These days, I've been paying attention to the reserve reports of stablecoins again. The more I look, the more I feel that de-pegging isn't just about "assets being enough"—it's more about "whether everyone trusts you can redeem at any time." In other words, it's a panic run; once someone starts to panic, the liquidity on the chain is immediately drained, and the market maker's range hasn't even had time to adjust before it's broken through... PTSD is back.

Recently, comparing RWA, U.S. Treasury yields, and on-chain yield products, I also get tempted, but right now I'm more concerned about transparency and whether the redemption process is smooth: even if the returns are good, if there's any hint of trouble, everyone will first think, "Can I get out?" Anyway, if I run a pool myself, I’ll leave a wider safety margin—earning less is fine.