Lately, there's been more disclosure about stablecoin reserves, and the more I look at it, the more I find the word "transparency" quite mysterious: it's not just about sending a few screenshots of audit reports, the key is whether people are willing to trust it, and whether rumors will cause a bank run. To put it simply, de-pegging often isn't because assets are truly insufficient, but because psychological expectations collapse first, and once a line of on-chain redemptions forms, it's very hard to stop.

And recently, there's been a lot of public opinion that tightly links ETF capital flows, U.S. stock market risk appetite, and crypto market rises and falls. Seeing this more makes me more anxious... When macro conditions tighten, people's first reaction is "move to stablecoins," but once stablecoins are questioned, there's nowhere to move to, which is quite awkward.

Now I just treat stablecoins as having "liquidity risk" too—don't concentrate too much, don't put all your collateral in one place. If something really happens, at least there's room to maneuver. Let's see what happens next.