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These days, the group has started talking again about whether stablecoins will suddenly lose their peg.
It sounds a bit confusing to me... Honestly, many times it's not that the assets are truly gone, but that everyone panics and wants to run first.
Bank runs are highly emotional.
Of course, transparency of reserves is important, but no matter how beautiful the report is, in extreme market conditions, it also depends on the speed of redemption and whether the channels are smooth.
By the way, the recent testnet points also seem quite similar: everyone is watching whether the "mainnet will issue tokens," and expectations can easily get inflated.
Anyway, I still stick to my usual approach: first observe on-chain deposits and withdrawals and large trades, wait patiently, and decide whether to join the hype after waking up.