An application displays a “Sell” button. Does that mean money will be available tomorrow? No. Being technically able to transfer a token guarantees neither a buyer, a price nor immediate redemption.

After asset custody and verification, we can examine different exit routes.

Selling to another buyer

On a secondary market, you sell your token to someone else. This requires an eligible buyer, an agreed price and settlement compatible with the project’s rules.

Liquidity describes how easily a quantity can be traded without excessive delay or a large price change. A market open every day may still be illiquid. A visible quote does not prove a large holding can be sold at that price.

The BIS tokenisation summary discusses possible differences between perceived token liquidity and the liquidity of reference assets.

Requesting a documented redemption

Redemption through an issuer follows a different mechanism. It depends on a commitment and specified conditions: dates, notice, minimums, fees, limits or possible suspension.

Some tokens provide no on-demand redemption right. Others depend on a debt maturing or an asset being sold. The Financial Stability Board report examines vulnerabilities involving liquidity and maturity differences.

Ask what “available” means: available to submit an order, to have it executed or to receive money in a bank account?

A displayed price is not your sale proceeds

Fictional example: you hold 100 tokens bought at €100 each. The screen still displays €100, but a buyer offers €90 each for the whole holding. Accepting produces €9,000 gross, compared with a €10,000 purchase cost.

With a fictional sale fee of 1% of proceeds, or €90, you receive €8,910 before other fees and taxes. A token transfer taking a few seconds does not change the arithmetic.

Alternatively, the buyer may accept only 10 tokens, leaving 90 unsold. A price for a small trade does not establish market depth for the whole holding.

Follow the exit to completion

If selling gives you a stablecoin, you have exchanged the RWA for another digital asset. Converting it into bank euros is another operation, potentially involving a provider, checks and fees. The stablecoin guide explains why price and conversion are different.

For the tokenised building example, waiting for the building’s sale is another route. It depends on timing, the achieved price, company commitments and distribution rules.

Check your understanding

A platform offers transfers around the clock. Does it undertake to buy back your tokens at their purchase price? No. Ledger availability and a repurchase obligation are different commitments.

Remember: explain the exit before entering: who pays, at what price, when and under which conditions? A vague answer remains vague after tokenisation.

You have completed the RWA path. Revisit token rights or continue with DePIN networks.