Lunchtime checked on-chain data, and the matter of stablecoins really looks more and more like a "confidence game"… Usually people say 1:1 is no problem, but once reserve disclosures become vague or audits get delayed, the group chat starts spreading long essays, and the panic withdrawal sentiment quickly takes over. To put it simply, de-pegging often isn't because the assets fail first, but because people panic first; everyone hits the redemption button at the same time, and no one can run away.

Now I care more about transparency: where are the reserves stored, whether they can be redeemed at any time, and whether the information updates are timely. The strategy remains the same—less action, more observation, don't put all liquidity in one basket, leave some "peace of mind" room.

By the way, a quick rant: recently hardware wallets are out of stock again, and phishing links are rampant… During times like this, don't rush to click on suspicious "official announcements." Whether it's stable or not, getting your account emptied is the real heartbreak. That's all for now, back to lurking.