The convenient shorthand of 'tokenised real-world assets' collapses categories whose market structure has little in common. The useful distinctions are redemption mechanics, transfer restrictions and the location of the authoritative record.
Where the authoritative record sits
In some structures the ledger is the register. In others it is a mirror of an off-chain register maintained by a transfer agent. That single distinction changes settlement finality, dispute resolution and the diligence questions that matter.
“Ask first whether the ledger is the register or a reflection of one.”
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