On the surface, YBS appears deceptively simple—a 1:1 dollar peg ensuring enduring security. Yet beneath lies an intricately layered system.Prologue: The Banking MirageAs discussed earlier, the logic of yield-bearing stablecoins (YBS) mimics traditional banking—but only superficially. Critical challenges remain: sourcing user yields, distribution mechanisms, and sustaining long-term viability. While DeFi collapses are routine (see SBF’s imprisonment), incidents like Silicon Valley Bank’s meltd...

On the surface, YBS appears deceptively simple—a 1:1 dollar peg ensuring enduring security. Yet beneath lies an intricately layered system.Prologue: The Banking MirageAs discussed earlier, the logic of yield-bearing stablecoins (YBS) mimics traditional banking—but only superficially. Critical challenges remain: sourcing user yields, distribution mechanisms, and sustaining long-term viability. While DeFi collapses are routine (see SBF’s imprisonment), incidents like Silicon Valley Bank’s meltd...