I tried it once—moving a small amount of money from stablecoin A to stablecoin B, just to see how “de-pegging panic” actually spreads. The result wasn’t really the price shock in that one moment; it was that the group started churning out lines like, “Has anyone seen the reserve report?” and “Are withdrawals running slow?” Everyone’s hands move faster than their brains. The psychology of a bank run kicks in together, and the on-chain pool health visibly worsens to the naked eye; the liquidation threshold immediately becomes painfully obvious… Put simply, transparency isn’t meant to look good—it’s meant to keep people from bolting around when things get most chaotic.

Later on, I only watched two things: whether reserve disclosures can match up at any time, and whether the redemption channels are smooth. Other stories—just listen to them and leave it at that.

Recently, the fight over NFT royalties has been pretty heated too, and it’s similar: creators want stable income, secondary markets want liquidity, and in the end everyone’s afraid that “the rules will suddenly change.” Once people’s mindset breaks, it happens faster than the data.

That’s all for now. Anyway, when I see the word “stable” these days, I’m actually more cautious.