These days, I've been discussing the "de-pegging" of stablecoins again. To put it simply, many times it's not a major bug on the chain, but rather a run on confidence that triggers first: everyone is watching reserve disclosures while also fearing others will run first. Transparency is quite mysterious; no matter how detailed the report is, the market might only remember one thing: "If I don't understand it, I don't trust it."

My understanding is similar to the milk tea shop downstairs in the neighborhood: usually, you trust that it has ingredients and cash flow, but if someone suddenly says "the warehouse lock is broken," you might not know if it's true or not, but instinctively you'll use up your recharge card first... The same applies on the chain: when the redemption channel is congested, panic becomes a self-fulfilling prophecy.

By the way, macro factors also significantly influence sentiment. Expectations of interest rate cuts fluctuate between hot and cold; discussions about the dollar index rising and falling together with risk assets increase. Everyone becomes more sensitive: is it "stability" or just "no problems so far"? Anyway, when I look at stablecoins now, my first concern isn't how high the interest rate is, but how they prove they can still redeem on time during a run.