These days, we're talking again about whether stablecoins will lose their peg. Honestly, many times it's not a math problem of "whether reserves are enough," but a psychological issue of "whether everyone trusts and will rush to redeem together." Reserve transparency is like the fridge door in the kitchen—when it's open, you can see the ingredients and feel at ease; when it's closed, even if there’s meat inside, you might imagine it’s spoiled, and the more it’s talked about, the more anxious everyone becomes.

When I look at stablecoins, besides checking audit/trustee information, I pay more attention to whether the on-chain redemption channels are slowing down or if liquidity on bridges is thinning… Once I sense a "everyone wants to be the first to run," I’d rather earn less and set my stop-loss levels early, instead of holding on stubbornly.

By the way, recently in environments with extreme funding rates, the community keeps arguing whether to reverse or continue inflating the bubble. I feel it’s quite similar to the logic of a bank run during a de-peg: it’s not about right or wrong, but about who chickens out first and who bursts first. We’ll talk about it again next time.