Tokenisation was never meant to end with the token. We examine the shift from RWA issuance to collateral, repo and settlement — from MUFG's on-chain JGB repo pilot to ICMA's Digital Bonds Annex and HKMA's EnsembleTX — and sets out SCG's four-layer Institutional Usability Test for whether a tokenised asset can actually function as financial infrastructure.

Most gold-backed token issuers start in the wrong place — with the chain, not the structure. We examine why Hong Kong's Stablecoins Ordinance often doesn't apply to gold-referenced tokens, why "backed" is an operational claim rather than a marketing one, and the reserve, custody and redemption architecture that determines whether a gold-backed digital asset survives regulatory and market stress in Asia.