Lately I've been paying attention to the flow of stablecoins, and the more I look, the more I feel that de-pegging is a bit like waiting in line at a coffee shop: you’re not in a rush at first, but when you see the person in front start buying two more cups, suddenly you get nervous, worried that you might miss out when it’s your turn. Frankly, transparency of reserves isn’t about “proving you’re very safe,” it’s more about giving a reason to hold onto your emotions when everyone is panicking the most.

Delayed transactions, slow redemptions, unclear information—these small hiccups are more likely to trigger a run than bad news itself.

These days, RWA, U.S. Treasury yields, and on-chain yield products are being compared together, sounding quite attractive, but I still instinctively check: who’s backing the returns, and can you exit smoothly if something goes wrong? Anyway, in a bear market, surviving is more important than running fast… that’s all for now.