Most RWA platforms talk about collateral. Few talk about the SPV. Special Purpose Vehicle. It is a legal entity created for one reason: to hold the asset and nothing else. Here is why it matters. If the platform operating the pool goes bankrupt, the SPV does not. It is legally separate. The mortgage contract sits inside the SPV. The property deed sits inside the SPV. The cash flow from the borrower goes into the SPV, then out to depositors. Without an SPV, your collateral is on the platform's balance sheet. If they get sued, if they mismanage funds, if they fold, your collateral becomes part of the bankruptcy estate. You become an unsecured creditor. You wait in line with everyone else. With an SPV, the platform can disappear and the mortgage payments keep flowing. The borrower still pays. The SPV still collects. The depositor still receives. The SPV is not exciting. It does not show up on dashboards. But it is the difference between secured lending and hoping. Check for it before you deposit. #RWA #Education #DeFi