Real World Assets
Four moving parts.
One model.
The Stater Partners 4-Step RWA Model
RWA models don't fail because of tokenisation. They fail when the model doesn't hold under real conditions.
We apply the 4-step model to show where your platform holds and where it breaks.
Free 60-minute intro call. We apply the 4-step model to your platform. No pitch.
Where models start to break
This usually shows up earlier than teams expect.
Investors can't clearly explain what they own
Legal structure doesn't hold across jurisdictions
Product, tech, and infrastructure don't connect to real ownership, control, or cash flow
Liquidity is assumed, but there's no real market behind it
Most teams only see it once capital is involved.
The 4-Step Model
Every RWA failure maps to one of these four points
Investment, structuring, infrastructure, and distribution.
Four parts. Each must hold.
The asset doesn't hold up under real underwriting. Cash flow, duration, and downside are mispriced or unclear. The team, sourcing, and track record don't support the investment thesis.
Investors don't have enforceable rights across jurisdictions. Ownership and control break down under stress. The legal structure works in theory, not in practice.
The product and technology layer doesn't reflect real ownership, control, or cash flow. Smart contracts, payment rails, custody, compliance systems, and APIs are built in isolation from the underlying asset, breaking the link between the asset and the product.
There is no real path to liquidity or sustained demand. Initial issuance depends on assumed investor appetite rather than a built capital formation process. Secondary market liquidity is implied, not engineered. Without both, the asset can be tokenised but never truly distributed.
This only works as a system.
All four parts need to hold together.
What this looks like in practice
Where this starts to show up.
Trade finance
The structure looked investable until diligence started. Then investors struggled to explain what they actually owned, how cash flow was controlled, and who had enforcement rights.
Capital slowed at that point.
Tokenised real estate
The asset could be tokenised, but liquidity was implied rather than built. When investors started thinking about exit, there was no real secondary path.
Demand weakened once that became clear.
DeFi RWA yield
Early traction came in, but there was no real distribution behind it. Liquidity looked stronger than it was.
Once initial attention faded, the market did too.
Why most teams get this wrong
Most RWA platforms are built from one side of the problem.
The model ends up shaped by what the team understands. The rest is assumed to work.
That's usually where it breaks.
How we review a model
We apply the 4-step model to your platform in two stages.
Step 1 — Apply the model (intro call)
We dig into your model and identify where it breaks. If a full review is needed, we'll outline what that looks like.
Step 2 — Full model review
A full 4-step diagnostic built around the framework. You complete a questionnaire beforehand. The session goes deep across all four pillars and ends with a written findings memo: a verdict on each pillar and what needs to change first.
What you get from the intro call
A working session, not a pitch.
A clear view of where your model is exposed
The weakest point in your model and why it matters
A direct view of what needs to change first
You leave with something useful regardless of what comes next.
Why we see this differently
Most RWA teams are built from one side. We look at both: structure and capital flow.
Gerhard Botha, CFA, ACA
Investment banking, structuring, and private markets
Focused on whether the investment thesis, legal structure, and technology infrastructure hold under the conditions that actually matter.
$8bn+ transactions across private and capital markets
Cross-border structuring with institutional capital
DeFi, payments, and RWA platforms
Colin Dijs
Growth, distribution, and digital assets
Focused on whether real demand exists, how it gets built, and whether liquidity is engineered or just assumed.
$120M+ in Web3 capital raised
$100M+ in marketing spend managed
1,000+ campaigns executed
250+ Token & NFT launches
5M+ users onboarded
When this makes sense
This tends to matter at a specific stage.
This is for you if
You're building or scaling an RWA platform
You're preparing to raise, launch, or go live
You're seeing friction in structure, investor understanding, or liquidity
Not a fit if
You're at idea stage without a live or near-live product
You're exploring general crypto or token concepts
There's no real underlying asset or capital path
You're looking for general investment or fundraising advisory
See where your model breaks
Start with a free 60-minute intro call.
We apply the 4-step model and show where your model holds and where it breaks.