Can Rights in Tokenized Securities Be Calculated by Holding Period?
For a time, discussions of RWAs and tokenized securities focused on how finely an asset could be divided for trading.
Real-world assets that are difficult to trade or costly to access—real estate, music copyrights, artwork, and accounts receivable—could be represented as digital tokens, allowing fractional interests or claims to be held and transferred in smaller units. The first promise of tokenization was that rights with little liquidity could become tradable in new ways.
But making the units smaller does not, by itself, change how finance works.
Real estate produces rent. Music and patents produce royalties. Loans and accounts receivable accrue interest and repayments. Once the rights to those assets are divided into tokens and circulated, a harder question remains after the trade.
How should the income an asset produces—and the power to make policy decisions about that asset—be allocated among token holders who keep changing over time?