Proof of reserves is useful. But what does it actually prove? NUVA’s nvPRIME documentation describes two distinct visibility layers: → Ethereum: PRIME tokens held by nvPRIME are visible on-chain. → Provenance Blockchain: The HELOC collateral supporting the underlying repurchase agreements is visible on-chain. This allows users to inspect important parts of the structure rather than relying entirely on a dashboard number. But visibility into assets and collateral does not answer every question about the financial arrangement. Three questions still need separate answers: → Can I verify the assets or positions reported by the system? → What legal arrangements govern those assets and the parties involved? → What happens if a borrower defaults, a counterparty fails, or a withdrawal cannot be processed as expected? On-chain visibility helps answer the first question. It does not, by itself, settle the other two. The underlying legal agreements determine the rights and obligations of the parties. Collateral eligibility rules, servicing arrangements and risk disclosures also matter when assessing how the structure may perform under stress. This distinction is particularly important for RWAs because the financial activity extends beyond the smart contract. Real borrowers have obligations, counterparties have contractual responsibilities, and recovering collateral may depend on legal enforcement outside the blockchain. The key is to connect both sides of the structure: On-chain records → What assets and positions can be inspected. Off-chain agreements → What rights, obligations and remedies govern them. A visible reserve is evidence of what can be inspected. Understanding the legal rights and obligations attached to it is what helps users assess what that evidence actually means. @anthonymoro111