Recently, watching the "de-pegging" of stablecoins, it feels a bit like an electrocardiogram of options volatility: usually steady as if nothing's wrong, but when emotions run high, it suddenly spikes. As for transparency in reserves, honestly, it's about giving everyone the confidence that "I can redeem now," otherwise, during a run, it’s just unreasonable—those who run first always think they’re clever.

Some people also explain risk assets rising and falling together with expectations of rate cuts and the dollar index; I can understand that, but with stablecoins, it’s more like trust leverage: you think you're watching interest rates, but really you're watching people's sentiment. Anyway, I don’t dare just focus on the peg price spread; I pay more attention to details like redemption channels and audit frequency—things like "can I really cash out"—preferring to earn a little less and sleep peacefully.