If you're confused, here's a question: Can the off-chain portion of Cedefi stablecoins like Yala truly withstand auditing? Has there been any asset misappropriation or double-collateralization? One of the core advantages of purely on-chain stablecoins is transparency; if anything goes wrong, the entire network knows immediately. Guess where their massive marketing and wash trading funds come from. Many new "Ponzi schemes" with a market capitalization of billions of dollars may have net assets of less than 10%.