These days, I saw discussions in the group about whether stablecoins are "about to lose their peg." My first reaction wasn't to calculate some model; honestly, it's just one question: can the reserves be withdrawn at any time? Transparency is often just a decoration in normal times, but when a run starts, everyone suddenly becomes sensitive. The less transparent, the easier it is to scare themselves into a collapse.

Some people guess whether the reversal or continued bubble is coming based on extreme funding rates, but I won't pretend anymore: no matter how outrageous the rates are, they can't stop a wave of emotional panic. Anyway, my current requirement for stablecoins is very simple: don’t make me stay up at night staring at on-chain transfers and announcements guessing, being able to exchange out and redeem back is better than anything. Beginners really shouldn’t take the word "stable" as a guarantee of principal... that’s all for now.