What rights do you get with an RWA token?

The token is in your wallet. Is the asset yours too?

RWA stands for real-world assets. In crypto finance, it commonly refers to tokenisation of assets such as gold or bonds. A token can record or transfer a right, but a wallet balance alone cannot tell you the full terms of that right.

For example, a gold-related token might represent ownership of metal or a claim for delivery or payment from an issuer. The blockchain can record who holds the token; legal documents and custody arrangements connect that holding to the underlying asset.

Source: BIS：The tokenisation continuum

What might a Treasury-backed token represent?

A Treasury-related product might provide fund shares, a claim against an issuer or price exposure. These are possible structures, not legal findings about a particular token. The following parts of the documents help distinguish them.

Can you redeem on a weekend if you can transfer then?

Not necessarily. A token may be transferable on-chain while the underlying asset’s settlement, valuation or payment follows another schedule. Transfers and redemptions can have different operating hours.

That affects when you get your money back. The redemption provider, settlement time, minimum amount and any suspension conditions are more useful than an around-the-clock trading claim alone. BIS research also discusses redemption pressure arising from liquidity or maturity differences between tokens and their underlying assets.

Source: BIS：Financial stability implications of tokenisation

What can a reserve report tell you?

A reserve report can describe underlying assets at a point in time. If a platform shuts down, whether those assets belong directly to you, your repayment priority and your redemption eligibility still depend on the relevant contracts.

Read reserve information alongside the rights attached to the token. Asset backing is a starting point; knowing what you can claim and from whom gets closer to understanding what you bought.