Valad plans to introduce vRWA, a credit-protected real world asset token backed by senior secured UK commercial real estate debt, at the RWA Summit in New York. The £100 million pilot will pay a fixed 10% annually over three years and is available only to qualified investors. Unlike fractional real estate products, vRWA represents structured debt exposure rather than ownership of property, offering contractual income and repayment terms instead of direct participation in rental income or property appreciation. Each underlying loan is supported by a date-certain repayment guarantee from an insurer and significant equity protection through loan-to-value thresholds. Valad says the structure is intended to make the token usable as collateral in isolated DeFi (decentralized finance) lending markets, automated vaults and neo-bank savings products without liquidations caused by property-market movements, while providing contractual redemption to the issuer. Pre-minting allocations are being offered to strategic allocators and stablecoin issuers before the token goes live on Ethereum. Valad oversees approximately £2.1 billion in total gross development value across its UK property and private credit strategies, part of which supports the pilot.