Recently, I've been looking at stablecoin reserve disclosures again. Honestly, transparency is often ignored in daily life; as soon as there's a hint, it immediately turns into "You first give me your money." De-pegging is often not because the actual reserves are low, but because the bank run psychology kicks in first: everyone fears being the last to exchange, and as a result, they all rush to withdraw at once.



Some people hype up AI Agents and automated trading as very advanced, with on-chain interactions happening dozens of times per second. It looks quite "smart," but I'm more concerned about who they are signing with and what permissions they've granted. Anyway, I no longer dare to treat stablecoins as cash; I diversify a bit, keep some off-chain liquidity, and keep smaller positions to sleep peacefully... Once you've been liquidated, it's really hard to stay completely calm about the phrase "always 1:1."
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