> ## Documentation Index > Fetch the complete documentation index at: https://docs.airway.fi/llms.txt > Use this file to discover all available pages before exploring further. # Synthetic RWAs: On-chain tokens backed by real assets > Synthetic RWAs give you exposure to stocks, commodities, real estate, and collectibles as composable ERC-20 tokens minted on-chain with no intermediaries. Synthetic real-world assets (sRWAs) are ERC-20 tokens that represent the value of physical and financial assets entirely on-chain. When you hold a synthetic RWA, you gain price exposure to the underlying asset — whether that's a stock, a commodity like gold, a piece of real estate, or a collectible — without ever needing to touch the physical asset or interact with a traditional financial intermediary. On Airway, you mint these tokens by depositing approved collateral directly into the protocol, and the entire process runs through immutable smart contracts with no off-chain steps. ## What synthetic RWAs represent Airway supports synthetic representations of a broad range of real-world asset classes: Gain exposure to individual equities or equity indices without opening a brokerage account. Track the value of gold, silver, oil, and other commodities directly from your wallet. Access real estate price exposure on-chain without property ownership or legal overhead. Represent the value of collectibles and alternative assets as tradeable digital tokens. ## Key features **ERC-20 composability** Synthetic RWAs follow the ERC-20 standard, so they work natively across DeFi — liquidity pools, lending protocols, DEXs, staking contracts, and any other application that supports the standard. You can use sRWAs as collateral, stake them for yield, or swap them freely without any special integration. **Purely on-chain creation** You mint synthetic RWAs by locking approved collateral on-chain through a collateralized debt position (CDP). There are no off-chain oracles to trust blindly, no manual approval workflows, and no intermediaries required. The protocol handles everything automatically from a single on-chain transaction. **No intermediaries** Traditional tokenized assets often require a custodian, a legal wrapper, or a regulated intermediary to bridge the real world to the blockchain. Airway's synthetic approach removes all of that — the token's value is maintained through on-chain collateralization and a set of automated mechanisms that keep the price in line with the real-world asset. **Effortless real-world asset exposure** Holding a synthetic RWA gives you economic exposure to an asset class that would otherwise involve significant logistical and regulatory friction. You skip physical custody, clearing houses, settlement delays, and jurisdiction-specific requirements, while still benefiting from the asset's price movements. Synthetic RWAs track the *value* of real-world assets. They do not represent direct ownership of the underlying physical asset or any associated legal rights. ## How sRWAs maintain value parity The protocol uses three interconnected mechanisms to keep each synthetic RWA priced accurately relative to its real-world counterpart: market arbitrage, automatic liquidations, and concentrated liquidity rewards on Uniswap V4. You can read more in the [Peg maintenance](/concepts/peg-maintenance) overview. ## Next steps Learn how CDPs work and how you open, manage, and close a position to mint sRWAs. Understand how Airway keeps synthetic RWA prices aligned with real-world values.