Reflections on the Subprime Crisis and USD1's Technical Solution to Stablecoins In my previous article discussing stablecoins and the subprime crisis, I mentioned that the core of any financial collapse lies in "debt opacity." When the US dollar and US Treasury bonds are issued haphazardly, and when normally non-interest-bearing stablecoins are repeatedly pledged for interest payments, if the underlying assets are a black box, then the next crisis is imminent. The essence of the subprime crisis was actually the disorderly transfer of interest-bearing rights. This is why I highly value projects like USD1 that dare to "real-time on-chain" all reserve data. The traditional Tether model is always plagued by the fundamental question of "do you actually have that much collateral?" USD1's PoR mechanism, developed in partnership with Chainlink, directly open-sources this logic. Users can view the total supply, total reserves, and real-time collateralization ratio at any time. This automated process without human intervention is the minimum respect for "decentralized finance." While the previous volatility in USD1 terrified many, understanding the swift implementation of its reassurance mechanism reveals the team's rapid response and strategic vision. For a relatively safe project like USD1 that offers returns of over 12%, arbitrageurs simply need to follow the trend.