Recently, people have been discussing whether stablecoins will lose their peg again. Frankly, what I care most about is whether their reserves are truly transparent. Usually, everyone treats them as "cash," but once the market starts to doubt, a bank run can be really frightening. The faster the on-chain transfers, the quicker the panic spreads… which is not something technology can really solve.

Lately, the flow of ETF funds and the risk appetite in the US stock market have been linked together with crypto price swings, and I find that a bit uncomfortable: emotions are contagious, but don’t attribute all volatility to a single button. Anyway, I personally prefer to hold less position and only use those stablecoins with more transparent disclosures, just to sleep better at night.