Recently, someone has been scaring people with “de-anchoring,” but I actually care more about the human nature behind it: whether reserves are transparent or not—plainly put, it’s like whether the lights in an exhibition are bright enough. If the lights are a little dim, everyone starts to fill in the blanks, pass messages to each other, and the panic about being squeezed quickly builds up.

Over the past couple of days, people have been repeatedly digging up the calendar for staking unlocks and token unlocks, and the anxiety about sell pressure is made to feel like waiting in line to grab a limited edition… but stablecoins are even more ruthless. When people panic, they don’t sell—they rush straight to redeem.

My approach is pretty old-school: for big amounts, I don’t put my faith in a single company’s “promise.” I’d rather split it up. Then I can just check the inflows and outflows on-chain, and call it like I’ve turned on a few more lights. Either way, the brighter that light is, the less likely it is to get you swept along by emotions.