Lately, discussions about stablecoins have heated up again, and I actually want to see if reserves can really be redeemed at any time. To be honest, transparency isn't for your peace of mind; it's to block panic during a run. Once everyone starts doubting, no matter how many on-chain or off-chain announcements are made, it's like patching emotional holes.

The repeated claims of "yield stacking" through staking and shared security are criticized as copycat tactics. I understand, the more layers, the more it seems like risk is hidden in the terminology. The same goes for stablecoins—if the underlying assets aren't clean, don't expect stability just from packaging.

I no longer believe in the myth that "liquidity is always there." When everyone really runs, they all run very coherently. That's all for now.