Problem
Research questions and friction points this paper is trying to address.
Real-World Asset (RWA) Tokenization
asymmetric information
security design
Digital Asset Treasuries (DATs)
dynamic corporate-finance framework
A prelude to the theory of Real-World Asset (RWA) Tokenization
🤖 AI Summary
本文通过建立两个经济模型，探讨了现实世界资产（RWA）代币化与传统金融理论之间的联系，分析了信息不对称下的证券设计及动态企业融资框架。
📝 Abstract
We provide an introduction to real-world asset (RWA) tokenization, and develop two economic models connecting this emerging market to classical financial theory. In search for a theory of RWA tokenization, we classify RWA tokenization according to the role of the underlying asset, distinguishing standard RWA tokenization, stablecoins, and Digital Asset Treasuries (DATs). Our first model connects tokenization with security design under asymmetric information. Continuous secondary-market trading generates information recovery, reducing adverse-selection costs over time and affecting both the issuance price and the optimal tokenization design. Our second model develops a dynamic corporate-finance framework for DATs, in which market valuation, capital-market financing, and crypto accumulation interact endogenously. We characterize the optimal issuance policy and illustrate the model using \texttt{Strategy} as a case study. A few directions for future research are discussed, providing a starting point for further theoretical and empirical study of RWA markets.
Innovation
Methods, ideas, or system contributions that make the work stand out.
Real-World Asset (RWA) Tokenization
asymmetric information
Dynamic Corporate-Finance Framework
Digital Asset Treasuries (DATs)
Secondary-Market Trading
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