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Recently, people have been discussing whether stablecoins will lose their peg again. To be honest, many times it's not "really a lack of money," but rather everyone panics and wants to run first. The bank run psychology is faster than on-chain data movement... My first impression of stablecoins now is not how high the interest rates are, but whether the reserve transparency has been maintained, whether audits and redemption channels are smooth—these details are more practical than slogans.
By the way, I saw that before and after a certain mainstream blockchain upgrade, everyone in the group was guessing whether ecosystem projects would migrate. I think whether they migrate or not can be set aside for now; first, observe whether funds will concentrate in places that are "more like cash" during such times. Stablecoins are most vulnerable to being crushed by emotional sell-offs. Anyway, I keep my positions light, so I won't be startled in the middle of the night if something really happens.