A Valuation and Collateralization Framework for Tokenized Real-World Assets (RWAs) in Inflationary Economies: Evidence from Industrial Assets in Iran

Abstract

This study aimed to develop an integrated framework for the valuation, tokenization, and collateralization of industrial real-world assets (RWAs) in inflationary economies, with particular emphasis on enhancing financing capacity, institutional trust, and collateral recognition through blockchain-enabled financial infrastructure. This research employed a conceptual-developmental design and synthesized principles from corporate finance, asset valuation, secured lending, blockchain finance, tokenization, and institutional governance. The proposed framework consists of three interconnected layers: valuation, tokenization, and collateralization. Industrial asset valuation was performed through a hybrid approach combining net asset value (NAV), discounted cash flow (DCF), market-comparable valuation, and useful-life valuation methods. The resulting integrated asset value was transformed into tokenized units through a Special Purpose Vehicle (SPV) structure. Risk-adjusted token pricing incorporated industrial, liquidity, and legal-operational risk factors, while institutional credibility was measured using a Composite Institutional Trust Index (CITI). The framework further included collateral haircuts, maximum advance rates, collateral coverage monitoring, scenario analysis, and sensitivity testing. An illustrative case involving an Iranian manufacturing production line was used to demonstrate practical implementation. The framework demonstrated that industrial assets can be converted into transparent and collateralizable digital claims while maintaining productive operation. Under the illustrative case assumptions, the hybrid valuation model generated an integrated asset value of approximately USD 52.65 million. After applying aggregate risk adjustments, trust calibration, collateral haircuts, and lending constraints, 500,000 pledged tokens supported an estimated financing capacity of approximately USD 2.01 million. Scenario analyses revealed substantial sensitivity to liquidity conditions, risk loadings, governance quality, inflation, and foreign-exchange shocks. Results further indicated that institutional trust enhances collateral acceptance but should remain bounded to prevent governance factors from overshadowing underlying financial fundamentals. The proposed framework offers a comprehensive architecture that integrates valuation discipline, digital tokenization, institutional trust generation, and prudent collateral engineering for productive industrial assets. The model demonstrates how tokenized RWAs can facilitate access to financing in inflationary and financially constrained economies while maintaining conservative risk management standards. The framework provides a practical foundation for future pilot programs, regulatory sandboxes, banking applications, and Islamic finance implementations involving industrial asset tokenization.