Someone is again shouting that USDT is depegging. My first reaction is not to check the reserve proof, but to open the Curve 3pool and look at the ratio. To be honest, that thing reacts faster than audit reports. As soon as USDC/USDT deviates, the chain knows first.

Regarding reserve transparency, Tether is indeed a bit better than two years ago, but 'a bit better' and 'transparent enough' are two different things. I never put all my stablecoin positions in just one. To be honest, it's not that I don't trust a particular brand, but that I don't trust myself to run faster than others on the eve of a bank run.

Recently, rate cut expectations have been fluctuating, and the dollar index and risk assets have actually moved up and down together. The macro models I learned before have somewhat failed. At times like this, stablecoins have instead become a window to observe panic—whether people really want to hedge or just change places to be anxious, looking at on-chain transfer fees and pool depth is more accurate than watching the news.

My approach: diversify among mainstream stablecoins. When signs of depegging appear, first run to Maker or simply convert back to fiat, don't bet on recovery. What gamma strategies fear most is a sudden gap in the underlying price. A stablecoin depegging is essentially the same volatility event, only people think it has no volatility.

That's it for now. I'll go check tonight's funding rate.