I just looked at a RWA on-chain pool, almost got tempted to jump in impulsively, but then I checked the redemption terms and calmed down: It looks deep on the chain, and the market looks good, but whether you can actually get fiat/stablecoins back T+0 depends entirely on “who handles the redemption, how long it takes, and whether they can pause in case of anomalies.” This kind of liquidity is a bit like an illusion: what you can sell are shares, which doesn’t necessarily mean the underlying assets are always redeemable.

Not to mention recently there have been changes in taxes and compliance, sometimes tightening, sometimes loosening, causing deposit and withdrawal expectations to shift. Redemption queues could instantly turn from “normal process” into “waiting for notification.” My current fallback is: I’d rather earn a little less than risk the worst-case scenario by running through the terms; if I can’t reproduce it, I’ll just assume it’s invalid… Anyway, I don’t want to be fooled again by the phrase “on-chain visibility = redeemable at any time.”