Recently looking at a bunch of RWA projects on the blockchain, the more I look, the more I feel that the word "liquidity" is a bit illusory... Being able to sell at any time on the chain doesn't mean you can really redeem at any time; the underlying assets often specify T+N, windows, or trigger conditions for redemption. Frankly, what you're buying is a share that "looks very smooth," not cash itself.

Especially now, when everyone is talking about interest rate cut expectations, and the atmosphere where the US dollar index and risk assets rise and fall together, when emotions heat up, it's easier to overlook the fine print. If a run really happens, the depth of the on-chain pool plus slippage, combined with offline redemption queues, could be a double blow. Anyway, when I look at RWA now, I focus on the redemption terms as the main point, and I prefer not to bother with small print like KYC/limits/pausing redemptions unless I understand them clearly... for now, I’ll just let it brew.