Just when I finally got some free time and scrolled through the group chat, I saw more talk about an audit of a certain stablecoin reserve. Screenshots of de-pegging are flying everywhere, and the mood in the group is like a roller coaster. Honestly, this is a bit like options buyers and sellers—this “time value” is the blade; it just depends on who gets carved up.

I’m currently taking a small position as the buyer, basically treating it like a lottery ticket. After all, if I lose, I’ll just take it as tuition. The seller is the real expert—like a stablecoin project team collecting “seigniorage”; every second that passes, the premium drops into their pocket by a little. But if the market suddenly blows up, the seller also has to hold through the rush of redemptions.

Anyway, this is how I see it: if you want to be worry-free, do the seller side—provided the margin can withstand volatility; if you want to bet on direction, do the buyer side—don’t get greedy, and keep your position size under control. Every “saved blade” is your own happiness—who cares who gets eaten by time value.