GM. It’s The ReFi Brief on a Saturday - verified Tokenized Real Estate takeaways you can act on.

In this week’s ReFi Brief:

This week I dug into RedSwan’s decision to tokenize $100 million worth of U.S. commercial real estate on Stellar. I think this marks an early test of whether tokenization can really deliver both access and liquidity.

Because this lowers the entry point into institutional-grade property to about $1,000, with the promise of quarterly payouts and faster exits than traditional syndications.

Let me walk you through it.

At Stellar’s Meridian 2025 conference, RedSwan — a licensed broker-dealer under FINRA and SIPC — announced that it had tokenized $100 million worth of multifamily and hospitality assets .

Each deal is structured through an LLC that owns the property. The LLC issues digital tokens, recorded on Stellar’s blockchain, that represent ownership shares.

Accredited U.S. investors can buy in under Reg D, and international investors can join under Reg S. The minimum is about $1,000, compared to the $25,000–$50,000 usually required in private real estate deals. Let’s pause and think about that for a moment.

The issuer is RedSwan. Because it is a regulated broker-dealer, it can legally package property into LLCs and issue tokens as securities. Each token is therefore tied to a legal claim on the underlying asset.

The custody layer works through wallets or integrated escrow. You can either hold your tokens directly in a Stellar-compatible wallet, or let RedSwan’s custody manage them. Either way, ownership is recorded permanently on Stellar’s ledger — much like stock certificates in a brokerage, only on a blockchain instead of a private database.

The venue is RedSwan’s own marketplace. Tokens can be listed for resale there, with trades settling instantly on-chain. But volumes today are still very thin, which means actual liquidity is not yet proven.

RedSwan promises “24/7 liquidity.” But its disclosures make clear there is no guarantee that you’ll find a buyer.

Two scenarios are possible. In the best case, investor demand grows and tokens can be sold within days. In the worst case, demand stays shallow and you may be locked in for years.

It’s like trying to resell a flight ticket. If there’s strong demand for that route, you can transfer or sell quickly. If no one wants the seat, you’re stuck with it. Liquidity only works when there’s active participation.

Think of a big apartment building.

Normally, one person or company would have to buy the whole thing. Tokenization changes that by splitting the ownership into hundreds or thousands of tiny digital slices, called tokens.

Each token represents a share in the property, and because it’s recorded on a blockchain, the ownership record is tamper-proof and easy to transfer. Suddenly, something that used to take millions to get into can be opened up for a few hundred dollars.

It’s a way of making real estate feel less like an exclusive club and more like buying stock in a company you believe in.

Let’s a $1,000 investment, for a simple illustration.

In a base case, the property yields 6% annually. That means $60 per year, paid in quarterly installments of $15. If you exit at cost after three years, you earn $180 plus your original $1,000.

In a stress case, the property underperforms. You receive no income, and when you try to sell, the only buyer offers 20% less. That means you recover $800 instead of $1,000.

The important I see here is the type of asset you are now able to access - institutional-grade. These types of assets are more resilient and easier to liquidate in fractions (when the liquidity side really gains strength).

There are four big risks worth keeping an eye on.

Liquidity risk: without enough buyers and sellers, exits may be impossible when you want them.

Regulatory risk: these deals rely on exemptions like Reg D and Reg S, which the SEC could scrutinize more closely.

Custody risk: investors need confidence in who safeguards the tokens — whether that’s themselves or RedSwan’s platform.

Yield execution risk: quarterly payouts are attractive in theory, but only if they arrive consistently in cash or stablecoins.

Earlier projects mainly used Ethereum. RedSwan shifted to Stellar for three reasons: speed, cost, and brand fit.

Transactions settle in two to three seconds. Fees are fractions of a cent. Stellar also has credibility in compliance and cross-border payments, which aligns with RedSwan’s regulated posture.

Think of Ethereum as New York — crowded and expensive but influential. Stellar is more like Singapore — efficient, cheaper, and positioned as a hub for cross-border flows.

RedSwan’s launch is part of a broader acceleration.

Global tokenized real estate was about $120 billion in 2023. Forecasts put it at more than $3 trillion by 2030 . Deloitte projects $4 trillion by 2035 .

Dubai’s Land Department is piloting tokenized property with a target of $16 billion by 2033 .

BlackRock’s tokenized fund reached $500 million within months of launch in 2024 .

The direction of travel is clear: from experiments to regulated platforms, and from startups to major institutions.

For now, tokenized deals like RedSwan’s should be treated as pilot allocations. The structure is solid and compliant, but the market is not yet liquid.

The comparison that fits best is the early days of ETFs in the 1990s. The mechanics worked, but adoption was slow until liquidity caught up. Once it did, ETFs became mainstream.

RedSwan may be standing at that same threshold today.

That’s why the three signals to watch are trading activity, payout reliability, and custody clarity. If those stabilize, tokenized commercial real estate could finally move from niche to mainstream.

^{Image Source: Reuters}

The Brief: London Stock Exchange Group announced its new digital markets infrastructure for private funds and facilitated its first tokenized fund transaction.

The Details:

What This Means: A mainstream exchange is laying token rails. This is like the UK opening a new regulated highway for property shares. Expect traffic — and opportunity — to build.

^{Image Source: Renta Network}

The Brief: Renta, a rental tokenization startup, announced new investor tools and a more transparent payout system.

The Details:

What This Means: Renta is solving trust gaps. Think of when we shifted from moving paper rent checks to automatic direct deposits. It builds confidence for everyday investors.

^{Image Source: RWA Inc}

The Brief: RWA Inc. said it is in advanced negotiations with a developer to list its first tokenized real estate asset.

The Details:

What This Means: A new player is about to test its model. This is like a major venue preparing to host its first concert — the rehearsal is over, now comes the real show

Spain’s Costa del Sol is famous for sun, golf, and holiday homes. This week’s property is a luxury townhouse development near Marbella, backed by Wyndham Grand and managed by IDILIQ .

For €1,435 minimum, investors join a €1.4M raise targeting 22.5% ROI over ~15 months (~18% annualized).

Financial Disclaimer: This Asset Assessment is for informational/educational purposes only and does not constitute investment or financial advice. All data is based on publicly available listings. Readers must register directly with the platforms listed here to view full offering documents. Always do your own research (DYOR) before investing.

🔗 StellarOrg: $100M RedSwan launch — institutional property now accessible for $1K.

🔗 RWA_Inc_: property listing talks — new option for fractional investors.

🔗 JaySinghKang2: legal protections — why SPVs safeguard investor rights.

🔗 AntLab_rwa: $30B ATH — tokenized real estate cap adds $5B in 9 months.

🔗 AutenticGlobal: global platform moves — fractional models expand in UAE, India, China

See you in the next brief,

Tatenda