Honestly? I'm exhausted watching this play out over and over. Another wrapper token arrives, peddling USDC collateral or RWA or whatever flavor-of-the-month angle they've cooked up. Then comes the pitch: "Fully onchain."

Here's the thing though—you can't be fully onchain when your stablecoin's actual backing lives off-chain. That's just not how it works. The disconnect is painful, and somehow the whole industry has just... accepted it. Everyone's nodding along like it's normal. It's not.