These past two days, people have been talking about stablecoin de-pegging again, but instead I went to check on-chain first: are transfers clogged, and did active addresses suddenly pull out? Put simply, de-pegging often isn’t “paper losses” first—it’s that panic and run-for-the-exit sentiment spreads, and everyone rushes to the door at the same time. And when transparency isn’t enough, people get even more scared.

I used to have a moment where I really didn’t understand. The reserves report was packed with jargon, and the chain suddenly got congested too. In the group, everyone was still arguing about rate-cut expectations, and whether the US dollar index and risk assets go up and down together… My brain just jammed up. In the end, I said one thing: if you don’t understand, don’t move. The next day, the mood cooled a bit, and the price came back. Anyway, if you stir less, you get hit less. Now I’m just watching two things: can you redeem anytime, and are people lining up and running.