To be honest, I’ve seen the topic of stablecoin reserve transparency heating up again recently, and it’s stirred up a bit of emotion in my mind. Although I’ve been holding USDT and USDC long-term mainly for allocation, every time discussions about a run come up, I still instinctively go and check the audit report… Honestly, I’m not sure whether this counts as overthinking, but it just feels like reserve transparency—like a glass under sunlight—looks clear enough for me to feel comfortable putting my money in.

The macro backdrop has also been pretty interesting lately. There’s been a tug-of-war between rate-cut expectations and the U.S. dollar index; risk assets rise and fall along with it. Sometimes it feels like stablecoin pegging is actually the most basic “safety cushion.” Anyway, I personally like to keep my position sizing at a level that lets me sleep soundly. High leverage? Forget it—no one’s going to compensate for getting sunburned.