These days, I'm again watching the old story of stablecoins "de-pegging," and honestly, many times it's not the technology that fails first, but people's confidence that collapses first. As for reserve transparency, sending out more reports is useless; the key is whether people can understand at a glance: where the money is, how it moves, and whether it can be redeemed in the worst-case scenario. From a product perspective, I care more about whether the "redemption process" is smooth—if one step gets stuck, panic will ferment on its own.

I can also understand why RWA, U.S. Treasury yields, and on-chain yield products are often compared together; everyone wants "more stable returns." But the more this narrative is emphasized, the more risk should be written into the process: redemption queues, custody, settlement windows—any slow link can amplify de-pegging.

Can transparency really save lives?
It can, but it has to be verifiable and real-time, not monthly report PPTs.