Lately, I’ve been seeing people talk again about whether stablecoins will lose their peg. Put simply, what stablecoins fear most isn’t an unrealized loss on the books—it’s when everyone suddenly stops trusting them, triggering a bank-run style panic. It’s like in a group chat: one person asks, “Did you all run yet?” and then everyone starts clicking to withdraw. As for reserve transparency, most people don’t look at it day to day; if something really goes wrong, it becomes the only source of light. The reserves that can be verified on-chain, and whether the auditors dare to publish on time—at least that lets me sleep more soundly.

Also, lately the staking unlocks and the token unlock calendar have been brought up over and over again. The moment the anxiety about selling pressure flares up, people are even more eager to push risk into something “stable.” In the end, stable things get squeezed until they start shaking too—quite ironic. I’ll just think of myself as a paper-handed poet for now: I’m not going to make big money anyway, so at least let’s not queue up and trample at the same doorway.