Stablecoins, RWA & Tokenization

What is the role of a custodian in RWA tokenization?

In RWA tokenization, a custodian is the regulated institution that holds the real off-chain asset, such as gold, securities, or property title, that the on-chain tokens represent. The custodian's job is to keep the underlying asset safe and to maintain a verifiable link between the physical or legal asset and the tokens issued against it. For example, a custodian holding gold bars confirms the reserves that back gold tokens. Without a reliable custodian, the connection between a token and its backing can weaken, which is why custody arrangements are central to assessing any tokenized asset.