> For the complete documentation index, see [llms.txt](https://candora.gitbook.io/whitepaper/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://candora.gitbook.io/whitepaper/candora-exchange/real-world-assets-trading.md).

# Real-World Assets Trading

Real-World Assets (RWAs)

[Candora Exchange](/whitepaper/candora-exchange.md) extends its trading infrastructure beyond crypto-native markets by supporting tokenized Real-World Assets (RWAs).

These instruments represent claims, exposures, or ownership interests linked to traditional financial assets while operating within the same trading environment used for digital assets.

By integrating RWAs directly into Candora Exchange, participants can access both crypto-native and real-world financial markets through a unified trading venue while benefiting from the platform's execution, risk-management, and settlement infrastructure.

Although RWAs trade within the same exchange environment, participation requirements may vary according to the characteristics of the underlying asset.

Certain instruments may require additional controls related to custody structures, issuer obligations, jurisdictional requirements, or market-access restrictions.

Where permitted by the underlying asset, Candora's identity-light participation model remains the default approach.

### Supported asset classes

The RWA framework is designed to support a range of tokenized financial instruments, including:

* commodities
* government securities
* cash-equivalent instruments
* sovereign currency products
* other asset-backed financial instruments

Specific asset availability may evolve over time as additional custody, settlement, and regulatory frameworks become available.

### Unified market infrastructure

RWA markets operate on the same core infrastructure as crypto-native markets.

Orders are processed through [Orbit](/whitepaper/candora-grid/orbit.md) using the same deterministic execution framework applied across the exchange.

Market-state synchronization is provided through [Pulse](/whitepaper/candora-grid/pulse.md), risk evaluation is coordinated by [Risk Engine](/whitepaper/candora-grid/risk-engine.md), and settlement records are maintained by [Vault](/whitepaper/candora-grid/vault.md).

This unified architecture allows tokenized assets and digital assets to coexist within a consistent trading environment while preserving the operational boundaries and authority models defined throughout [Candora Grid](/whitepaper/candora-grid.md).

### Oracle-based valuation integrity

Reliable valuation is critical for asset-backed markets where on-chain liquidity may not fully reflect underlying market conditions.

[Oracle](/whitepaper/candora-grid/oracle.md) constructs reference pricing using multiple pricing inputs, including institutional market data, external venues, liquidity signals, and execution-consistent pricing information.

Source quality, liquidity conditions, and pricing reliability are continuously evaluated before valuation data is incorporated into the consensus process.

This approach helps maintain valuation consistency across collateral management, risk computation, liquidation systems, and settlement infrastructure while reducing the influence of isolated market anomalies or localized pricing distortions.

### Custody and reserve verification

Asset-backed instruments rely on custody and reserve structures that exist beyond the exchange itself.

Vault maintains the financial-state records associated with supported RWA products and coordinates settlement, accounting, and reserve verification processes where applicable.

Ledger activity remains auditable and traceable through the same event-sourced accounting framework used throughout Candora Grid.

Where reserve-backed structures exist, Vault may reconcile internal records against available reserve information, custodial reporting, attestations, or other verification mechanisms appropriate to the underlying asset.

This provides a consistent framework for tracking ownership, settlement activity, and reserve alignment while preserving the separation between exchange infrastructure and external custodial arrangements.

### Integrated risk management

RWA markets participate in the same solvency and risk-management framework that governs the broader exchange.

Risk Engine continuously evaluates collateral quality, liquidity conditions, concentration risk, and market behavior when determining margin requirements and exposure limits.

Assets with different liquidity characteristics or risk profiles may receive different risk treatment according to predefined risk policies.

This allows tokenized traditional assets to operate alongside crypto-native markets while maintaining a unified approach to solvency management and platform stability.