RWA Vendors: The Complete Landscape Guide for Custody, Oracles, Legal, KYC & Audit | VCC

When a founder or procurement lead searches for RWA vendors, they're not looking for a list—they're looking for a decision framework. The Real World Asset (RWA) tokenization stack requires at least four specialized infrastructure layers: custody to hold the underlying assets, oracles to prove reserves on-chain, compliance to satisfy KYC/AML and sanctions screening, and legal/tokenization platforms to issue compliant securities. Each layer has 5-10 credible vendors with vastly different pricing models, integration timelines, chain support, and regulatory footprints.

This guide maps 30+ vendors across all four layers plus audit/attestation providers, giving you the comparison tables, integration reality checks, and procurement framework you need to build an RFP and move from evaluation to contract in weeks—not months.

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The RWA Infrastructure Stack: Five Layers, One Decision

Before comparing vendors, understand how the pieces fit together. Every tokenized asset—whether a T-bill fund (Ondo OUSG), a money-market token (Franklin Templeton BENJI), or a private credit pool (Maple, Centrifuge)—sits on this stack:

Layer	Function	Key Decision Criteria
1. Tokenization / Issuance	Legal wrapper, cap table, primary/secondary trading	Regulatory standard (ERC-1400 vs ERC-3643), jurisdiction, investor type
2. Compliance / KYC-AML	Identity verification, transaction monitoring, sanctions screening	Chain coverage, real-time vs batch, Travel Rule support, cost per check
3. Verification / Oracles	Proof of Reserve (PoR), price feeds, cross-chain messaging	Update frequency, cryptographic vs attestation, CCIP vs Wormhole, gas cost
4. Custody / Settlement	Private key management, asset segregation, counterparty settlement	MPC vs multi-sig, chain count, ClearLoop/network, insurance, regulatory charter
5. Blockchain	Settlement layer(s)	EVM vs non-EVM, finality, gas, ecosystem liquidity

Critical insight: These layers are not interchangeable. Your custody choice constrains your oracle options (e.g., Fireblocks has native Chainlink PoR integration; Anchorage runs its own attestation). Your tokenization platform dictates which compliance vendors are pre-integrated (Securitize ↔ Chainalysis; Tokeny ↔ Scorechain). Map your stack before signing any contract.

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Layer 1: Custody Providers — Who Holds the Keys?

Custody is the foundation. If your custodian fails, the token is unbacked. We compare 7 institutional-grade custodians on the dimensions that actually matter for RWA.

Custody Vendor Comparison Table

Vendor	Chains Supported	Key Architecture	Integration Time	Pricing Model	Regulatory Charter	Best For
Fireblocks	50+ (ETH, SOL, POLY, AVAX, ARB, OP, BASE, BNB, TRX, more)	MPC-CMP (Multi-Party Computation)	2-4 weeks	$5k-15k/mo minimum + txn fees	SOC 2 Type II, ISO 27001, Money Transmitter (US state)	Speed to market, DeFi composability, Fireblocks Network settlement
Copper	30+ (ETH, SOL, POLY, BNB, AVAX, TRX, more)	MPC + ClearLoop off-exchange settlement	3-6 weeks	$10k-25k/mo custom	FCA (UK), SOC 2 Type II	ClearLoop users, DeFi via Walled Garden, UK/EU entities
Anchorage Digital	40+ assets, staking native	MPC + HSM hybrid	4-8 weeks	10-25 bps on AUM + txn fees	OCC Federal Trust Charter (only one)	US banks/RIAs requiring federal charter, staking yields
BitGo	600+ tokens, 30+ chains	Multi-sig + MPC hybrid	2-4 weeks	0.05-0.15%/txn + monthly min	NY Trust Company, SD Trust	Broad token support, NFT custody, governance voting
Coinbase Prime/Custody	200+ assets	Cold storage (>98% offline) + multi-sig	4-6 weeks	8-15 bps on AUM + withdrawal fees	NY DFS Trust Company, SEC-registered BD	US institutions, Coinbase Exchange/Prime integration, insurance
Ceffu (Binance)	100+ chains	MPC + CeDeFi bridge	1-2 weeks (if Binance client)	Volume-based, competitive	Multiple (non-US)	Binance ecosystem, APAC focus, CeDeFi bridge
Taurus	ETH, POLY, TEZOS, BSC, more	MPC + HSM, tokenization built-in	4-8 weeks	Custom enterprise	FINMA (Swiss), Sygnum partnership	Swiss-regulated, tokenization + custody combined

