Tokenized Stocks as RWAs? Product Structure Matters More Than the Label

Whether tokenized stocks qualify as real-world assets (RWAs) depends on their product structure, not just their label. According to ChainCatcher, classification should consider the underlying reference asset, issuance design, and rights or economic exposure offered. Products described as tokenized stocks may have different structures: some reference traditional shares, others provide price exposure through contracts, and others are issued under different legal or technical arrangements. Grouping them all as stock RWAs may obscure these distinctions. Data platforms and articles using the RWA label should also identify the product type, issuer, market access point, and information source. Classification frameworks should adapt as new products emerge, with revisions and their reasons dated to avoid making older labels appear permanent.