Stablecoins, you know, are like air most of the time; when something goes wrong, they turn into smoke detectors. Look at how nice it is that they’re “1:1” pegged, but the problem is that if reserve transparency only relies on a PDF and a bunch of “trust us,” then in that one second of a bank run, everyone’s hands move faster than their brains: those who run first are called risk control, those who run later are called meme material. Recently, that main chain is about to upgrade, and the group chat is starting to guess whether projects will migrate; I think instead of just focusing on moving, we should first consider: if everyone rushes to switch back to fiat currency, what exactly is that “stability” in your hands relying on? Anyway, don’t get caught holding the knife.