Executive Summary RealT represents one of the most operationally mature implementations of tokenized real estate, demonstrating that property-level tokenization can function within existing legal and regulatory frameworks. The platform’s core strength lies in its tight coupling of on-chain tokens to off-chain legal entities and real cash flows, prioritizing durability and compliance over rapid scale or financial abstraction. RealT’s model exhibits clear structural tradeoffs.

Executive Summary Tangible’s collapse demonstrates the central failure mode of early RWA protocols: pairing slow-moving collateral with fast-moving liabilities. The project executed well in acquisition, UX, and narrative, but relied on short-term debt incompatible with real estate liquidity. The migration to an immature L2 added systemic risk without offsetting benefits. Ultimately, the mismatch between obligations and asset timelines created a liquidity trap that USDR could

Overview Tangible aimed to merge tokenized real estate with DeFi through property-backed assets and a partially collateralized stablecoin, USDR. Strong early interest demonstrated market appetite, but a combination of strategic and liquidity challenges led to a structured wind-down beginning in 2025. Key Strategic Decision In 2024, Tangible secured short-term loans  against its UK property portfolio to accelerate USDR buybacks and reduce supply. While intended to restore conf