Lately, I've been really into RWA on the chain, but the more I look, the more I feel that "liquidity" is often an illusion: on-chain, there are pools and quotes, but when it comes to redemption, the terms might specify T+N, thresholds, suspensions, or even require manual review... Basically, it's not the same as your idea of being able to exit anytime. I wrote a small script to monitor event logs and found that some projects hardly have any redemption-related events, while they are quite active in minting. Hmm, it's quite subtle.

In the group these days, there's been talk about stablecoin regulation, reserve audits, and various rumors about "de-pegging." As soon as people's emotions rise, they start imagining the worst-case scenarios. Actually, RWA needs to carefully consider the redemption pathways; otherwise, on-chain is just packaging, and the risks are still off-chain. A friend just said: Don't just assume RWA is equivalent to cash just because of the name... After hearing that, I can only hold back and wait to see the terms carefully.