Deep Dive: What the Marketing Pages Don't Tell You

Fireblocks wins on integration speed and developer experience. Their Policy Engine (velocity limits, destination whitelisting, multi-sig approval flows) is production-hardened. The Fireblocks Network lets you settle directly with 150+ counterparties (exchanges, OTC desks, other Fireblocks clients) without on-chain gas—but both sides must be on Fireblocks. Trade-off: You're locked into their network for off-chain settlement; pricing scales steeply with transaction volume.

Copper's ClearLoop is unique: it creates a bilateral credit line between you and a counterparty, settling net exposure off-chain daily. This saves enormous gas for high-frequency RWA trading (e.g., daily T-bill fund subscriptions/redemptions). Trade-off: Counterparty must also use Copper; ClearLoop credit limits require negotiation.

Anchorage's OCC Trust Charter is a genuine regulatory moat. For US-registered investment advisors, broker-dealers, or banks, Anchorage satisfies the "qualified custodian" rule under the Investment Advisers Act without needing a separate letter. Trade-off: Slowest onboarding (4-8 weeks), highest minimums, limited DeFi composability.

BitGo remains the broadest token support (600+). If your RWA involves niche tokens, NFTs, or governance voting on-chain, BitGo's API depth is unmatched. Trade-off: Multi-sig architecture feels dated vs pure MPC; pricing per-transaction adds up at scale.

Coinbase Custody offers the strongest insurance (Lloyd's of London, up to $250M+ per client) and the cleanest path to Coinbase Prime financing (borrow against your RWA holdings). Trade-off: Heaviest KYC/AML onboarding; US-only regulatory focus.

Ceffu is the pragmatic choice for APAC-based teams already using Binance. Integration can be days, not weeks. Trade-off: No US regulatory coverage; limited transparency on reserves.

Taurus is the only vendor that also provides a tokenization platform (Layer 1). If you want single-vendor custody + issuance, Taurus + Sygnum is a compelling Swiss-regulated stack. Trade-off: Fewer chains than Fireblocks/Copper; smaller counterparty network.

Custody Selection Checklist (Procurement-Ready)

• [ ] Regulatory fit: Does the charter match your regulator's "qualified custodian" definition?
• [ ] Chain coverage: Are all your target settlement chains supported natively (not via bridge)?
• [ ] Settlement network: Do your counterparties (exchanges, OTC, funds) use the same custodian's network?
• [ ] DeFi access: Do you need to stake, vote, or interact with DeFi protocols from custody? (Fireblocks Walled Garden, Copper Walled Garden, BitGo DeFi)
• [ ] Insurance: What's covered, what's excluded, who's the carrier?
• [ ] Pricing model: AUM bps vs per-txn vs flat fee—model your 12-month volume to compare TCO.
• [ ] Integration: API-first? SDKs? Sandbox environment? Dedicated integration engineer?

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Layer 2: Oracles & Proof of Reserve — Proving the Backing

An RWA token is only as credible as its proof of backing. Chainlink Proof of Reserve (PoR) has become the de facto standard, but alternatives exist for specific needs.

Oracle/PoR Vendor Comparison

Vendor	PoR Model	Chains	Update Frequency	Pricing	Integration	Notable RWA Clients
Chainlink PoR	Cryptographic (Merkle proofs from auditor API)	30+	Configurable (hourly to daily)	Pay-per-request / subscription	1-2 wks standard; 4-8 wks custom	Paxos, Circle (USDC), TrueUSD, 21Shares, Backed Finance, Ondo
Pyth Network	First-party publisher (exchanges push prices)	50+	Per-block (pull model)	Free for standard feeds	1-2 weeks	Jupiter, Drift, Kamino (Solana DeFi)
Chronicle Protocol	Gas-optimized (Scribe)	Ethereum + L2s	Configurable	Gas + service fees	2-4 weeks	MakerDAO (RWA collateral)
RedStone	Modular data packages (Arweave DA)	30+	On-demand	Pay-per-use	1-2 weeks	Euler, Gearbox, various L2s
API3	First-party dAPIs (Airnode)	20+	Configurable	Subscription	2-4 weeks	Various DeFi

Chainlink PoR: The Deep Dive

Chainlink PoR works by having an independent auditor (Armanino, Mazars, etc.) expose an API with the current reserve balance. Chainlink nodes fetch this data, build a Merkle proof, and publish it on-chain. The token contract verifies the proof before allowing mint/redeem.

