// definition
Tokenized real estate
Property fractioned into on-chain tokens
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Short definition
The fractioning of a property into tokens tradable on-chain, each building housed in a dedicated company (often an LLC) whose shares are tokenised, with rent paid out in stablecoins. Its specific flaw: the token is only worth something if the off-chain title (deed, land registry, tax) actually follows, as the 2026 liquidation of RealT exposed. Still marginal (under $100m on-chain) next to tokenised financial claims.
risk atlas
Knowledge map
Intuition
A real-estate token is only worth something if ownership, rent flows and holder rights follow off-chain.
Formula
RWA risk = liquid token + illiquid asset + local lawWhy it matters now
Ownership and liquidation incidents show that a blockchain ledger replaces neither land titles nor legal governance.
Related analyses
- RealT in liquidationReal-estate RWA, off-chain title and on-chain promise.
Related guides
- Reading on-chain dataAddresses, reserves, flows and the limits of interpretation.
- Stablecoins and the GENIUS ActReserves, licensed issuers, audits and supervision.
Related datasets
- catalog.jsonMachine-readable catalogue of l0g surfaces.
- claims.jsonClassified claims with their evidence level.
- evidence-graph.jsonClaims, evidence and their sources as a graph.
- risk-diff.json1, 7 and 30-day diff of signals, sources and models.
Signals using it
- Risk DiffRecent change in risk and source freshness.
- Black Box RecorderHashed frames to replay a point-in-time state.
Primary sources
- Congress.gov & GovInfoLegislative texts, including the GENIUS Act and US crypto policy.
- U.S. Treasury Fiscal DataT-bills and short debt serving as stablecoin reserves.
- SEC EDGARDisclosures of listed issuers and crypto-exposed companies.
- Federal Reserve & FREDShort rates, dollar liquidity and risk-free assets.