What are you buying when you by an RWA onchain?
The vast majority of tokenized stocks are wrappers. In essence, an issuer buys the real share, holds it with a custodian, and sells a token that tracks its price.
But there is one exception:
@Securitize, the firm that tokenizes funds like BlackRock's BUIDL issued their NYSE-listed shares (ticker $SECZ) directly onchain.
Native issuance on Avalanche and Solana for this ticker means owning the token is owning the share itself.
This will kickstart a new path for RWA's onchain.