Overview
Allium classifies tokenized Real World Assets using a two-level taxonomy:asset_class (top-level category) and asset_type (granular sub-category). This framework is designed around three principles:
- Risk-factor alignment — classes map to the primary risk factor driving value (interest rates, credit spreads, equity prices, FX rates, commodity prices, property values).
- Institutional desk mapping — class names mirror how trading desks are organized at major banks and asset managers.
- Underlying asset first — classify by what backs the token, not the legal wrapper. A tokenized Treasury ETF is
rates, notequities, because the risk factor is interest rates.
Asset Classes and Asset Types
- Rates
- Equities
- Credit
- FX
- Commodities
- Private Funds
- Real Estate
Interest-rate and sovereign debt exposure — government debt, money market funds, repos, and rate-linked products.
| Asset Type | Description |
|---|---|
government_debt_us | Direct exposure to US Treasury securities (T-bills, T-notes, T-bonds, TIPS). Not a fund structure. |
money_market_funds_us | SEC 2a-7 compliant MMFs or equivalent funds investing 99.5%+ in US Treasuries / Treasury repos. |
repurchase_agreements | Tokenized repo transactions collateralized by US Treasuries. |
government_debt_non_us | Direct exposure to sovereign debt issued by non-US governments (e.g., German Bunds, UK Gilts, EU T-bills). |
money_market_funds_non_us | MMFs or fund structures investing 90%+ in non-US government securities. |
interest_rate_derivatives | Interest rate swaps, swaptions, caps/floors linked to rate benchmarks (SOFR, EURIBOR). |
economic_indicators | On-chain indices tracking macroeconomic indicators (CPI, benchmark rates). |
V1 to V2 Migration Map
The table below shows how the previousrwa_class values map to the new asset_class / asset_type pair.
V1 rwa_class | V1 Scope | V2 asset_class | V2 asset_type |
|---|---|---|---|
treasuries | US Treasury direct exposure | rates | government_debt_us |
treasuries | US Treasury money market funds | rates | money_market_funds_us |
global_bonds | Non-US sovereign debt | rates | government_debt_non_us |
global_bonds | Non-US MMFs | rates | money_market_funds_non_us |
global_bonds | Investment-grade corporate bonds | credit | corporate_bonds_investment_grade |
global_bonds | High-yield corporate bonds | credit | corporate_bonds_high_yield |
global_bonds | Structured credit | credit | securitized_products |
commodities | Precious metals | commodities | metals |
commodities | Energy | commodities | energy |
commodities | Agriculture | commodities | agriculture |
tokenized_stocks | Direct equity tokens | equities | equities_cash |
tokenized_stocks | Synthetic equity trackers | equities | equities_synthetic |
tokenized_stocks | Equity indices | equities | equities_indices |
private_funds | Private equity | private_funds | private_equity |
private_funds | Venture capital | private_funds | venture_capital |
private_funds | Hedge funds | private_funds | hedge_fund |
private_funds | Credit funds | private_funds | credit_fund |
institutional_funds | (merged into above) | private_funds | (see above) |
| (new) | fx | cash_fx, fx_futures, fx_options | |
| (new) | real_estate | residential_real_estate, commercial_real_estate, real_estate_funds, real_estate_investment_trusts, real_estate_debt |
Classification Rules
ETF wrapper rule
Tokenized ETFs are classified by their underlying exposure, not by the fact that the wrapper is an ETF share.| Product | Underlying | Classification |
|---|---|---|
| Tokenized SPY (S&P 500 ETF) | Equities | equities / equities_exchange_traded_funds |
| Tokenized TLT (Treasury bond ETF) | US Treasuries | rates / government_debt_us |
| Tokenized GLD (Gold ETF) | Gold | commodities / metals |
| Tokenized HYG (HY Corp bond ETF) | HY corporate bonds | credit / corporate_bonds_high_yield |
Fund vs. direct exposure
- Tranched via SPV (CLO, ABS, MBS) →
credit/securitized_products - Diversified fund with 10+ borrowers, formal NAV, and LP share structure →
private_funds/credit_fund - Direct bilateral loan or DeFi lending pool →
credit/private_credit
Dominant risk factor
When a product spans multiple risk factors, classify by the dominant one. A EUR-denominated German Bund isrates (interest rate dominates over FX). A gold-backed token is commodities (gold price dominates).
Product Metadata Fields
In addition toasset_class and asset_type, each product carries four metadata fields:
| Field | Values | Description |
|---|---|---|
issuance_form | tokenized, recorded, unknown | How the asset was issued on-chain. tokenized means a real smart-contract token exists; recorded means the blockchain mirrors an off-chain register. |
tokenization_structure | direct, indirect, synthetic, unknown | The holder’s legal/economic relationship to the underlying. direct = legal title or 1:1 exposure; indirect = beneficial interest via a vehicle (fund, SPV, trust); synthetic = price-tracking via derivatives with no custodied asset. |
access_type | open_access, permissioned, unknown | Whether any wallet can hold the token or if KYC/whitelist is required. |
transfer_restrictions | no_restrictions, whitelist_only, accredited_only | Specific gating mechanism for token transfers. |