Lately, I've been a bit excited yet cautious about projects on RWA (Real-World Asset) blockchain: the on-chain liquidity looks very smooth, a couple of clicks and you can exchange it, but when it comes to actually redeeming the underlying assets, it often gets stuck in the terms—T+ several days, quota limits, or even "special cases can be delayed." To put it simply, liquidity in the secondary market does not equal liquidity for you to withdraw fiat currency, and who bears the risk during that interim period, many people haven't paid close attention to.

In the group these days, there's been a lot of discussion about stablecoin regulation, reserve audits, and various rumors of "potential de-pegging," and the mood has quickly become tense. I actually think that in such times, we should apply the same standards to measure RWA: audit frequency, custodial structure, redemption priority, conditions for triggering redemption suspension... No matter how attractive the yield looks, if redemption isn't solid, in the end, it’s like buying a "seemingly stable" note. Anyway, I now assume the worst-case scenario might happen before I take action, and only proceed if I can accept it.