Recently, I saw someone compare RWA, US Treasury yields, and on-chain yield products all together. It looked quite lively, but my first reaction was: once stablecoins have a little wind or disturbance, no matter how attractive the returns are, they can't withstand the panic of "run first and ask questions later." Frankly, de-pegging is often not because of actual lack of funds on the books, but because everyone is unsure what the reserves actually look like and whether they can be redeemed in time. Transparency is like making a "backup" for myself — not because I think something will definitely go wrong, but so that when it does, you have a second way out, and not rely solely on the trust in a statement like "we're fine." Anyway, when I look at stablecoins now, I first focus on proof and redemption experience, then talk about returns, to feel more at ease.