What rwaUSD Is and What It Is Not

rwaUSD is designed specifically for highly liquid, institutional-grade assets, such as:

• Short-duration Treasury-backed instruments (T-Bills)

• Highly liquid tokenized gold

• Other deep, continuously priced public-market RWAs

These assets share critical properties that make them compatible with DeFi liquidation engines: predictable pricing, strong secondary liquidity, and fast redemption paths. To further strengthen trust and robustness, rwaUSD is designed to incorporate an insurance framework underwritten by Lloyd’s of London, intended to provide coverage against certain adverse events affecting the underlying collateral and designed to cover risks related to:

• De-pegging of the underlying collateral

• Certain regulatory disruption scenarios

• Fraud or failure at the collateral or custody layer

This combination of a highly liquid collateral plus insurance protection is what allows rwaUSD to function as a broadly composable DeFi collateral primitive. At the same time, not all tokenized assets are suitable for rwaUSD. Assets such as private equity, private credit, structured funds, or vehicles with delayed redemption windows behave very differently under stress. Multipli supports these assets through separate, segmented liquidity classes, rather than forcing them into a single system and weakening overall solvency.