Lately I've been looking into stablecoins again. To put it simply, de-pegging often isn't because the assets are truly gone, but because everyone suddenly stops trusting them at the same time. The rush to withdraw happens faster than any "reserves explanation." Transparency is obviously important, but there are many types of transparency: monthly reports, real-time proofs, custody standards... They look comprehensive, but in critical moments, whether they can reassure people is quite mysterious.

Some people also treat on-chain data tool labels as a talisman, but recently there have been complaints that labels are lagging or even misleading... So now I prefer to see it as an "auxiliary perspective," not a conclusion. The atmosphere in the group is also quite subtle—some say stability is enough, while others already have their hands on the withdrawal button. Anyway, I personally prefer to earn a little less than to gamble on human nature during the thinnest liquidity moments.