This week has proven that all YBSs (yield bearing stablecoins) that effectively act as tokenized onchain funds need proof of reserves. This can either look like wallet transparency for onchain holdings or using a trusted third party for real-time solvency tracking. h/t Noon

Note: I really like the @AccountableData system because it tracks in real time solvency and is not a subsidiary of the teams it tracks data for. Also I'm a noon ambassador.