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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:
  1. Risk-factor alignment — classes map to the primary risk factor driving value (interest rates, credit spreads, equity prices, FX rates, commodity prices, property values).
  2. Institutional desk mapping — class names mirror how trading desks are organized at major banks and asset managers.
  3. Underlying asset first — classify by what backs the token, not the legal wrapper. A tokenized Treasury ETF is rates, not equities, because the risk factor is interest rates.

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Asset Classes and Asset Types

Interest-rate and sovereign debt exposure — government debt, money market funds, repos, and rate-linked products.
Asset TypeDescription
government_debt_usDirect exposure to US Treasury securities (T-bills, T-notes, T-bonds, TIPS). Not a fund structure.
money_market_funds_usSEC 2a-7 compliant MMFs or equivalent funds investing 99.5%+ in US Treasuries / Treasury repos.
repurchase_agreementsTokenized repo transactions collateralized by US Treasuries.
government_debt_non_usDirect exposure to sovereign debt issued by non-US governments (e.g., German Bunds, UK Gilts, EU T-bills).
money_market_funds_non_usMMFs or fund structures investing 90%+ in non-US government securities.
interest_rate_derivativesInterest rate swaps, swaptions, caps/floors linked to rate benchmarks (SOFR, EURIBOR).
economic_indicatorsOn-chain indices tracking macroeconomic indicators (CPI, benchmark rates).

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V1 to V2 Migration Map

The table below shows how the previous rwa_class values map to the new asset_class / asset_type pair.
V1 rwa_classV1 ScopeV2 asset_classV2 asset_type
treasuriesUS Treasury direct exposureratesgovernment_debt_us
treasuriesUS Treasury money market fundsratesmoney_market_funds_us
global_bondsNon-US sovereign debtratesgovernment_debt_non_us
global_bondsNon-US MMFsratesmoney_market_funds_non_us
global_bondsInvestment-grade corporate bondscreditcorporate_bonds_investment_grade
global_bondsHigh-yield corporate bondscreditcorporate_bonds_high_yield
global_bondsStructured creditcreditsecuritized_products
commoditiesPrecious metalscommoditiesmetals
commoditiesEnergycommoditiesenergy
commoditiesAgriculturecommoditiesagriculture
tokenized_stocksDirect equity tokensequitiesequities_cash
tokenized_stocksSynthetic equity trackersequitiesequities_synthetic
tokenized_stocksEquity indicesequitiesequities_indices
private_fundsPrivate equityprivate_fundsprivate_equity
private_fundsVenture capitalprivate_fundsventure_capital
private_fundsHedge fundsprivate_fundshedge_fund
private_fundsCredit fundsprivate_fundscredit_fund
institutional_funds(merged into above)private_funds(see above)
(new)fxcash_fx, fx_futures, fx_options
(new)real_estateresidential_real_estate, commercial_real_estate, real_estate_funds, real_estate_investment_trusts, real_estate_debt

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Classification Rules

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ETF wrapper rule

Tokenized ETFs are classified by their underlying exposure, not by the fact that the wrapper is an ETF share.
ProductUnderlyingClassification
Tokenized SPY (S&P 500 ETF)Equitiesequities / equities_exchange_traded_funds
Tokenized TLT (Treasury bond ETF)US Treasuriesrates / government_debt_us
Tokenized GLD (Gold ETF)Goldcommodities / metals
Tokenized HYG (HY Corp bond ETF)HY corporate bondscredit / corporate_bonds_high_yield

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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

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Dominant risk factor

When a product spans multiple risk factors, classify by the dominant one. A EUR-denominated German Bund is rates (interest rate dominates over FX). A gold-backed token is commodities (gold price dominates).

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Product Metadata Fields

In addition to asset_class and asset_type, each product carries four metadata fields:
FieldValuesDescription
issuance_formtokenized, recorded, unknownHow the asset was issued on-chain. tokenized means a real smart-contract token exists; recorded means the blockchain mirrors an off-chain register.
tokenization_structuredirect, indirect, synthetic, unknownThe 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_typeopen_access, permissioned, unknownWhether any wallet can hold the token or if KYC/whitelist is required.
transfer_restrictionsno_restrictions, whitelist_only, accredited_onlySpecific gating mechanism for token transfers.

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Tokens Table

The crosschain.rwa.tokens table is the master reference table for all RWA tokens across different blockchains. It contains token metadata, product information, issuer details, and platform information using the V2 taxonomy structure. Unique key: chain, address
Column NameDescription
asset_classTop-level V2 classification (rates, equities, credit, fx, commodities, private_funds, real_estate)
asset_typeGranular V2 sub-classification within the asset class
chainThe blockchain network where the token is deployed (ethereum, solana, aptos, sui, stellar, etc.)
addressThe contract/asset address of the RWA token
decimalsThe number of decimals for the token
nameThe name of the RWA token
symbolThe symbol of the RWA token
product_idUnique identifier for the RWA product
product_nameHuman-readable name of the RWA product
product_detailsAdditional product metadata (variant type)
issuer_idUnique identifier for the token issuer
issuer_nameHuman-readable name of the token issuer
issuer_detailsAdditional issuer metadata (variant type)
platform_idUnique identifier for the platform
platform_nameHuman-readable name of the platform
platform_detailsAdditional platform metadata (variant type)
_created_atTimestamp when this record was created
_updated_atTimestamp when this record was last updated