What you actually own when a real-world asset goes on-chain
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The RWA market is worth $40 billion, or $300 billion, or $2 billion, depending entirely on what the person quoting the figure decided to count. The four definitional choices that move the number most, and how to extract something useful.
You get price exposure and usually dividends. Depending on the issuer you may not get voting rights, share ownership, redemption, or the same tax treatment. Here is the full inventory of what transfers to a tokenised stock and what stays behind.
These three products control roughly three quarters of the tokenised equity market and track the same shares. One makes you a shareholder, one makes you a creditor, one makes you a rights holder against an SPV. A structural comparison, not a feature list.
Tokenised equities trade 24/7 but the underlying market does not, and retail cannot arbitrage the gap. Where drift comes from, when it is worst, when a discount is information rather than noise, and how to avoid trading into it.
A complete walkthrough from eligibility check to exit plan — including the four checks to run before funding anything, why your first order should be a limit order, and the record-keeping that saves you at tax time.
Both hold allocated LBMA gold and both have the strongest legal wrapper in RWA. The differences are the regulator, the attestation cadence, where the metal sits, and what happens if you ever want it. A line-by-line comparison.
Both PAXG and XAUT require 430 troy ounces for physical delivery — one full LBMA bar. Here is the complete cost stack beyond that threshold, why your redemption right is effectively theoretical, and why it still matters enormously that it exists.
"Attestation" and "audit" are not synonyms, and the difference decides how much a reserve report is worth. A practical method for checking backing claims, what on-chain proof can and cannot show, and the five failure modes that no attestation would catch.