Recently, I've been looking at the narrative around stablecoins again. People often say "1:1 reserve," but when the market gets tight, everyone still first looks to see if they can withdraw their money at any time. To put it simply, de-pegging is often not because the asset truly goes to zero, but because of a bank run mentality that gets amplified when transparency isn't enough: delayed financial reports, unclear audits, discrepancies between on-chain and off-chain data, and emotions start to spiral.

These days, the community is still arguing about whether privacy coins and mixing coins are considered original sins. The tightening of compliance boundaries also brings a sense of pressure to stablecoins— the less certain things are, the more people want the certainty of "redeemable at any time." I don't have any strong opinions either; anyway, I prefer to diversify now. I'd rather make things a bit more complicated than entrust my position to a story. I hope it exists, but it needs to be gradually built up through rules and disclosures, not just by shouting.