Recently, I've seen more people anxiously watching small de-pegging screenshots of stablecoins. Honestly, it's often not that "bad debts are immediately exploding," but rather that a panic withdrawal is starting to emerge: the more you don't understand what their reserves actually are, how long it takes to redeem, or who is backing them, the more likely you are to sell first. Transparency isn't just about releasing a report; it's best to clarify custody, short-term debt maturities, and redemption queues. Otherwise, once on-chain queues start forming, rumors spread faster than the reserves can run.

By the way, I checked the funding rates for spot and derivatives, and they are extremely volatile. People in the group are arguing whether it's a reversal or if the bubble is still being squeezed. My feeling is: extreme funding rates plus slight de-pegging of stablecoins together look a lot like "leverage sentiment" searching for an exit. It may not collapse immediately, but it can easily amplify through a cascade effect. Anyway, I'm more concerned now about whether the redemption channels are smooth, rather than just loud slogans. Let's see.