Stablecoins, RWAs and Permissioned Assets
Introduction
This branch studies assets whose on-chain transfer/accounting depends on pegs, collateral, redemption, custody, identity, issuer controls, or off-chain servicing. It is technical analysis, not investment or legal advice.
Why It Matters
On-chain correctness cannot prove reserves, legal ownership, redemption access, custodian solvency, identity accuracy, or fair use of freeze/recovery powers. Those trust boundaries must be visible rather than compressed into a token balance.
Mental Model
Map claim layers separately: token state, issuer ledger, reserve/collateral state, custodian/control, eligibility identity, transfer rules, redemption/settlement workflow, governance, disclosures, and jurisdictional/legal claim.
Questions This Branch Answers
- What does one token unit claim and who must honor it?
- Which transfers or redemptions can be blocked, reversed, or frozen?
- How are off-chain lifecycle changes reconciled with on-chain state?
Scope
Stablecoin models, reserves/redemption/attestations, crypto collateral, reflexive failure, permissioned identity/controls, ERC-3643, tokenized RWAs, custody, legal-ownership boundaries, and privacy leakage.
Out of Scope
Legal advice, compliance certification, investment recommendations, real asset issuance, production identity data, and claims that an attestation equals a complete audit or real-time proof.
Dependencies
token standards, authority, external assertions, and accounting/reconciliation.
Candidate Note Roadmap
stablecoin-models-and-peg-mechanics— Compare fiat-backed, crypto-backed, and reflexive stabilization claims.reserves-redemption-and-attestations— Trace backing, custody, disclosure, and redemption evidence.crypto-collateral-and-liquidation— Connect collateral volatility, oracle data, and insolvency paths.algorithmic-failures-and-reflexivity— Model feedback loops where confidence and collateral reinforce decline.permissioned-token-identity-and-controls— Define eligibility, freeze, recovery, mint, burn, and admin powers.erc-3643-transfer-rules— Study identity registries and policy checks as explicit dependencies.tokenized-rwas-settlement-and-servicing— Reconcile issuance, transfers, cash flows, corporate actions, and redemption.custody-legal-ownership-and-privacy— Separate technical possession from custody, claims, and data exposure.
Future Project
A Permissioned Asset Sandbox with synthetic identities, bounded issuer roles, transfer rules, freeze/recovery drills, and a simulated off-chain ledger reconciled against mint/redemption events.
Initial Invariants
Only currently eligible transfers settle; mint/burn reconciles with the simulated source ledger; freeze/recovery authority is explicit and bounded; revocation cannot erase audit history; no real personal data enters fixtures.
Initial Threat Model
Issuer/custodian failure, reserve misstatement, blacklist abuse, stale or forged identity, governance capture, oracle mismatch, legal/technical ownership divergence, privacy leakage, redemption runs, and off-chain/on-chain reconciliation failure.
Primary Sources
ERC-3643 materials, issuer/custodian primary disclosures used only as scoped examples, regulator/standards sources where relevant, and the registry in SOURCES.md.
Connects to: collateralized lending, tokenized claims, and reconciliation.