I'm not very good at discussing grand narratives, but recently, seeing RWA on the chain really has a bit of a "liquidity illusion" vibe: on-chain, it looks like you can exchange anytime, and the pools are deep, but the key lies in the redemption terms—who can redeem, how long it takes to settle, what to do during risk control/holidays, first-come-first-served or queuing... Frankly, that on-chain layer is just a ticket, whether the ticket can be redeemed still depends on offline conditions.



In the group these days, there's been a lot of talk about stablecoin regulation, reserve audits, and various rumors of "de-pegging," which has been affecting people's emotions in waves. What I care about more now is: in the worst case, can I get my money back according to the rules, rather than just chasing that "seems very convenient" liquidity. Anyway, I’d rather be slow than find out one day that the redemption window is actually closed.
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