Tristero Research: RWA (real-world assets) on-chain faces a “liquidity paradox”
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最新报道：According to Bijie.com, Tristero Research's latest research report points out that the on-chain transfer of RWAs (real-world assets) faces a "liquidity paradox." The report states that inherently slow and illiquid assets such as loans, real estate, and commodities, when packaged into 24/7 tradable tokens, do not truly become safer, but may instead accelerate the transmission of risk during a crisis. Similar to the 2008 subprime mortgage crisis, slow-moving defaults and valuation fluctuations, once entering high-speed on-chain markets, can trigger cascading liquidations and liquidity collapses within minutes. The report also warns that with the rise of "RWA-squared" derivatives (such as structured products, indices, and synthetic assets), systemic vulnerabilities may be further amplified. The authors urge the industry to focus on more robust oracles, collateralization parameters, and compliance frameworks, otherwise the risk of a new "on-chain subprime mortgage crisis" cannot be ignored.
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