These days, there's been more disclosure about stablecoin reserves, to be honest, what everyone is watching isn't the returns, but whether "I can exchange back to 1 at any time." It looks quite stable on the surface, but once a few screenshots start circulating in the group, and someone says they want to run first, the panic sentiment becomes like nested layers—one layer after another—ultimately turning into a self-fulfilling de-anchoring.

If at that time some projects had explained their reserves, redemption channels, and risk control restrictions more clearly, or even made it easy for people to verify, maybe many of the panic could have been prevented? But perhaps people simply didn't want to look, just wanted the feeling of "nothing's wrong"... This is similar to the recent social mining and fan token schemes, where they shout "attention is mining." Attention is indeed valuable, but once attention shifts, liquidity also runs away. Anyway, now whenever I see the words "redeemable at any time," I ask myself: who can redeem at any time, and under what circumstances.