I recently set a new rule for myself: don’t treat stablecoins as “cash”—just as tools. Plainly put, a big part of their sense of security comes from everyone believing they can be redeemed at any time. But if the reserves aren’t transparent enough, and at that moment of a run—when everyone rushes for redemption—it feels just like a stampede. Even if, in the end, it turns out everything is fine, it’s still hard to feel comfortable just holding and waiting.

In the past couple of days, I also ran into news that a major public blockchain is going to upgrade/maintain, and everyone in the group is speculating whether the ecosystem will migrate. What I care about more is this: if on-chain transfers get stuck, then the “can be used at any time” of stablecoins becomes an empty phrase. Anyway, I’ll stick to my rules—diversify when I can. I’d rather make a little less than hand my emotions over to liquidity. That’s it for now.