Lately, when people talk about stablecoins, someone always brings up, “Will they depeg?” My first reaction isn’t about how technically advanced things are—it’s whether people will panic. To put it bluntly, reserve transparency is something everyone treats like air most of the time. But the moment rumors start to look off, everyone begins collectively hitting the withdrawal button. That whole “bank run” vibe is painfully familiar… Even if the blockchain is fast, it can’t withstand emotions.

Some people also throw RWA, the yields from buying U.S. Treasuries, and all kinds of on-chain “yield products” into the same comparison. Honestly, I kind of want to laugh: no matter how pretty the returns look, it still comes down to who’s backing the underlying assets and when you can redeem it back for 1 dollar. If you don’t make that clear, don’t blame everyone for being suspicious. Right now, I’m all about keeping it simple—spread things out, chase less greed for a bit of extra interest, and get a more solid night’s sleep first.