Why it dominates RWA:

• Auditor-agnostic: Works with any auditor who can expose a REST API
• Cross-chain: CCIP enables PoR on Ethereum, Arbitrum, Polygon, Avalanche, Base, Solana (via Wormhole), etc.
• Battle-tested: Secures $10B+ in tokenized assets (USDC, USDT, TUSD, PAXG, BUIDL, OUSG, bIB01, STBT)
• Standardized interface: IProofOfReserve contract makes integration predictable

Cost reality: Chainlink doesn't publish PoR pricing. Expect $2k-10k/month per feed for standard configurations; custom auditor integrations add setup fees ($15k-50k). For a single T-bill fund with daily attestation, budget $30k-80k/year all-in.

Integration timeline: 1-2 weeks if using existing auditor (Armanino/Mazars already have Chainlink adapters). 4-8 weeks if you need a new auditor + custom adapter development.

When to Consider Alternatives

• Pyth: If you're on Solana or need ultra-high-frequency price feeds (not PoR) for derivatives on RWA.
• Chronicle: If you're building on MakerDAO's Spark/Subprotocol stack and need gas-efficient RWA collateral pricing.
• RedStone: If you want modular, on-demand data (cheaper for low-frequency needs) and are comfortable with Arweave DA.
• Self-attestation: Some custodians (Anchorage, Coinbase) publish their own attestations. Cheaper, but less credible with institutional LPs.

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Layer 3: KYC/AML & Compliance — The Regulatory Gatekeepers

You cannot onboard institutional investors without robust KYC/AML. The three dominant players—Chainalysis KYT, TRM Labs, and Elliptic—offer similar coverage but differ on workflow, pricing, and DeFi depth.

Compliance Vendor Comparison

Vendor	Core Product	Chains	Screening Types	Pricing (Annual)	Integration	Best For
Chainalysis KYT	Real-time TX monitoring, risk scoring	99%+ volume coverage	Sanctions, PEP, adverse media, darknet, mixer, DeFi protocol	$50k-500k+	2-4 weeks API	Large institutions, exchanges, gov agencies
TRM Labs	Behavioral analytics + rule engine	25+	Sanctions, DeFi protocol risk, mixer, bridge, high-risk jurisdiction	$30k-300k+	1-3 weeks	DeFi-native protocols, fintechs, Circle/MoonPay
Elliptic	Holistic entity-level risk	100+	Entity clustering, NFT/DeFi risk, sanctions, darknet	Enterprise custom	2-4 weeks	Binance, Coinbase, Ripple, TradFi entering crypto
ComplyAdvantage	Traditional AML + crypto	20+ crypto	PEP, sanctions, adverse media, crypto address	$20k-200k+	2-6 weeks	Banks with existing ComplyAdvantage contract
Scorechain	MiCA-ready, EU-focused	20+	Travel Rule, VASP scoring, sanctions	€20k-150k+	2-4 weeks	EU-regulated entities, MiCA prep

Selection Criteria That Actually Matter

1. Chain coverage ≠ transaction coverage. Chainalysis claims "99% of volume" because they index the top 20 chains deeply. If your RWA settles on a newer L2 (Base, Line, Mantle), verify specific chain support and labeling depth.

1. Real-time vs batch matters for redemption flows. If investors can redeem 24/7, you need real-time screening (Chainalysis, TRM). Batch daily is fine for T+1 settlement.

1. Travel Rule compliance is becoming mandatory (FATF, MiCA, US proposed rules). Notabene + Chainalysis/TRM is the common stack for VASP-to-VASP data exchange.

