I have to be honest, although it can be quite annoying, Tether's operational model indeed has many issues. As the largest stablecoin in the crypto market, its transparency has long been an open secret—we can basically only accept its value based on trust in the "trust me, I have the money" promise.

How big are the risks? Imagine if regulators really step in or if there are any lapses in the auditing process, the chain reaction of de-pegging would be much more severe than the FTX collapse. At that point, your USDT in the account could become digital waste paper.

Smart money has already been quietly shifting away. They are no longer betting on the "too big to fail" narrative but are instead focusing on truly transparent RWA (Real-World Asset) tracks. These products are backed by real-world assets, which is a completely different logic.

Take products like USD1 as an example. Their design philosophy is to maximize transparency. Each token is over-collateralized with 100% U.S. Treasuries and cash. Off-chain, assets are held by licensed custodians, with audit information available at any time; on-chain, they serve as the core support for lending pools and liquidity through decentralized mechanisms.

What does this mean? Even if the crypto market experiences severe volatility someday, as long as the U.S. fiscal credit remains intact, these RWA stablecoins will always be pegged at $1. This is a true blow to traditional stablecoins—leveraging the credit system of traditional finance to reinforce the weak links of crypto finance itself.

From an asset allocation perspective, this shift reflects the market's rational awakening after experiencing multiple risk events.