واژهنامه
Tokenization
۱۴۰۵/۱/۲۷
Tokenization is the process of representing a real-world asset (RWA) — such as real estate, government bonds, stocks, commodities, or fine art — as a digital token on a blockchain. The token is the on-chain record of ownership; the underlying asset is held off-chain by a custodian or legally linked to the token.
Why tokenize
- Fractional ownership — expensive assets (real estate, treasury bills, fine art) can be split into thousands of small tokens
- 24/7 trading — tokens trade continuously, unlike traditional markets with fixed hours
- Global access — anyone with internet and a wallet can buy, bypassing local brokerage restrictions
- DeFi composability — tokenized assets can be used as collateral in lending protocols
- Faster settlement — blockchain settlement can be minutes vs T+2 for securities
Notable examples
- BlackRock BUIDL — tokenized money market fund investing in US Treasuries and cash. Live on Ethereum and six other chains; grew to billions in AUM within its first year.
- Ondo Finance — tokenized US Treasuries (OUSG, USDY)
- RealT — fractional ownership of US rental real estate on Ethereum
- PAX Gold (PAXG), Tether Gold (XAUT) — tokens backed 1:1 by physical gold
Risks
- Custodian risk — tokens represent a claim; if the custodian fails or acts dishonestly, the off-chain asset may not be delivered
- Regulatory risk — tokenized securities are regulated in most jurisdictions; non-compliant projects face enforcement
- Legal enforceability — owning a token may not automatically equal legally-recognized ownership depending on the jurisdiction
- Smart contract risk — bugs or exploits can freeze or drain tokenized assets
