Over the past couple of days, I’ve been seeing people discuss whether stablecoins might break their peg again. To be blunt, what I care about isn’t “whether” it will happen—it’s when everyone will start to stop believing in them. Things like reserve transparency: it usually feels like homework to people, but the moment a bank run hits, it turns into an emotional switch—one report, one delay, a few vague, carefully worded lines are enough to shove people toward the exit.

Sometimes, watching transfers on-chain feels like watching a TV series. In the early episodes, everyone’s still pretty calm, but later it all suddenly speeds up—everyone accelerates together. Meme culture and celebrity “trade at this price” callouts are the same way; attention flips so fast it’s almost ridiculous. And the advice from old players to tell newcomers not to take the last handoff of the relay is actually pretty realistic… Anyway, I’d rather slow down now and keep a close watch on one thing: whether you can switch it back anytime—so I don’t get swept up by all the excitement.