Everyone is talking about RWAs and tokenized assets these days. But, I'm wondering whether they are less private than traditional equities or other assets.

For example, take a typical fund or private credit position. Here, a transfer agent or registrar keeps track of ownership. I can’t just go and find out who owns what, how much they own, or see their transaction history. Put that same asset on a public blockchain, and you can see everything from balances to transfers.

Many people here would point out that wallet addresses are pseudonymous. That is fair, but I have seen people identify wallets based on their transaction patterns. And for someone like a large hedge fund, that's a pretty big problem.

So does tokenization make RWAs more publicly visible than their traditional versions? Also, do permissioned tokens actually solve this privacy problem?