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Curriculum·Junior·J310

Real World Assets: Tokenized Finance

USDC and Silicon Valley Bank, 9 to 12 March 2023. Depositors initiated $42B of withdrawals from Silicon Valley Bank on 9 March, per the California regulator's order, and on 10 March the state took possession of the bank and appointed the FDIC as receiver.

Taught in J310-01 ›Source ↗

Start with lesson 17 lessons · about 3.7 hours · 1 lab · free account to read in full

Lesson 1 opens on

The CFTC order against Tether, 15 October 2021

The Commodity Futures Trading Commission ordered Tether to pay a $41M penalty and issued a cease and desist. It found that from at least 1 June 2016 to 25 February 2019, Tether had represented to customers and the market that it held sufficient United States dollar reserves to back every token in circulation with an equivalent amount of corresponding fiat currency safely deposited in its bank accounts.6 percent of the days.

Read it in J310-01 ›The source ↗

The lessons

  1. J310-01What tokenization actually isState what a token proves and what it cannot prove about an off-chain assetabout 31 min · opens on The CFTC order against Tether, 15 October 2021
  2. J310-02The three stacksSeparate the asset stack, the legal stack and the token stack, which fail independentlyabout 32 min · opens on Three failures, three stacks
  3. J310-03The categories, with current shapeName the main asset categories and their relative sizesabout 31 min · opens on Where the money actually went
  4. J310-04Legal structures, the actual skillAnswer the six legal stack questions for any tokenized productabout 32 min · opens on Goldfinch and Stratos, February 2022 to October 2023
  5. J310-05Access, transfer, and redemption mechanicsSeparate who may hold a token from who may receive a transfer of itabout 32 min · opens on The terms on the largest tokenized funds
  6. J310-06RWAs inside DeFi, collateral mobilityExplain what real world collateral gives an on-chain system and what it importsabout 32 min · opens on MakerDAO's move into real world collateral, 2022 to 2023
  7. J310-07The RWA due diligence checklistAssemble the checklist this course produces, one row per stackabout 31 min · opens on Published, unread, decisive

Labs

  • J310-L

    Trace a tokenized product to the asset

    Trace one live tokenized product from the on-chain token to the underlying asset. Name every entity, what each is legally obligated to do, what happens to your claim if each one fails, and how long redemption actually takes. Then compare to holding the underlying directly.