Lately, there's been more disclosure about stablecoin reserves, and the more I look at it, the more I think this thing is essentially "confidence management": everyone assumes there's no problem most of the time, but when there's bad news or on-chain large redemptions start happening, transparency shifts from a bonus to a matter of life and death. No matter how beautiful the reports are, if they don't clarify where the assets are stored, whether they can be liquidated in time, and who gets priority during a run, people will still panic— and panic is contagious. Seeing others run makes you want to run even more, and ultimately, de-anchoring happens like a self-fulfilling prophecy.

The economic collapse of blockchain games is actually quite similar: inflation spikes, studios withdraw, token prices drop, and those left behind just want to run first. Once the spiral starts turning, no one can be saved. Anyway, right now, I don’t really trust the "consistent messaging" of stablecoins; I care more about the "execution details" and whether the redemption process is smooth.

Forget it, I’ll just stay away for now.