RWA liquidity is often confused with valuation, and NAV versus redemption is the clearest place to see the gap. Net asset value answers what a claim is worth at a reference price. It does not answer whether you can convert that claim into cash. xRWA budgets every vault against stressed exit depth, and the mechanics below are what its capacity gate enforces.
What a cash exit actually requires
A cash exit needs a route, a quantity, fresh pricing, an open session and, for primary flows, issuer permission. Remove any one and the exit is not available at the price you are looking at. Tokenized asset liquidity is therefore a set of conditions, not a single number.
Sessions matter. Per xStocks documentation, secondary trading runs 24/7 while primary issuance and redemption run 24/5, aligned with US equity market hours. Overnight books can be thin, so a wide secondary market is not the same as a reliable primary exit.
Capacity matters too. Committed buyer capacity is not insurance. It is a promise from a counterparty under conditions, and those conditions can change. Treating depth as a guarantee is how portfolios end up holding a position they cannot leave.
Keeping value and exit separate
xRWA keeps reference value and an executable cash preview in separate views, and models finite, expiring escrow rather than unlimited liquidity. The point is to make the exit assumptions visible before they are tested. Start with NAV versus cash exit, then read exit capacity is not insurance and the walkthrough in portfolio and cash exits. The calculator lets you stress session and capacity assumptions.
xStocks is a separate product from a different issuer; xRWA is not affiliated with xStocks, Backed, Backpack, Ondo, Pyth or Solana.
Sources and further reading
xStocks documentation, xChange atomic RFQ, Token-2022 program reference.