Tiger Research last week mapped how Korean RWA assets reach global investors via Hong Kong: a BVI special purpose vehicle buys and holds the underlying assets through the brokerage account of a Korean securities firm's Hong Kong entity, issues notes backed by them, and tokenizes those notes for stablecoin subscription. The point it makes is that investors hold a claim issued by the SPV, not the underlying asset itself, so the real test is not the first issuance but whether issuance, distribution, and redemption close into a payable loop. Which is to say the barrier in cross-border distribution was never tokenizing the asset, but keeping rights clear and the redemption loop paying out.