I look at whether the project is seriously working, rather than just listening to their narrative.

First, check how the treasury is being spent and where the money is going:
Does it align with the milestones, such as launching the mainnet, compliance, or product release?
But the expenses are all in "consultant fees" and "market cooperation" buckets...
Honestly, it feels a bit suspicious.
There's also a small detail: a large inflow of stablecoins doesn't necessarily mean the project is reliable, but if the treasury spending pace is too rapid and too concentrated,
it's often just to tell a story and boost confidence.

Recently, they keep comparing RWA and US Treasury yields with on-chain yield products,
but what I care more about is: if you're claiming to generate "returns,"
are risk control, custody, and clearing costs accounted for on-chain and in the books?
Otherwise, you're just pushing the risk into "operations."

My mom asked me a couple of days ago, "Is it safe now that they have so much money in their wallet?"
I could only reply half-heartedly:
The money is there, not spending it or wasting it isn't good either;
you have to see what you get in exchange for spending it.
Anyway, I’ll keep quietly watching the selling pressure and expenses, and see how the wind blows.