When I calculate my real returns, it’s almost like I get a little afraid of the word “stability”… “Depegging” is, in many cases, not a problem with the model—it’s people’s nerves first failing: reserves aren’t explained clearly, audits drag on and on, and redemption channels get stuck. Once that happens, everyone defaults to “run first and figure it out later,” and the run becomes self-fulfilling.

Recently, some people keep lumping RWA, US dollar treasury bond yields, and on-chain yield products together for comparison. To be blunt, don’t just stare at the annualized figures—ask one thing first: what you’re actually getting is “interest,” or are you taking on hidden costs like redemption queueing and discounting?

As for stablecoins, when I look at them now, my first thought isn’t APY. It’s how often reserves are disclosed, whether redemptions are smooth, and whether—under extreme circumstances—you can rapidly switch back to cash… I can tolerate profits being stolen by fees. But if it’s being taken by information asymmetry, then no—I really can’t accept that.