Just now, I happened to see someone ask in a group again, “Will a certain stablecoin lose its peg?” Actually, my first reaction isn’t to look at the candlestick chart, but to go check its reserve disclosures and redemption channels. To put it simply: when transparency isn’t enough, a bank run isn’t because your balance sheet isn’t sufficient—it's because everyone is afraid to wait for you to explain things slowly. The parts you can see on-chain are of course more reassuring, but don’t blindly trust that “on-chain verifiability = 100% safety.” When real pressure comes, whether you can redeem smoothly is what determines whether the door has a key.

By the way, these days there’s quite a heated argument about privacy coins and compliance involving coin mixing. On the contrary, I’m even more worried that once regulation tightens, the entry/exit routes for funds and the redemption channels will get narrower, and the market’s psychological expectations for stablecoins will break first… I have just one habit now: for large amounts, diversify as much as possible, and keep an extra usable redemption route—don’t put all your hopes on “nothing will go wrong.”