In the past few days, I've come across more promotions claiming that stablecoins are "highly transparent" in their reserves. To be honest, I've heard this so many times that it’s starting to get tiresome... Transparency is one thing, but when a run happens, what people really care about is "can I exchange it immediately," not how pretty the report looks. The de-pegging issue is more like a psychological stampede: the more you’re afraid, the more likely you are to hit the redemption button, and then it really starts to shake.

Recently, in a certain region, the trend of increasing taxes / compliance tightening and loosening has caused expectations around inflows and outflows to fluctuate as well. When emotions rise, stablecoins are naturally seen as an escape hatch, making the exit door even more crowded. Right now, I can only do very basic things: diversify holdings, keep some native gas on-chain, open a small hedge on perpetuals, and don’t treat "stability" as immunity from volatility. I need to be reminded: when I see even a slight deviation, don’t immediately panic and rush to redeem; first, check the channels and liquidity, don’t shake with your hands.