With $10 billion in gold-vault deposits, depositors still can’t see the underlying collateral. So who’s managing the money? Curators bring institutional funds into on-chain lending strategies, and the opacity of that layer is exactly what regulators are scrutinizing, according to CoinDesk’s October 19 report. Collateral, liquidity, and smart contracts—all three risks compound, while the decision-makers remain hidden behind the strategies. Even JPMorgan’s JPM Coin is coming to Ethereum. The more money flows in, the harder it is to ignore this black box. My view is straightforward: yield from underlying assets you can’t see is essentially risk outsourced to someone you don’t know.$ETH $BTC