I've been diving for a long time, but I still can't help but say: Stablecoins, which usually look like cash, actually resemble "a bill everyone believes in" when times get tense. Reserve transparency isn't just about showing you a PDF; the key is whether people can quickly judge: in the worst case, can it be redeemed, how long does it take to redeem, and will it get frozen. When information is blurry, panic withdrawals are like a stampede—those who run first end up forcing others to run as well.

Right now, when I look at stablecoins, besides on-chain flows, I also pay attention to their "narrative flexibility": whether the team’s statements are consistent during crises, and whether they provide verifiable evidence. Honestly, the market isn’t afraid of bad news; it’s afraid of unclear explanations.

By the way, it reminds me of the recent NFT royalty disputes—creators want predictable income, trading platforms want liquidity and low friction, and essentially it’s “everyone starts rushing when rules change.” No matter how elegant the mechanism design, it can’t withstand human nature’s throttle. Anyway, don’t idolize the anchor; the anchor is people’s trust. Once loosened, it drifts.