Recently, there's been talk again about whether stablecoins will lose their peg. To be honest, what I fear most now isn't the on-chain volatility, but the panic withdrawals driven by human sentiment. Transparency of reserves, which seems like "compliance work" on a normal day, is really just about whether the painkillers are effective when something goes wrong: the clearer you are, the less people want to rush to exchange; the more vague you are, even if it's just a little rumor, liquidity can be cut off easily, and slippage immediately becomes poetic.

The macro environment is also quite surreal—expectations of rate cuts rise together, and the dollar index and risk assets are still discussing whether to rise or fall together... In this kind of atmosphere, stablecoins are more like a sentiment thermometer, not "stability," but "don't panic." I now try not to put all my deposits and withdrawals into one basket, even if it's more troublesome. As for whether next time people will trust the audit report first or believe that phrase in the chat group, "Run quickly"... what do you think?