Lately, there's been more discussion about stablecoin de-pegging. To put it simply, many times it's not that something major happened on the blockchain, but that everyone suddenly starts doubting "where are the reserves stored, can they be redeemed at any time." Transparency is usually ignored; when there's a slight disturbance, it becomes a run-on-the-bank trigger, and group psychology is faster than the ledger. Watching public opinion link ETF capital flows, U.S. stock risk appetite, and crypto price movements together, I also get a bit annoyed: when macro narratives heat up, it's actually the most fragile part that wants to pretend to be "cash."

My own approach is pretty simple: treat it as a backup, don't put all your eggs in one "seems most stable" card; if you want to test risk (like volatility strategies), try to make the worst case be "a backup gets lost," not "the main account gets formatted." Anyway, I want to try even if I might lose, but I don't want to lose so badly it looks like an accident.