Lately, watching the issues with stablecoins losing their peg, honestly, it's not all technical problems; more often, it's people panicking: You think you're rationally arbitraging, but then the chain gets congested, redemptions are queued, and in the group chat, people start saying "Is something going wrong?" and your hand automatically hits the sell button. Transparency of reserves is something no one usually pays attention to, but when things get tense, even just a slow report can make everyone imagine an entire quarter of trouble.

Now, the whole "staking/sharing security with layered yields" approach, being criticized as a copycat scheme, I don't think it's unfair: once the underlying assets face redemption pressure, those layered yield promises immediately turn into accelerators, with early runners sipping tea, and those who come later paying the price.

I no longer believe in the slogan "enough reserves equals stability." Transparency ≠ usability; liquidity windows are the real key. Anyway, when I look at stablecoins now, I first check whether the redemption channels are smooth and whether on-chain turnover is deep—everything else is just extra.