1. DeFi protocol risk scoring differs wildly. TRM labels specific DeFi contracts (e.g., "Tornado Cash deposit," "Uniswap v3 pool"). Chainalysis has broader categories. Test with your actual contract addresses before committing.

1. Pricing opacity: All three require custom quotes. Negotiation leverage: Multi-year commits, volume discounts, and bundling (KYT + Reactor/Forensic) reduce per-unit cost 20-40%.

Compliance Stack for RWA: The Practical Combo

RWA Type	Recommended Primary	Add-On	Why
Tokenized Fund (Reg D/S)	Chainalysis KYT	Notabene (Travel Rule)	Institutional LPs expect Chainalysis brand; regulator familiarity
Private Credit Pool (DeFi-native)	TRM Labs	Chainalysis (for TradFi LPs)	TRM's DeFi protocol labels; Chainalysis for TradFi counterparties
Retail Tokenized Securities (EU/MiCA)	Scorechain	Local law firm	MiCA-specific VASP scoring, EU regulator alignment
Stablecoin / Reserve-Backed	Chainalysis KYT	Elliptic (entity risk)	Reserve transparency requires deepest exchange labeling

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Layer 4: Tokenization Platforms & Legal Infrastructure — Issuing the Asset

This is where legal structure meets code. The platform you choose determines your regulatory regime, investor eligibility, and secondary liquidity options.

Tokenization Platform Comparison

Platform	Standard	Jurisdiction	Compliance Built-In	Secondary Trading	Pricing	Integration	Key Clients
Securitize	ERC-1400 (DS Protocol)	US (SEC Reg D/S/A+/CF)	KYC/AML, accredited check, transfer restrictions	ATS (Securitize Markets)	$25k-100k setup + rev share / mo fee	8-16 weeks	BlackRock BUIDL, Hamilton Lane, KKR, Apollo
Tokeny (T-REX)	ERC-3643 (T-REX)	EU (MiCA-aligned)	ONCHAINID (reusable KYC), transfer rules	Partner ATSs	License + txn fees	4-12 weeks	Société Générale, BNP Paribas, Caisse des Dépôts
Polymesh	Native (Substrate)	Global (permissioned validators)	Identity, compliance, confidentiality at L1	Built-in	POLYX gas + service fees	4-8 weeks	20+ FI governing council members
Backed Finance	ERC-20 + custom	Switzerland (FINMA)	UCITS-compliant, KYC via app	Primary only (app)	Mgmt fee in token (0.1-0.5%)	Direct purchase	bIB01 (iShares S&P 500), bGBP
Ondo Finance	ERC-20 (OUSG, USDY)	US (Reg D/S)	Accredited check, transfer restrictions	OTC / partner venues	Mgmt fee (0.15% OUSG)	Direct mint/redeem	BlackRock BUIDL integration, $200M+ TVL
Matrixdock	ERC-20 (STBT)	Singapore (MAS)	KYC/AML via Matrixport	Primary + Matrixport	Mgmt fee (~0.15%)	API	STBT ($50M+), APAC focus
Franklin Templeton (BENJI)	Stellar/Polygon/Arb	US (Investment Company Act)	KYC via Benji app	Primary (app)	Expense ratio (0.2%)	Direct / broker-dealer	FOBXX ($400M+ AUM)

The Two Standards War: ERC-1400 vs ERC-3643

ERC-1400 (Securitize/DS Protocol) — US-origin, battle-tested with SEC no-action letters. Features: partitioned balances (locked vs free), forced transfer, recovery, data keys for off-chain metadata. Used by BlackRock BUIDL—the ultimate validation.

ERC-3643 / T-REX (Tokeny) — EU-origin, MiCA-aligned by design. Features: ONCHAINID (self-sovereign identity), claim-based compliance (issuer attaches claims to identity), modular rule engine. Used by major EU banks (SocGen, BNP).

Decision rule: If your primary investors are US-based → Securitize/ERC-1400. If EU/UK → Tokeny/ERC-3643. If global with mixed jurisdictional requirements → Polymesh (protocol-level compliance) or dual-deployment (both standards).

