Real-world asset (RWA) tokenization has emerged as a prominent application of blockchain technology, enabling off-chain financial and non-financial assets to be represented through blockchain-based instruments. However, deployed RWA systems remain difficult to compare because legal claims, custody arrangements, token mechanics, verification processes, and on-chain integrations are often described separately. This paper develops a systems-level taxonomy of RWA tokenization to classify how off-chain assets are legally, economically, and technically represented on-chain. Following an iterative taxonomy-development method, we organize twenty-three dimensions into five components: governance, asset structure, token properties, distributed ledger technology, and economy. We apply the taxonomy to twenty major RWA systems selected by market capitalization and compare their design choices across asset classes and implementation models. The classification shows that current RWA tokenization is predominantly implemented through hybrid architectures: blockchain tokens support representation, transfer control, redemption workflows, pricing, and composability, while core legal guarantees remain anchored in off-chain legal wrappers, custodial arrangements, compliance processes, and verification mechanisms. The analysis also reveals recurring documentation gaps concerning voting rights, dispute forums, burn mechanics, supply constraints, and reserve verification. Overall, the taxonomy provides a structured basis for comparing RWA systems, identifying design patterns and limitations, and supporting future research on blockchain-based financial infrastructure.

翻译：现实世界资产（RWA）代币化已成为区块链技术的重要应用，使链外金融与非金融资产能够通过基于区块链的工具进行表征。然而，由于法律主张、托管安排、代币机制、验证流程及链上集成等要素常被分别描述，现有RWA系统仍难以进行系统性比较。本文构建了RWA代币化的系统级分类体系，以分类链外资产在法律、经济和技术层面实现链上表征的方式。遵循迭代式分类开发方法，我们将二十三个维度组织为五个组件：治理、资产结构、代币属性、分布式账本技术及经济体系。将该分类体系应用于按市值选取的二十个主要RWA系统，并比较其跨资产类别与实现模式的设计选择。分类结果表明，当前RWA代币化主要通过混合架构实现：区块链代币支持表征、转移控制、赎回流程、定价及可组合性，而核心法律保障仍锚定于链外法律包装、托管安排、合规流程及验证机制。分析同时揭示了关于投票权、争议解决论坛、销毁机制、供应约束及储备验证等方面的系统性文档缺失。总体而言，该分类体系为比较RWA系统、识别设计模式与局限性、以及支持基于区块链的金融基础设施未来研究提供了结构化基础。