Recently, the headlines about the surge in gold prices and the Federal Reserve's movements have been flooding the media. However, I find myself pondering a fundamental question: after all these years of discussing "on-chain stablecoins," why is there still no project capable of truly supporting trust at an economic scale?

The common approach is to directly compare USDC, DAI, and fiat currencies like the US dollar and euro. It sounds reasonable, but a closer look reveals the flaws. What is behind a national currency? Congress, the Treasury, the central bank, the commercial banking system, legal frameworks, military power... the entire machinery of the state backing it up. On the chain? Smart contracts, a few parameters, and some oracles. It’s like building a model of the White House with LEGO bricks and then claiming you’ve established a nation.

The real gap isn’t in the assets themselves but in that complex, precise system that turns assets into trust. This is a structural issue, not something that technology alone can fix overnight.

This confusion has troubled me for a long time until I started breaking down the logical framework of a new project. Suddenly, I realized that the previous discussions about on-chain stablecoins might have been asking the wrong question. People are asking, "How to bring real-world credit onto the chain?"—referring to US Treasuries, dollar backing, and so on.

But the real breakthrough might lie in another question: "Can we, using the language of blockchain itself, build a trust system from scratch?"

Not copying and pasting existing financial systems, but redesigning the credit creation mechanism with native logic on the chain. This isn’t a LEGO White House; it’s about constructing a brand-new trust infrastructure in the digital world.

When I understood this, I felt that this might be the most fundamental exploration of on-chain monetary systems I’ve seen so far.