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These days, someone is again using ETF capital flows and U.S. stock market risk appetite to explain all the ups and downs. I find it a bit exhausting... Frankly, when market sentiment heats up, stablecoins become more like a "psychological test." Usually, everyone talks about reserves and transparency, but when things get tense, the panic to withdraw kicks in. Many people don't even have time to look at the reports; they just redeem first and worry about the details later.
I now treat this as a kind of practice: don't expect to beat panic, but practice being a step behind in panic—review the commonly used stablecoins and custody/audit disclosures in advance. When volatility hits, at least you'll know what you're afraid of. Anyway, the word "stability" here is more about "trust stability," not that the price line will always stay straight. That's all for now.