What is RWA Tokenisation
A technical primer written for someone who already understands DeFi. By the end of this series you will be able to distinguish between a tokenised USD-government bond, a wrapped commodity, a synthetic asset, and a digital security — and articulate why those differences matter for risk, yield, and legal recourse.
The six chapters
Foundations of RWA Tokenisation
Traditional asset ownership vs. tokenised asset ownership. The primitive layer of the RWA stack.
Why Tokenise Real Assets
Velocity, composability, fractionalisation, and programmable distributions — the structural benefits.
Regulated vs. Unregulated Tokens
The critical architectural line between a crypto asset and a digital security. Why it matters.
Custody Architecture
Self-custody, qualified custodians, and MAS-licensed digital asset custodians. When each applies.
Settlement & Legal Enforceability
Dual registration — blockchain as representation, LP Interest Register as legal truth.
Yield Mechanics in RWAs
Interest, distributions, preferred returns, and waterfalls. How RWA yield is actually generated.
Applied to ALKN
Every chapter lands on a concrete example
Each chapter closes with an Applied to ALKN callout that maps the abstract concept to the specific instrument: a 99.99% NP1 nickel-wire-backed Luxembourg SCSp LP interest, dual-registered on Liquid Network and Canton, listed across three regulated venues.
Applied to ALKN (preview)
On custody: ALKN LP interests are held at HydraX Digital Assets (MAS-licensed major payment institution) with a secondary wrapping on Liquid Network via Tether's Hadron platform. The underlying physical nickel sits in a Swiss bonded vault operated by Helvetic Securgest SA.
Ready to apply the theory?
The ALKN Explainer translates everything you've just read into the specific architecture of the instrument.
Jump to the ALKN Explainer →