Is the wave of RWA fixed-income investments in the Sui ecosystem really worth jumping into?

Recently, many have been promoting this type of product—the USDC fixed-income plan jointly launched by Sui Foundation, Bluefin, and R25, with an annualized starting yield of 12% and limited quotas. It sounds tempting, but the underlying logic needs to be clarified.

First, look at the participants. Sui Foundation, as the ecosystem supporter; Bluefin, as the trading platform; what role does R25 play? This combination has strong backing. But the key question is: where does this 12% return come from?

If it’s a legitimate RWA (real-world asset on-chain) fixed income, there must be real assets backing it—whether US Treasuries, commercial paper, or others. If it’s just internal ecosystem incentives or linked mining, the sustainability of the returns is questionable.

The phrase “first come, first served” is also very important. It usually means limited funds—either genuinely tight quotas or a common tactic to create urgency. Before participating, it’s best to clarify: how long is the lock-up period? Is there a penalty for early redemption? In case the project encounters issues, how is the funds protected?

The Sui ecosystem has indeed been making efforts in the past two years, but the higher the yield of financial products, the deeper the due diligence should be.