Can’t sleep at night, so I opened Dune again and went through another round of stablecoin reserve data. Honestly, the more I look, the more the whole “reserve transparency” thing feels—almost like checking your partner’s phone in a relationship. The more you try to find reassurance, the more anxious you end up feeling.

Some protocols lay out Treasuries and repo holdings very clearly; others just give you a big bucket labeled “other assets,” and it literally makes my head hurt. The psychology of a bank run, put simply, is this: even if you logically know it’s probably fine, when you see other people running, you start itching too—your hands get restless.

Why do I get that itch? Probably because my brain knows “liquidity is fine,” but in my heart there’s always a voice saying, “What if, though?” Then I go digging into on-chain data—and the more I dig, the less secure I feel, the more I want to run as well.

With recent back-and-forth around rate-cut expectations and the U.S. dollar index, risk assets have been bouncing around just as much, and the “water” in the stablecoin pool looks even murkier. Forget it—let’s leave it at that. I’ll try to sleep.