Recently, when talking about stablecoins, someone mentioned "will they lose their peg," my first reaction wasn't about how advanced the technology is, but whether people will panic. To put it simply, reserve transparency is often treated as nothing, like air, but once the rumors start to spread, everyone begins to hit the withdrawal button collectively, the bank run feeling is all too familiar... No matter how fast the on-chain transactions are, they can't withstand the emotional turmoil.

Some people also compare RWA, the yield on US bonds, and various "yield products" on-chain together. I can't help but want to laugh: no matter how beautiful the yield looks, who is actually backing the underlying assets, and when can you redeem 1 dollar? If this isn't clarified, don't blame everyone for being suspicious. Right now, I prefer to be straightforward—diversify holdings, avoid greed for small interests, and sleep peacefully.