After I muted the group, my mind suddenly became much clearer...

In the past, whenever someone shouted "might depeg," I would reflexively check reserves and on-chain outflows, and as I looked, I also started to panic.
To be honest, with stablecoins, no matter how stable the mechanism is, it can't withstand a bank run mentality; the most critical moment is when transparency isn't enough: the less you explain, the more people think you're hiding something.
Recently, we've been discussing interest rate cut expectations, the US dollar index, risk assets sometimes rising and falling together, sometimes diverging.
I actually want to shift my focus back to "the simplest questions": where is the money actually placed, when can it be redeemed, are there any exceptions to the rules.
The hype can wait; if the mechanism isn't clear, I won't touch it for now, to avoid being driven by emotions in the middle of the night.