Recently, I've seen people talk about RWA being on the chain as smoothly as “there are also US bond ETFs on the chain,” but I'm actually a bit wary of this liquidity illusion. To put it plainly, no matter how lively the on-chain matching layer is, it doesn't mean the underlying assets can be redeemed at any time. The key points are the redemption window, queuing, fees, and even clauses like “pause in extreme cases.” When I review materials lately, I tend to focus on the redemption clauses—they feel more solid than just looking at TVL.

Also, recently, the narrative that uses ETF capital flows and US stock risk appetite to explain crypto price movements has become quite noisy. If you're really dealing with RWA, you might as well ask: what happens if sentiment reverses and everyone wants to redeem at the same time? Who is actually backing the “liquidity” on the chain? Anyway, I’ll just complete the clause table first.