stablecoins · 20 Aug 2026
Stablecoins vs Tokenized Deposits
Two forms of on-chain money with different issuers, balance-sheet treatment and redemption guarantees.
by Elias Haroun · 9 min
analyst · head of research
Elias Haroun
Demo profile. Leads Rawer's coverage of tokenized treasuries, collateral and custody structures, and edits the research archive.
3 published pieces · latest 20 Aug 2026
demo profile — this analyst is a placeholder used to show how Rawer bylines work. No real person, employer or professional credential is claimed.
Areas of expertise
- ▸ Tokenized treasuries and money-market funds
- ▸ Custody and legal title chains
- ▸ On-chain collateral
CollateralCustodyTreasuries
Published research
tokenized treasuries · 06 Mar 2025
The Collateral Problem: What Tokenized Treasuries Actually Back
We traced 14 issuance rails across 9 jurisdictions. Six still park reserves off-chain. Here is where the trust actually lives.
by Elias Haroun · 12 min
updated
Author archive
Rankings, comparisons and explainers under this byline.
primer · 10 min
What Are Real World Assets (RWA)?
A plain-language guide to tokenized treasuries, private credit, real estate and funds: what they are, how tokenization works, and where the risks sit.
updated 26 Sept 2026