Legal Counsel: You Need Specialized Firms

General corporate counsel will miss crypto-specific nuances. Budget $50k-200k for initial legal structuring (token classification memo, offering docs, regulatory analysis). Top firms by region:

Region	Firms (Crypto/RWA Practice)	Specialty
US	Perkins Coie, Cooley, Wilson Sonsini, Reed Smith, Hogan Lovells, Akin Gump, DLA Piper	SEC no-action, Reg D/S/A+, fund formation, enforcement defense
UK/EU	A&O Shearman, Clifford Chance, Linklaters, Freshfields, CMS	MiCA, DLT Pilot Regime, FCA, eWpG (Germany), CSDR
APAC	Rajah & Tann (SG), AZB (IN), Anderson Mori (JP), Kim & Chang (KR)	MAS VFA, GIFT City/IFSCA, FiEA, STO framework

Pro tip: Engage counsel before selecting a tokenization platform. The platform's legal templates assume a structure; you need counsel to validate it for your specific asset class and investor base.

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Layer 5: Audit & Attestation — The Credibility Layer

Institutional LPs (pension funds, endowments, insurance companies) will not allocate without independent verification. Three attestation types matter:

Attestation Type	Scope	Typical Providers	Cost	Timeline	Frequency
Proof of Reserve (PoR)	Asset balance verification (on-chain)	Armanino, Mazars, Cohen & Co, Withum	$50k-500k	4-12 weeks	Quarterly / Monthly / Real-time
SOC 2 Type II	Security, availability, confidentiality controls	Big 4 + specialized (Armanino, BDO)	$30k-150k	3-6 months	Annual
Financial Statement Audit	Full GAAP/IFRS audit of issuer	Big 4, BDO, Grant Thornton	$100k-1M+	3-6 months	Annual

Auditor Selection Reality Check

• Armanino dominates crypto PoR (Gate.io, Crypto.com, KuCoin, Prime Trust, Paxos). Deep bench, fast turnaround, but premium pricing.
• Mazars did Binance PoR (paused), Crypto.com, KuCoin. Strong international network.
• Big 4 (Deloitte, PwC, EY, KPMG) bring brand credibility for TradFi LPs but are slower, more expensive, and often outsource crypto-specific work to specialized teams.
• Specialized firms (Cohen & Co, Withum, BDO) offer better value for pure PoR attestations.

Critical: Your custodian and auditor must be independent. If your custodian (e.g., Anchorage) also provides attestation, LPs will discount it. Separate entities for custody + audit is non-negotiable for institutional capital.

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Procurement Framework: From RFP to Contract in 8 Weeks

Week 1-2: Requirements Definition

1. Define asset class & jurisdiction (US Reg D? EU MiCA? SG VFA?)
2. Map investor profile (accredited only? retail? qualified purchasers?)
3. List required chains (settlement + DeFi interaction)
4. Set budget bands (custody: $X/yr; oracle: $Y/yr; compliance: $Z/yr; legal: $W)
5. Identify non-negotiables (federal charter? MiCA? insurance minimum? CCIP?)

Week 3-4: Vendor Shortlist & RFP

Use the comparison tables above to shortlist 3 vendors per layer. Send a structured RFP covering:

RFP Section	Key Questions
Technical	API specs, sandbox, webhook support, rate limits, SLA
Integration	Dedicated engineer? Timeline? Sample code? Pre-built adapters for your tokenization platform?
Compliance	Regulatory licenses, audit reports, insurance certs, data residency
Commercial	Pricing model (all-in), volume discounts, contract term, exit clauses
References	3 RWA clients (contact permission), case studies

Week 5-6: Evaluation & Pilot

Score each vendor on a weighted matrix:

Criterion	Weight (Founder)	Weight (Procurement)
Regulatory fit	25%	30%
Integration speed	20%	15%
Total cost of ownership (12-mo)	20%	25%
Chain/asset coverage	15%	15%
DeFi composability	10%	5%
Counterparty network	5%	5%
Reference quality	5%	5%

Run a 2-week pilot with top 2 per layer: test API, sandbox mint/redeem, compliance screening, PoR publication.

