token represent, who holds the asset, how redemption works, who controls transfer rules, what blockchain/security layer is used, and whether regulators/courts recognize the arrangement.

## Daily update rule
Each daily update should add one small source-grounded lesson, not hype. Use public institutional sources first: BIS, central banks, securities regulators, asset managers' official filings/press releases, SWIFT, DTCC, MAS/Project Guardian, HKMA, SIX/SDX, S&P/ratings, and reputable industry data providers. Label market-size estimates as estimates and preserve source/date.