RWAs are tokenized into Non-fungible Tokens (NFTs) and this makes them tradeable on the blockchain.
Tokenization
This is the process of actually creating the NFT which is stored on the blockchain and is unique for that RWA.
SPVs
The NFT represents onwership in an SPV which owns the actual RWA. This is the legal structure.
Swaps
Once the NFTs have been minted they can be traded on a RWA exchange.