Recently, I’ve been watching the drama of stablecoins losing their peg. To put it plainly, many times it isn’t that “bad debt suddenly appears”—it’s that everyone starts not to trust, wants to get out one step ahead, and the mentality of a bank run catches on all at once. Even if the on-chain situation is crystal clear, it still can’t hold up against emotions. I certainly look at reserve transparency, but what I care about more is whether you can redeem in time, and whether the redemption route ends up being a maze of twists and turns. When something really goes wrong, that’s when you realize you’re holding a “promise,” not “cash.”

While I’m at it, let me gripe about how L2s nowadays are always comparing TPS, comparing fees, and comparing subsidies. It’s lively, sure—but don’t end up with stablecoins moving back and forth across a bunch of bridges and wrapping layers, with risks stacking up like a thousand-layer cake. My biggest fear isn’t slowness. Slowness at least lets you work out the collateralization ratio and liquidation thresholds; chaos just leaves you at the mercy of fate.