Stablecoins, to put it simply, are a confidence game. Usually, everyone treats them as cash, but once someone starts scrutinizing the reserve reports for flaws, the bank run-like panic spreads like contagion. Those who run first always think they’re smarter. Transparency isn’t a cure-all, but at least it can turn “I don’t really know if you have it or not” into “I roughly understand how you’re holding it.” Conversely, those who only shout slogans and are clueless about the details are the most likely to cause a collective psychological collapse when things go off the rails.

Recently, with new L1/L2 projects incentivizing TVL, many veteran users complain about “mining, dumping, and selling.” It’s pretty much the same: liquidity comes quickly, and it leaves just as fast. When stablecoins face a stress test, it’s not about stories; it’s about processes—whether the redemption path is smooth, whether cross-chain bridges will get stuck, whether governance votes can stop the bleeding in time. Anyway, I’m now more concerned about “how to exit during the worst times” rather than “how to earn more during the best times.” That’s all for now.