Whenever you are assessing a stablecoin position, there is one essential question you need to answer: is the asset natively issued or is it bridged? A native asset means that the issuer directly backs the stablecoin right on that specific blockchain. Conversely, a bridged stablecoin relies on a middleman to provide that backing. This distinction might seem like a simple technicality, but during a market stress event, knowing the difference is absolutely critical.