Curriculum·J310 Real World Assets: Tokenized Finance·about 31 min
The RWA due diligence checklist
By the end of this lesson you can
- →Assemble the checklist this course produces, one row per stack
- →Apply the minimum rule and the gate conditions across on-chain and off-chain rows
- →Convert an incomplete assessment into a position size rather than a guess
- →Identify which rows you can answer and which require a document you do not have
Junior · enrolled learners
This lesson opens with Published, unread, decisive.
- What happened
- This is a pattern drawn from the verified incidents in this course rather than a single event, and it is labeled as such. The reserve composition that a regulator later found inadequate was a matter of public representation throughout. The concentration of a stablecoin's reserves at a single bank was disclosed within hours of the bank entering receivership and the reserve arrangements had been published before it. The loan agreement whose use-of-funds terms a borrower did not follow existed at origination. The redemption minimums, transfer whitelists and business-day calendars on the largest tokenized funds are stated in their offering documents. The share of a stablecoin's backing that had moved to off-chain custodians was recorded in governance proposals that anybody could read.
- The decision point
- In every case the fact that determined the outcome was published before the outcome, and in every case it sat in a document rather than on a chain. That is the argument for a written checklist rather than judgment. The information asymmetry in this category is not between insiders and outsiders; it is between the documents and the interface, and the interface is where almost everybody looks.
What you will be able to answer
- →What are the six checklist rows?
- →What are the gate conditions?
- →How do you aggregate the rows?
- →What does an unanswerable row produce?
Orientation and Year One are open: anyone can read them without an account. From Year Two onward the lessons are for enrolled learners, because progress through the later years only means anything if it is tracked against a record.
It is free. We do not sell the list and there is nothing to buy at the end of it.
Sources and review
- https://www.cftc.gov/PressRoom/PressReleases/8450-21
- https://www.coindesk.com/business/2023/03/11/circle-confirms-33b-of-usdcs-cash-reserves-stuck-at-failed-silicon-valley-bank
- https://www.coindesk.com/markets/2023/10/09/real-world-asset-loan-worth-20m-sours-on-defi-platform-goldfinch-bringing-rwa-lending-under-scrutiny
- https://eco.com/support/en/articles/15210582-top-tokenized-treasury-funds-2026-buidl-ousg-usdy-benji-compared
Confidence high·Volatility medium·Reviewed 2026-08-06·Owner unassigned
Contested
J306-05 owns the smart contract risk rubric and this checklist extends it across the asset and legal stacks rather than replacing it. Rows three and five are that rubric's output. Keep the split and run both.
The size bands in the worked example are illustrative and follow from a reader's own policy per S207-06. The transferable content is the mapping from an unanswerable row to a bound, not the percentages.