My current view on whether "stablecoins will lose their peg" is basically: don't panic first, but also don't be superstitious. To put it simply, there are two key issues: whether you can understand the reserve ledger, and whether you can actually redeem during a run.

I'm quite serious about transparency; it's best if you can see the asset composition, maturity dates, where they are held in custody, and whether there is debt hedging. Otherwise, it's like a company only showing you "a lot of cash" but not letting you see the bank statements... Once market sentiment shifts, and everyone tries to withdraw at the same time, even the best narrative can't hold up.

Recently, a bunch of memes and celebrities shouting buy have diverted attention, and newcomers are easily caught up and take the final step. On the stablecoin side, it's actually more important to stay calm: if you treat it as "cash," then you need to evaluate it by cash standards, not as an investment product. For now, I'll leave it at that and later tonight, I'll check the flow of a few treasury addresses.