Recently, I've seen everyone comparing RWA with U.S. Treasury yields and various "stable returns" on the blockchain, and it's making me a bit uneasy... Frankly, the on-chain liquidity is often just "looks lively," but when it comes to redemption, there are a bunch of windows, limits, delayed settlements in the terms, and you even have to wait for the offline procedures to finish. It's completely different from the idea of being able to exit anytime.

My first look at RWA products isn't the annualized return but the redemption terms: T+ how many? Can it be paused during a run? Who guarantees the custody and settlement chain? If these aren't clearly specified, liquidity is like fog on a bridge—you only find out if it's empty when you step on it. Anyway, I prefer earning a little less than discovering, when redeeming, that I'm standing on a "deposit-only" bridge... Let's keep looking.