Modeled as they exist — not flattened into balances.
ENCLAVES is deliberately strict about what qualifies for issuance. Every admitted asset must have clearly definable ownership, a verifiable custody or control model, and a legal framework that supports beneficial ownership held on behalf of asset owners.
Real Estate
Income-producing commercial and residential property under SPV title in a jurisdiction whose property law recognizes the trust or equivalent arrangement through which asset owners hold beneficial interest.
Example assets
- · Commercial office buildings
- · Residential rental property
- · Retail and shopping centers
- · Industrial warehouses
- · Hospitality property
- · Mixed-use developments
$10M residential building
- Fractionalized into 10,000 ERC-3643 shares at $1,000 implied notional
- SPV recorded as legal owner in the local land registry
- Asset owners hold beneficial interest via trust or equivalent arrangement
- Annual third-party appraisal updates the valuation disclosure
- Rental income flows to the SPV and distributes pro-rata via on-chain claim
- Material events (refinancing, encumbrance, sale) reflect on-chain only after legal completion
Key characteristics
- Ownership
- Fractional
- Custody
- Registry-based + SPV title
- Legal sync
- Indirect: registry updates on material events
- Return profile
- Income + appreciation
- Valuation
- Appraisals, income models
- Lifecycle complexity
- High
Financial Securities
Equities, bonds, and structured products held through regulated broker-dealers within the Enclave SPV, with daily reconciliation against custodian records.
Example assets
- · US Treasury bills and notes
- · Money-market instruments
- · Public equities
- · Corporate and government bonds
- · ETF shares
- · Structured products
$50M short-duration US Treasury bills
- Held in the SPV’s segregated account at a regulated US broker-dealer
- Fractionalized into 50,000 tokens at $1,000 notional each
- Daily NAV reconciled against the broker statement; supply locked to verified holdings
- Coupon accruals settle via on-chain claim mechanism
- Custodian provides daily SOC-1 audited reporting
Key characteristics
- Ownership
- 1:1 or fractional
- Custody
- Account-based (regulated brokers / custodians)
- Legal sync
- Hybrid: SPV + regulated settlement
- Return profile
- Income-producing (coupons, dividends)
- Valuation
- Market prices, regulated feeds
- Lifecycle complexity
- Medium–High
Precious Metals & Commodities
Allocated holdings in LBMA-accredited vaults under the SPV’s account, with monthly physical audits and price-feed valuation.
Example assets
- · LBMA gold bars
- · Silver bullion
- · Platinum and palladium
- · Allocated commodity inventory
- · Industrial metals
100 LBMA Good Delivery gold bars (~400 troy oz each)
- Held in an LBMA-accredited vault under the SPV’s allocated account
- Tokens fractionalized at 1 troy ounce per token (40,000 tokens total)
- Monthly third-party physical audit; daily LBMA fix oracle for notional value
- Redemption available for whole-bar quantities under a defined withdrawal process
Key characteristics
- Ownership
- 1:1 or fractional
- Custody
- Physical custody (LBMA-accredited vaults)
- Legal sync
- SPV-held; custody attestations
- Return profile
- Non-yielding (price-driven)
- Valuation
- Commodity price feeds
- Lifecycle complexity
- Low
Collectibles
Authenticated single items — art, watches, rare instruments — in insured bonded custody under the Enclave SPV’s allocated account.
Example assets
- · Fine art and paintings
- · Luxury watches (Patek Philippe, Rolex)
- · Rare wine and spirits
- · Vintage and classic automobiles
- · Sports memorabilia
- · Rare stamps and coins
$1.2M authenticated vintage timepiece
- Held in an insured Geneva bonded vault under the SPV’s allocated account
- Single ERC-3643 share represents 100% beneficial ownership; no fractionalization
- Authenticity certified by the manufacturer or recognized expert at onboarding
- Annual condition inspection; full-replacement insurance maintained
- Holder may redeem the physical asset by burning the token + identity verification
Key characteristics
- Ownership
- Primarily 1:1 (optional fractional)
- Custody
- Physical custody (bonded vaults)
- Legal sync
- SPV-held; internal register
- Return profile
- Non-yielding (appreciation)
- Valuation
- Periodic appraisal, comparables
- Lifecycle complexity
- Low
The four classes along consistent dimensions.
By explicitly modeling assets this way, ENCLAVES avoids the false simplicity that undermines many RWA systems.
| Asset class | Ownership | Custody | Legal sync | Return | Valuation | Lifecycle |
|---|---|---|---|---|---|---|
| Real Estate | Fractional | Registry-based + SPV title | Indirect: registry updates on material events | Income + appreciation | Appraisals, income models | High |
| Financial Securities | 1:1 or fractional | Account-based (regulated brokers / custodians) | Hybrid: SPV + regulated settlement | Income-producing (coupons, dividends) | Market prices, regulated feeds | Medium–High |
| Precious Metals & Commodities | 1:1 or fractional | Physical custody (LBMA-accredited vaults) | SPV-held; custody attestations | Non-yielding (price-driven) | Commodity price feeds | Low |
| Collectibles | Primarily 1:1 (optional fractional) | Physical custody (bonded vaults) | SPV-held; internal register | Non-yielding (appreciation) | Periodic appraisal, comparables | Low |
Pick the angle that matches how you assess risk.
Trust Classes
The six structural categories from strongest to weakest anchor, with bonding ranges.
I → VI →Trust Score
T = w₁L + w₂V + w₃E + w₄P + w₅R. Decomposable, time-decaying, computed from public inputs.
See the model →Issuance lifecycle
Pre-qualification → Enclave & SPV selection → verification gates → Mint Authorization Check.
Walk the flow →Stay close to the build
Monthly engineering, legal, and roadmap updates. No marketing filler.