These days, I’ve started paying attention to the “electrocardiogram” of stablecoins again. Honestly, I get itchy hands—not to earn that little interest, but afraid that one day, when the market sentiment is at its most explosive, I’ll realize too late: transparency is usually boring, but once someone shouts “Where are the reserves?” it becomes a run-on-the-bank button. People aren’t calculating accounts; they’re racing to see who can run faster.

Then I saw the staking and shared security setups being called “copycat schemes,” and I became even more sensitive… The compounded yields sound very sweet, but if the collateral underneath keeps circling around, the pressure will ultimately transfer to the layer that’s most “cash-like.” Anyway, I’d rather accept slightly lower returns now, and prioritize the words “redeemable” and “verifiable,” because emotionally, I don’t want to gamble on human nature again. That’s all for now.