Someone asked what to focus on when it comes to stablecoin de-pegging. To be honest, don’t stare at the K-line first—start by checking whether the “gearbox” is transparent: in the reserves, is it actually cash, short-term debt, or a pile of unreadable notes? Does the audit come on time, and can it reconcile with the on-chain circulating supply? When it really comes to a run, people’s psychology moves faster than the mechanism. As soon as everyone smells a bit of “uncertainty,” they’ll pull out first—and the more they pull out, the more it becomes a self-fulfilling prophecy.

Recently, around the time of a major public chain upgrade/maintenance, people in the group were also speculating about whether projects would relocate. I think whether they migrate or not is one thing, but the stablecoin’s deposit/withdrawal channels and redemption rules are a different set of stress tests: if the chain gets congested or the bridge slows down, panic gets amplified. In any case, when I see phrases like “promises are very stable,” I’m a bit on guard—I’d rather take another look at the parameter tables and listen to fewer slogans. That’s all for now.