Transparency talk is cheap; @noble_xyz makes it inspectable. You don’t have to trust a press release go look. Pull up Mintscan → noble-1 and you can read blocks, txs, IBC packets, the whole thing. I even spot-checked a random tx to confirm fees are literally paid in USDC on-chain (no mystery gas) it’s right there in the explorer. ❯ Where USDN reserves come in: the backing isn’t hand-waved. USDN rides the M^0 framework where permissioned Validators verify Minters’ off-chain collateral and sign updates; their keys and responsibilities are public in the docs. In plain English: there’s a named party on the hook for attesting the collateral every time it changes so you can track accountability instead of vibes. ❯ If you want to sanity-check the whole stack the way I do: ❯ Open Mintscan → noble-1 and read recent USDN transfers; click into the tx to see fee in USDC + memo/IBC info. ❯ Skim M^0 docs → Validators / Validator Role & Security Controls to see who signs collateral updates and what exactly they attest. ❯ Cross-read Noble’s USDC page for the fee model (USDC-as-gas; ~1¢ internal, zero IBC fee), which is why audits are practical for normal users. In a cycle full of depegs, transparency that you can click beats claims you can’t. Keep earning if that’s your setup but keep verifying. If you find something interesting in the data, tag me; I love a good block-by-block rabbit hole