These past few days, I’ve been looking into stablecoin stuff again, and the more I look, the more I feel like “slowness” is what keeps you alive. Reserve transparency isn’t something you believe just because they release a PDF—what matters is whether the on-chain data matches, whether the redemption channels are smooth, and whether there are any odd movements in the team wallets… Once the market starts doubting, a bank run won’t give you time to explain. Everyone just runs first, and in the end it turns into a self-fulfilling prophecy as the coin depegs.

Developers seem pretty hyped about modularity and DA-layer narrative development, but ordinary users are actually even more confused: you tell me how advanced the technology is—I only care whether the 1 unit I hold can be exchanged back into 1 unit at any time. In any case, I’d rather move a bit slower now: first get the permissions, custody, and redemption path clear, then decide whether to put liquidity in. I really can’t afford to pay the tuition fees.