Just now, while munching on potato chips and browsing the blockchain, I thought about stablecoins. To be honest, they’re quite similar to change at a convenience store. Usually, everyone assumes it’s worth 1, but when there’s a bit of a warning, the first to run isn’t the most panicked, but rather those who are most afraid of “others running first.” The bank run psychology is faster than the news itself.

So now, when I look at stablecoins, transparency of reserves is more practical than any slogan. It’s not about just trusting a PDF, but whether it can be sustained, detailed enough for people to want to verify themselves, whether on-chain and off-chain data match, and whether redemption channels don’t get stuck under pressure. Recently, new L1/L2s have been offering incentives to attract TVL, and veteran users complain about mining, yield farming, and selling. It’s actually the same logic: the money from incentives is most vulnerable when everyone withdraws at the same time. When liquidity thins out, the peg becomes even more fragile. Anyway, I personally prefer to diversify and don’t want to bet on “everyone will stay calm this time.”