Lately I've been looking into stablecoins again, and everyone says "1:1 peg is very stable," but when the market jitters a bit, people start waiting for confirmation: waiting for reserve reports, waiting for audits, waiting for official clarifications... Frankly, de-pegging is often not a technical issue; it's the panic of a bank run that triggers it first. Transparency is something no one pays attention to during normal times, but when a crisis hits, it becomes the only belief.

Some people interpret large on-chain transfers and hot/cold wallet movements on exchanges as "smart money" chasing after signals. I find that quite funny. You only see the movement, but you don't know the reason behind it, nor whether someone is just waiting for others to panic first. Anyway, I'm just waiting to figure things out myself—don't get caught up in the rhythm of "everyone is withdrawing." Whether it's stable or not depends on whether reserves can withstand everyone redeeming at once, not on how confidently KOLs shout about stability. That's all for now.