Many people tend to focus on a single number when looking at the reserve composition of stablecoins: whether the backing ratio exceeds 100% or if there's a "fully backed" label. But the truly insightful details are often hidden in the granular composition behind these big numbers — for example, in mainstream assets like BTC, USDC, ETH, you might suddenly see a line labeled "Non-crypto assets / Tokenized assets," and the proportion doesn't seem large. Many people's first reaction is: what can this stuff be used for?

From a different perspective, if you view a stablecoin's transparency dashboard as an "asset-liability statement written for institutional investors," the situation changes. Take Falcon's Transparency Dashboard as an example; they publicly disclose the detailed distribution of USDf reserves: categorized by asset type, with custodian information, and even specify whether the assets are on-chain, held by custodians, or on exchanges. What's more interesting is that, besides traditional crypto assets, the reserve also includes some non-crypto assets — for instance, tokenized short-term US Treasuries(tokenized T-bills) held by Fireblocks.

Don't underestimate this "small part." Its purpose isn't to earn a few extra basis points. The real significance is signaling to institutions — that familiar traditional asset forms can be fully integrated into the same on-chain custody and disclosure framework, managed under a unified "verifiable reporting system." This is the core judgment that indicates whether the RWA track has been fully laid out.