Recently, there has been another disclosure about stablecoin reserves, and honestly, de-pegging is often not because assets are truly insufficient, but because everyone panics and starts to see who can run faster. Transparency is quite counterintuitive: no one pays attention during normal times, but when something goes wrong, they suddenly remember, "Hey, why don’t you just show the details"... What I care more about now is its usual cash flow, how expenses cover operations, whether the retention is sustained by subsidies, and whether it can survive on its own in a bear market.

In the community, the past two days, there’s been a heated debate about privacy coins, mixing, and regulatory boundaries. This can actually reflect on stablecoins: the less transparent, the more "free" they are, but they also become more fragile when a run occurs. Anyway, I don’t want to pick sides or criticize anyone; everyone has different risk preferences.

What I don’t regret is always prioritizing “surviving a run” over earning more, sleeping more peacefully. That’s all for now.