Lately, looking at discussions about the reserves of USDT and USDC, it feels like looking at a museum’s glass display case—you know there’s something in there, but you can’t quite make out how many layers are on display.

Forget about “depeg” for a second—sometimes it has little to do with the fundamentals; it’s purely about what people believe. The moment there’s talk of an added tax somewhere, someone in the group immediately starts asking, “Should we convert some to fiat first?” In reality, the on-chain reserves haven’t changed, but people get spooked—so the floor gives way first.

Anyway, I don’t touch leverage, and I only keep the commonly used stablecoins. As for the rest… we’ll just see, for now.