This matter is truly chilling upon deeper reflection.

The tricks played by banks are extremely slick—your deposits sit on the "cold bench" earning zero interest, while they happily profit 4% at the Federal Reserve. This kind of business that benefits both sides has been the norm since ancient times.

Where is the problem? When crypto platforms and stablecoin projects try to return some of these profits to users, the banking industry suddenly lobbies with urgency—going so far as to attempt legislative measures to completely block this path. A well-known compliant platform CEO recently publicly criticized this, saying that this isn’t competition; it’s outright "naked suppression."

But this is really just surface-level. On the surface, it’s a battle over interest rates; at its core, it’s a struggle for financial discourse dominance—old powers trying to lock in the future with walls and barriers.

My view is: they may be able to block this wave of stablecoin yield enthusiasm, but they cannot stop a deeper change—the foundation of financial trust is quietly shifting from "trust in a certain institution" to "trust in verifiable, transparent data."

This is the true killer feature of on-chain finance.

**Why is traditional finance so panicked?**

In simple terms, the core competitiveness of the banking system is built on one foundation: information asymmetry.

They control your deposit details, transaction records, credit files—you passively accept their rules and are forced to accept their profit-sharing schemes. This unequal relationship has persisted for hundreds of years and has become the norm.

But when all assets and transactions can be transparently tracked on the blockchain, and data is trustworthy and always verifiable, the "information privilege" of banks is completely shattered.

The controversy over stablecoin yields is just the fuse; the real contradiction is: you no longer need to passively trust a black box institution, but can directly verify the flow of each fund and the source of returns. For traditional finance, it’s like seeing the emperor’s new clothes with x-ray vision.

**So how will on-chain finance unfold in the future?**

A key prerequisite: there must be a truly neutral, trustworthy data infrastructure. Protocols building the next-generation financial data layer are the real backbone of this transformation. When data shifts from being fully transparent to being programmable, verifiable, and interconnected across multiple chains, the entire financial ecosystem’s imagination is unlocked.

This is not just a technological upgrade; it’s a step-by-step realization of financial democratization.