Recently, there has been discussion about stablecoins "almost losing their peg" again. To be honest, it's not really a math problem; it's a human psychology issue: people usually say they trust reserves and audits, but when there's a small fluctuation on the chain, their first reaction is "I'll withdraw first, you all figure it out"... That's how a bank run happens. Reserve transparency is useful, but it's not foolproof; information updates are slow, and emotions have already run ahead.

When news of cross-chain bridge thefts comes out, many people start doubting stablecoins as well, since all risks are written on the same chain. Plus, when oracles occasionally report outrageous prices, the group consensus is "wait for confirmation." By the time it's confirmed, no one even knows where the peg has drifted to.

Forget it, to put it plainly: when I choose stablecoins now, I focus on two points — visible and withdrawable; if I can check on-chain, I check; if I can't, I hold less. Milk tea money is a dream, not a life.