Recently, someone asked me again what the fear is behind stablecoin de-pegging. To put it simply, it's not just an on-chain technical issue; it's more about "bank run psychology." Usually, everyone treats it as air worth one dollar, but when a little wind blows, whether reserves are transparent or not, whether redemption channels are smooth, or who is holding your funds in the bank—immediately it shifts from "nothing's wrong" to "I'm running first." At this moment, you see all kinds of announcements and audit reports, but there's no time—emotions drive the price down first.

There's also an interesting linkage: when the spot/derivative funding rate hits an extreme, the group chat erupts over whether it's a reversal or just more bubble squeezing. My own experience is that no matter how exaggerated the rate is, it's just a surface phenomenon; the underlying string is still trust—once everyone starts doubting "whether I can exchange back to real USD/real assets," it triggers a chain reaction. Anyway, I now prefer to diversify across several platforms, keep some off-chain cash, and not treat "stability" as a guarantee—survive first.