Recently, for no apparent reason, people keep reposting that article linking ETFs and stablecoins, saying that when US stock risk appetite tightens, crypto drops too, and even USDT is panicking along. The truth is that, at bottom, the issue of stablecoin depegging is really a psychological problem—once people see the words “reserve transparency,” they start imagining shady things hidden in an audit report, and then a run comes.

Sigh—honestly, I’m really annoyed by that kind of explanation that packages complex mechanisms as “high-level logic,” talking endlessly about protocols, collateral ratios, and arbitrage space. In any case, I feel that if you treat complexity as the enemy, you can make the simplest correct judgment: keeping people calm matters more than anything.

How about one day I draw a picture—show “a bank run” as a crowd of people rushing to run in the dark, and reserve transparency is like suddenly turning on the lights. Everyone looks and realizes, oh, the benches are still there.