Lately, watching stablecoins lose their peg a few times, I really feel a sense of helplessness like "the bus is coming, and suddenly the route changes." Usually, everyone talks about reserve transparency, audit reports, and so on, but honestly, when something really happens, who still carefully reads PDFs? The first reaction is to run, and if you run too slowly, you'll become a liquidity philanthropist.

When news of cross-chain bridge hacks comes out, on-chain sentiment immediately tightens. Even though it may not be directly related to stablecoin reserves, the panic of a run can be contagious. There are also oracles occasionally reporting outrageous prices, and the group immediately types "waiting for confirmation." This consensus is quite funny: everyone is waiting for others to confirm first, and in the end, confirmation turns into a stampede. Anyway, now I diversify my stablecoins first when switching, and I don't trust the "always 1:1" too much—neither do I trust myself.