Recently, I've been reviewing stablecoin reserve reports again. To be honest, I'm not afraid of small fluctuations during normal times; I'm worried that everyone will panic and rush to redeem at the same time. Bank runs are really a psychological game. Watching a bunch of wallets move simultaneously on the blockchain makes my palms sweat. Transparency is obviously important, but sometimes even if you understand the report, it’s useless because the market votes with its feet first.

By the way, I see a lot of narratives about AI agents automatically placing orders and interacting automatically. It’s quite lively, but I’m actually more concerned about how much authority they have and whether the contracts have been properly audited. I don’t want to get scared to death if they lose their peg because of a smart contract failure, only to have “automation” drain my permissions first.

Anyway, I currently hold a small position, so I’ll just review the redemption channels and blacklist rules first before making any moves.