Over the past couple of days, people in the group have been circulating pictures claiming that a certain stablecoin is about to depeg, with a caption that says, “Hurry up and switch.” To put it simply, the most frightening part isn’t the news itself—it’s how quickly the panic-withdrawal sentiment spreads, faster than on-chain confirmations.

As someone who’s a bit slow to react, all I do is go check what its reserve disclosures actually say: whether the audit is done in real time or comes as a report every few months, and whether the assets are cash and government bonds or a pile of notes that I can’t make sense of.

It’s normal that regulatory pressure is getting tighter, but the more it happens, the more you can tell who’s doing real long-term business and who’s just counting on everyone not asking questions.

Anyway, I don’t really like concentrating all my liquidity in a single stablecoin anymore. I’ll diversify a bit, keep some cash off-chain, and sleep more soundly.