Morning when I was moving bricks and cutting chains, I casually glanced at the reserve pages of a few stablecoins, and the more I looked, the more it looked like a bank statement screenshot: some update more frequently, which feels reassuring; some just throw out a line saying "audited," but the details are hidden quite deep. To put it simply, de-pegging is often not a math problem, but a panic everyone has at the moment of a run — you see others fleeing, so you want to run first, and then real trouble happens.

Recently, modularization and the DeFi layer are heating up again, developers are talking excitedly, ordinary users are confused, and in the end, it all boils down to: where exactly are your stablecoins stored, how do you prove it, and how to redeem if something goes wrong. Anyway, I’m now diversifying my holdings, prioritizing on-chain verifiable assets, trusting less in "always safe," and keeping a few more wallets as backup, just like that.