Recently, I've been looking at a few RWA on-chain project pools again. The liquidity on the interface looks quite full, but upon opening the details, I found that the redemption terms are written very "gentle": T+N, limits, possible suspensions, and even waiting for offline asset settlement. To put it simply, the digital numbers on the chain are very smooth, but when it comes to converting back to fiat currency, it might get stuck.

Lately, there's been talk about certain regions increasing taxes and tightening or loosening compliance regulations. When deposit and withdrawal expectations change, everyone pays more attention to "being able to withdraw at any time." But for many RWAs, "withdrawable" is conditional. Don’t just look at how deep the pool is; first, see who has the authority to change the rules and when they can do so. Anyway, whenever I see unclear redemption policies, I treat it as a liquidity illusion and avoid it.