Every time I see stablecoins fluctuate, I get itchy to open a perpetual position, but it often results in me blowing up my own emotions first... To put it simply, at the moment of de-pegging, the price is just the outcome; what’s truly frightening is the panic of a run: everyone is thinking "Am I the last one unable to cash out?" So now I focus more on reserve transparency and on-chain redemption flow, who is withdrawing large amounts, and whether the pool is deep or shallow—these are more calming than candlestick charts.

Recently, someone compared RWA, US Treasury yields, and various on-chain “yield products,” sounding quite appealing, but in my mind, there’s only one word: liquidity. No matter how high the returns are, the real key is whether you can exit smoothly when the wind turns sour... Anyway, I keep a light position so I won’t be fooled by FOMO into becoming the emotional bag-holder.