Just woke up and checked the blockchain. As for stablecoins, to put it simply, they are "everyone believes they can be redeemed." Once doubts start to arise, even with thick reserves, panic withdrawals will be amplified. Transparency is also quite a realistic issue: it's not just about releasing an audit PDF; the key is whether you can clearly explain during a panic when people ask "where is the money, how is it moving, how long until redemption." The more vague you are, the easier it is to be seen as a black box.

Recently, funding rates have been extremely volatile again. In the group, people are arguing whether it's a reversal or if the bubble is still being squeezed. I'm actually more concerned whether this sentiment will first spill over into stablecoins: everyone is leveraging up, needing to cover margins, and the first instinct is to shift risk to the "seemingly most stable" place, which results in everyone squeezing together. Anyway, I now prefer to earn a little less, diversify across several platforms, monitor inflows and outflows on-chain, and survive the first sign of trouble before making any moves.