> For the complete documentation index, see [llms.txt](https://docs.ethena.fi/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.ethena.fi/backing-assets/real-world-assets-rwa.md). # Real World Assets (RWA) Real-world assets (RWAs) are tokenised representations of off-chain financial assets. They hold a relatively stable dollar value and generate yield without requiring a derivatives hedge, which makes them a natural component of the protocol's backing portfolio. Ethena's RWA exposure has historically centred on tokenised short-duration government debt. The protocol is extending this exposure into high-liquidity real-world assets beyond treasury bills - including tokenised, liquid fixed income and credit instruments selected for low volatility, relatively strong liquidity and settlement terms, and their ability to be exited at predictable values. RWAs serve two purposes in the backing portfolio. They preserve a stable dollar value, contributing to the stability of USDe backing, and they generate rewards from off-chain markets whose returns are largely uncorrelated with crypto market cycles. Eligible RWA products, issuers, and exposure limits are approved subject to governance and Risk Committee review, with particular attention to liquidity under stress, credit quality, and legal structure of the assets. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.ethena.fi/backing-assets/real-world-assets-rwa.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.