My recent mindset shift regarding stablecoins can be described as a "version update": in the past, I would assume they were stable as long as the 1:1 peg was maintained, mostly just worried about network congestion; now, I care more about what they are backed by and who is safeguarding them, whether they are transparent or not. To put it simply, de-pegging often doesn't happen first on the books, but when everyone starts to want to run at the same time... When a bank run occurs, even the most stable narrative can wobble.

These days, I saw someone compare RWA, US Treasury yields, and on-chain yield products all together. My first reaction was: the yields all look pretty attractive, but I’m more afraid of that moment when everyone suddenly queues up, thinking they can redeem at any time. Anyway, I diversify my holdings now, and if I get too excited, I leave myself a stop-loss button—just like that, after the Pixel Cat patrol, I’ll leave it at that.