Before bed, I checked some on-chain data, and suddenly I thought about stablecoins: frankly, whether they stay pegged or not is often not a technical issue, but a psychological one where "everyone is simultaneously uneasy." If reserve transparency is only occasionally disclosed vaguely, a bank run can easily turn into a stampede, and even if it’s proven that the funds are safe in the end, the initial emotional impact is already there.

Recently, I’ve seen people compare RWA, products linked to U.S. Treasury yields, and on-chain yields all together, but it’s easy to overlook one point: the more "stable" the returns look, the more you need to ask who is backing the underlying assets, whether the redemption channels are smooth, and if large, concentrated redemptions might cause delays. Anyway, I personally care more about whether there are anomalies in inflows and outflows on exchanges now—don’t treat “stability” as a default option.