Lead · RWA Fundamentals

How Tri-Party Repo Works: The Clearing Bank's Role in Collateral Management

The clearing bank neither lends nor borrows, yet it's the invisible hub keeping the multi-trillion-dollar repo market running every day.

July 21, 2026

In the repo market, the most overlooked yet critical role belongs neither to the borrower nor the lender, but to the clearing bank standing in the middle, quietly processing trillions of dollars in transactions every day. This is the invisible infrastructure that allows the repurchase agreement market to operate at scale.The Basic Structure of Tri-Party RepoIn a bilateral repo, the two...

RWA Fundamentals

Tokenization Doesn't Make Assets Worth More — It Makes the Same Asset Earn Twice at Once

Tokenization doesn't turn one ounce of gold into two. It lets you hold the...

RWA Fundamentals

RWA Legal Wrappers: SPV, Trust, and Direct Tokenization — Three Structures That Determine Your Legal Standing

The same 'tokenized office building' — whether backed by SPV equity, a trust...

RWA Fundamentals

RWA Legal Wrappers Explained: SPV, Beneficial Trust, and Direct Ownership — Three Structures That Determine What You Recover in a Bankruptcy

RWA token holders fall into three legal categories: SPV creditor, trust...