➥ Compliance becomes part of the product architecture • @BlackRock BUIDL controls who may hold and transfer the token • @xStocksFi controls issuance, redemption and regulated distribution • @PayPal PYUSD concentrates control around the issuer, reserves and sanctions response • XAUm relies heavily on physical inventory verification there is no single compliance model for RWAs the right design depends on - which investors the issuer wants to serve - what rights the token represents - how its backing can be verified [1] BUIDL: compliance follows the investor BlackRock’s BUIDL gives eligible US investors access to a tokenized fund holding short-term Treasuries + other cash-equivalent assets - participation is limited to accredited investors and qualified purchasers - BUIDL can move only between approved wallets through Securitize’s whitelist that makes transfer control essential: - Securitize Markets handles onboarding, CIP and AML - Securitize Transfer Agent maintains ownership records - BNY Mellon holds the assets - PwC audits the fund’s financial statements if a token is lost or stolen, it can be burned and reissued [2] xStocks: compliance follows distribution & collateral the product tracks US stocks + ETFs but holders receive economic exposure rather than direct ownership of the underlying shares US persons are excluded xStocks can move between wallets and interact with DeFi without every transfer requiring issuer approval the issued supply must remain aligned with the underlying securities held by brokers and custodians [3] PYUSD: compliance follows the issuer & txn channel PYUSD is a payment stablecoin, so its controls focus on reserves, redemption and financial-crime monitoring PayPal and @Venmo handle customer checks and transaction monitoring inside their platforms @Paxos manages issuance, redemption, reserves and supply external wallet transfers remain open but Paxos retains smart-contract controls that allow it to - freeze addresses - pause transfers - burn frozen balances when legally required [4] XAUm: compliance follows the physical asset XAUm represents ownership of physical gold, with each token corresponding to one troy ounce of LBMA-standard gold primary issuance and redemption require KYC, while secondary transfers are permissionless US residents & sanctioned jurisdictions are excluded from issuer services