Last night, I was reading about stablecoin reserve disclosures and it made me a bit scared… I almost put a large amount of temporary liquidity into it and just sat there. Later, I thought, forget it. If there’s any sudden movement, everyone’s first reaction definitely won’t be “check the audit,” but rather to run first. To put it simply, de-pegging often isn’t because there’s truly no money on the books, but rather the psychological stampede during a run. When transparency isn’t enough, it’s even easier to ignite panic.

Moreover, the on-chain ordering/race to be first also significantly impacts confidence. Recently, retail investors have been complaining about MEV and validator income, which I can understand: you want to redeem, but at the same time fear being queued at the back or squeezed, making emotions even harder to control. Anyway, my current approach is: don’t treat stablecoins as “absolutely stable,” diversify, understand the redemption pathways, and if it helps you sleep better, then sleep better.