RWA on the chain looks quite "stable," and the interface also seems like you can cash out at any time, but right now I'm more concerned about the small print in the redemption terms: T+ days, limits, queuing, whether it can be paused in extreme situations... Frankly, the liquidity on the chain is sometimes just a mirror, reflecting emotions rather than the assets themselves.

These days, someone again is interpreting ETF capital flows, U.S. stock risk appetite, and crypto price movements together, which sounds smooth, but when it comes to things like RWA, when you actually want to redeem, market sentiment can't help. Anyway, I personally see "redeemable" and default to "conditionally redeemable," otherwise it's easy to be fooled by superficial depth.