Over the past two days, I’ve seen people talking about stablecoins losing their peg again. To put it plainly, many times it’s not a technical issue—it’s panic psychology: once everyone starts doubting, “Can it actually be redeemed?”, even the most transparent reserves can get blown out of proportion by emotions into a stampede. I definitely like seeing reserve disclosures, but I care more about the details: can it be turned into cash anytime, and is it full of a bunch of things that look safe but have poor liquidity… Anyway, my own habit is to keep only a small portion of the ones I use most often, and for the rest I’d rather diversify; if something can be verified on-chain, I verify it on-chain. I also periodically clean up/deal with authorizations so I don’t end up falling into a trap if I suddenly need to use them. Lately, the discussions around expected rate cuts, the dollar index—those have been pretty loud. When risk assets rise and fall together, stablecoins somehow become more like a “stress test machine”: the moment people get nervous, it exposes their true colors. What about you?