Week 7-8: Negotiation & Contract

• Negotiate volume discounts (commit to 12-24 months)
• Require SLA credits for API downtime >99.9%
• Include data portability clause (export all keys, records on exit)
• Add regulatory change clause (vendor adapts to new rules at no extra cost)

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Vietnam Market Context: Building for VN Institutions

Vietnam lacks a specific RWA regulatory framework (as of 2024). The State Securities Commission (SSC) and State Bank of Vietnam (SBV) have warned against unlicensed token offerings but recognize blockchain's potential.

Current pathway for VN entities:

1. Incorporate in Singapore (VFA Act, MAS licensing) or Labuan (Malaysia) for token issuance
2. Use Singapore/HK custodians (Taurus, Fireblocks SG, Copper SG) with MAS/regulatory recognition
3. Engage VN law firms (Rajah & Tann VN, YKVN, BMVN) for local structuring + cross-border opinion
4. Target VN investors via accredited/exempt channels (Decree 155/2020/ND-CP on securities)
5. Monitor SSC/SBV sandbox announcements — pilot programs likely 2025-2026

VN developer advantage: Strong talent on Base, Arbitrum, Solana. Build the tech in VN; domicile the legal entity offshore.

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FAQ: RWA Vendor Selection

Q: Can I use a single vendor for custody + tokenization? A: Taurus (custody + tokenization) and Securitize (custody via partners + tokenization) offer bundled stacks. However, best-of-breed (Fireblocks + Securitize) gives more flexibility and negotiating leverage.

Q: How much does a full RWA stack cost annually? A: For a $50M tokenized fund: Custody $100k-300k + Oracle $30k-80k + Compliance $50k-200k + Legal $100k-300k + Audit $50k-150k = $330k-1M+/year. Scale non-linearly—larger AUM improves bps pricing.

Q: Do I need Chainlink PoR if my custodian publishes attestations? A: Yes, for institutional LPs. Custodian self-attestation lacks independence. Chainlink PoR with a Big 4/specialized auditor is the market standard.

Q: What's the fastest path to launch? A: Fireblocks (custody) + Chainlink PoR (oracle) + Chainalysis KYT (compliance) + Securitize (tokenization). All have pre-built integrations; 8-12 weeks to mainnet with dedicated resources.

Q: How do I handle secondary trading? A: Securitize Markets (ATS), tZERO, OpenFinance, or partner with a broker-dealer. Liquidity is thin—plan for primary-dominant distribution initially.

Q: Can Vietnamese investors participate in Reg D offerings? A: Only as accredited investors (per US definition) via offshore feeder structures. Consult cross-border tax/legal counsel.

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Summary: Your Vendor Shortlist by Category

Category	Top 3 Picks	When to Choose Each
Custody	Fireblocks, Copper, Anchorage	Fireblocks: speed/DeFi; Copper: ClearLoop; Anchorage: US federal charter
Oracle/PoR	Chainlink, Pyth, Chronicle	Chainlink: standard; Pyth: Solana/high-freq; Chronicle: MakerDAO stack
KYC/AML	Chainalysis, TRM, Elliptic	Chainalysis: TradFi trust; TRM: DeFi-native; Elliptic: entity risk
Tokenization	Securitize, Tokeny, Ondo	Securitize: US/BlackRock; Tokeny: EU/MiCA; Ondo: T-bill funds
Legal	Perkins Coie, A&O Shearman, Rajah & Tann	Match to your issuance jurisdiction
Audit	Armanino, Mazars, Big 4	Armanino/Mazars: PoR specialists; Big 4: TradFi credibility

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Next Steps

1. Download the comparison tables (CSV/Excel) from our [vendor database](/resources/rwa-vendor-comparison.xlsx)
2. Run the TCO calculator with your projected volume
3. Schedule intro calls with top 3 per layer (reference this article for context)
4. Engage specialized counsel before signing any term sheet
5. Build your RFP using the framework in this guide

The RWA vendor landscape is maturing fast. The winners will be teams that treat vendor selection as a strategic procurement process—not a feature checklist. Use this guide to run that process rigorously.

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Word count: ~2,650 | Primary keyword "RWA vendors" in H1, first 100 words, and throughout | Secondary keywords: Fireblocks RWA custody, Copper custody comparison, Chainlink PoR pricing, Chainalysis KYT RWA, Securitize platform fees woven into H2s, body, FAQ