Recently, I've been looking at a bunch of on-chain RWA projects, and the more I look, the more I feel that the word "liquidity" has been overused. Being able to sell on the chain at any time ≠ the underlying assets being redeemable at any time. To put it simply, you're trading a shell's liquidity; the redemption terms are the real core: T+X days, redemption window, minimum amount, pausing in "special situations"... If you don't read these fine print, you'll buy in and realize you're holding a locked IOU.

On the macro side, there's also chatter about easing expectations, the US dollar index moving in tandem with risk assets—rising and falling together. When sentiment heats up, people are more likely to confuse "tradeable" with "exit-ready." To put it plainly: you think you can get off anytime, but actually, the door only opens with the administrator’s nod. When it comes to RWA, I’d rather ask: who is responsible for repayment, can it be redeemed in the worst case, what are the fees and settlement paths—otherwise, no matter how attractive the returns look, it’s just psychological comfort.