Suppose a private-fund token is transferable, but the fund only allows quarterly redemptions. You need cash tomorrow. If the next buyer also has to qualify with the issuer, the token hasn't made that buyer appear.

That's the part I want spelled out in RWA announcements. The MWYN/OmniX MOU lists trading and settlement among the functions to evaluate; it doesn't commit a liquidity provider. That's a different milestone from having a market someone can actually exit.

Fission announced a $10 million Pantera-led round on October 15 to expand liquidity for eligible holders of supported tokenized funds. That puts the exit problem in the foreground.

I'd judge that on the discount an actual seller takes and the size buyers will absorb. Would you treat an advertised token price as meaningful collateral value without knowing whether the liquidator can sell or redeem it?