A few days ago, I saw someone comparing "on-chain yields" to U.S. Treasury yields, and they casually threw in an RWA as a cover-up. I really rolled my eyes: no matter how good the returns look, if a stablecoin de-pegs, it will still crush your confidence first. Honestly, transparency of reserves is something people don’t usually pay attention to; when something goes wrong, everyone suddenly starts calculating, and the panic withdrawals spread like an infectious disease. The more you try to explain, the more it seems like guilt.

I personally experienced a loss once (though not really a loss), with a new stablecoin claiming "full reserves, real-time audits." I looked at the documentation for half an hour and still couldn’t understand it. The on-chain addresses kept circling around, and the moment my head started to spin, I decided: if I don’t understand it, I won’t touch it. Two weeks later, there was a small de-pegging, and a bunch of people in the group were busy switching back. I just… sat there drinking water, with no volatility to give me a chance. Proper position management isn’t complicated; I’d rather earn less than be the last sober person during a run on withdrawals.