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Smart Contract Wrapper
The code that sets how a token behaves
The smart contract is the code that issues the token and sets its rules. It does not create the underlying asset or the legal claim, which come from the issuer's legal structure and custody arrangements. What it controls is how the token behaves: who can hold it, how transfers are checked, whether tokens can be frozen or recovered and who can mint or burn them. Two tokens linked to the same asset can behave very differently because of their contracts.
The contract does not make the claim real. It controls how the token moves, who can hold it and who can stop it.