The current industry consensus for stablecoins is that they are not truly "transparent" The so-called transparency usually refers to "quarterly audit reports" or "monthly attendance reports" The problem is not that it has not been disclosed, but that the data that users see is always in the past tense. Even monthly disclosures, through accounting calculations and audit processes, naturally result in delays. In this case, the essence of "reserve" is actually a snapshot of lag. @Worldlibertyfi is doing the real-time writing of reserve data on the chain. Continuously pull reserve data from BitGo through Chainlink's CRE, and then verify → go on chain The entire process has no human involvement, no waiting time, and no 'monthly disclosure'. Continuously presenting the most authentic data. I personally believe that the most crucial factor is the change in the trust model. Previously: Trust=Audit Institution+Report Now: trust=data source+oracle+on chain verifiability From relying on audit firms for 'disclosure based trust' in the past, to 'verifiable trust' based on on on on chain data. The competition for stablecoins is not about the size of their issuance. The essence of being able to establish a foothold in the industry is who can become the settlement layer on the chain, determined by the size of the scale. On the other hand, the core of the settlement layer is trust. The essence of USD1 is to grab a position: Transforming 'real-time transparency' into a new industry benchmark. Push stablecoin from a 'financial product' to an 'infrastructure'. Once a product is called infrastructure, the competitive dimension will undergo a qualitative change.