Unpacking Tokenized Global Bond Markets: A Due Diligence Analysis of RWA Products

Abstract

Traditional fixed-income markets rely on legacy infrastructure and intermediated settlement systems, limiting accessibility, transparency, and efficiency. In response, tokenization of real-world assets (RWAs), such as government and corporate bonds, has emerged as a promising mechanism for increasing programmability, enabling fractional ownership, and expanding global access. This study applies a standardized due diligence framework to examine 15 tokenized global bond products listed on rwa.xyz as of June 2025, analyzing offerings across key jurisdictions (France, Switzerland, Luxembourg, Mexico, the U.S., and the Cayman Islands) and protocols (Ethereum, Solana, Avalanche, Plume, and XRP Ledger). We combined legal document review with on-chain analytics (e.g., Etherscan, Arkham) to assess regulatory, operational, and technical dimensions. Our analysis of regulatory frameworks revealed significant variation: 3 of 15 products adopt regulated EU structures (e.g., the UCITS Directive), while 9 are domiciled in jurisdictions with crypto-specific legal regimes such as Switzerland's DLT Act and MiFID II-compliant structures. Despite small market capitalizations (median <$6M) and limited secondary market engagement, several products feature clear custody relationships, zero or minimal fees, and stable issuance practices. However, transparency around redemption rights and peg mechanisms remains inconsistent across offerings. In conclusion, while tokenized global bonds are in early stages, they reflect meaningful experimentation in bridging traditional finance with decentralized infrastructure. This work provides a foundational dataset for further regulatory, economic, and technical evaluation of tokenized debt markets.