RWA Classification Framework

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, not equities, because the risk factor is interest rates.

Asset Classes and Asset Types

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).

Public equity and equity-derivative exposure, including direct stock tokens and ETF wrappers.

Asset Type	Description
`equities_cash`	1:1 backed tokenized individual public equity shares held in custody.
`equities_exchange_traded_funds`	1:1 backed tokenized equity ETF shares (underlying ETF must be >80% equities).
`equities_indices`	Tokenized equity index exposure via non-ETF products (index tokens, structured products).
`equities_futures`	Tokenized equity futures contracts.
`equities_options`	Tokenized equity options contracts.
`equities_synthetic`	Derivative tokens tracking equity prices without custodied shares (collateral/oracle-based).

Non-sovereign borrower risk — corporate debt, private lending, and structured credit.

Asset Type	Description
`corporate_bonds_investment_grade`	Corporate bonds rated BBB-/Baa3 or above.
`corporate_bonds_high_yield`	Corporate bonds rated BB+/Ba1 or below.
`securitized_products`	Tranched structured products (CLOs, ABS, MBS) issued via SPV.
`public_finance`	Municipal bonds and sub-sovereign public entity debt.
`credit_derivatives`	Credit default swaps and other credit event-triggered derivatives.
`credit_indices`	Products tracking credit or bond index returns.
`private_credit`	Direct lending to private (non-public) borrowers — bilateral loans, DeFi lending pools.

Foreign exchange rate exposure products.

Asset Type	Description
`cash_fx`	On-chain spot FX via stablecoin pairs or structured FX products.
`fx_futures`	Tokenized FX futures contracts.
`fx_options`	Tokenized FX options contracts.

Physical commodity and environmental instrument exposure.

Asset Type	Description
`metals`	Physically-backed precious and industrial metals (gold, silver, platinum).
`energy`	Oil, gas, and energy commodity exposure.
`agriculture`	Agricultural commodities (grains, coffee, cocoa, cotton).
`carbon`	Tokenized carbon credits and environmental offset certificates.

Managed pooled alternative investment vehicles where token holders own fund interests.

Asset Type	Description
`private_equity`	PE fund interests (buyout, growth equity).
`venture_capital`	VC fund interests focused on early-stage companies.
`hedge_fund`	Hedge fund strategies (long/short, macro, quant, multi-strategy).
`credit_fund`	Diversified credit fund vehicles with active management across multiple credit strategies.
`real_assets_fund`	Funds investing across infrastructure, timberland, farmland, and mixed real assets.

Direct or indirect real property exposure, including REITs, funds, and property debt.

Asset Type	Description
`residential_real_estate`	Fractionalized or whole ownership in residential property.
`commercial_real_estate`	Fractionalized or whole ownership in commercial property.
`real_estate_funds`	Pooled real estate investment funds (non-REIT).
`real_estate_investment_trusts`	Tokenized REIT shares or interests.
`real_estate_debt`	Real estate-backed loans (mortgages, bridge loans, mezzanine 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 is rates (interest rate dominates over FX). A gold-backed token is commodities (gold price dominates).

Product Metadata Fields

In addition to asset_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.

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 Name	Description
`asset_class`	Top-level V2 classification (rates, equities, credit, fx, commodities, private_funds, real_estate)
`asset_type`	Granular V2 sub-classification within the asset class
`chain`	The blockchain network where the token is deployed (ethereum, solana, aptos, sui, stellar, etc.)
`address`	The contract/asset address of the RWA token
`decimals`	The number of decimals for the token
`name`	The name of the RWA token
`symbol`	The symbol of the RWA token
`product_id`	Unique identifier for the RWA product
`product_name`	Human-readable name of the RWA product
`product_details`	Additional product metadata (variant type)
`issuer_id`	Unique identifier for the token issuer
`issuer_name`	Human-readable name of the token issuer
`issuer_details`	Additional issuer metadata (variant type)
`platform_id`	Unique identifier for the platform
`platform_name`	Human-readable name of the platform
`platform_details`	Additional platform metadata (variant type)
`_created_at`	Timestamp when this record was created
`_updated_at`	Timestamp when this record was last updated

Overview

Data Verticals

Solana

Hyperliquid

Lighter

Bitcoin Ecosystem

EVM

Cosmos Ecosystem

Move Ecosystem

Other Ecosystems

Overview

Asset Classes and Asset Types

Classification Rules

ETF wrapper rule

Fund vs. direct exposure

Dominant risk factor

Product Metadata Fields

Tokens Table

​Overview

​Asset Classes and Asset Types

​Classification Rules

​ETF wrapper rule

​Fund vs. direct exposure

​Dominant risk factor

​Product Metadata Fields

​Tokens Table

Overview

Asset Classes and Asset Types

Classification Rules

ETF wrapper rule

Fund vs. direct exposure

Dominant risk factor

Product Metadata Fields

Tokens Table