Honestly, I’ve now seen this kind of script about stablecoins de-pegging for the third time. Every time they say the reserves are transparent, there are audit reports—then when users start panic redemptions on-chain, the data can’t be updated in time, or it’s basically just “delayed disclosure”… Anyway, I don’t believe those fancy reserve disclosure dashboards.

Recently, I also saw someone using a re-staking “doll within a doll” model to liken stablecoin yields. Put simply, it’s leveraged in layers—profits can be high, but redemptions come fast. Last time, there was a protocol that was top three on a claim leaderboard: its reserve funds were full of volatile assets, and once users panicked, on-chain redemptions got stuck immediately—like it couldn’t move at all.

For my part, I only dare to put a tiny amount into those stablecoins that look “too stable.” Everything else I’ve switched to things like RAI—pure on-chain pegged assets. I may not really use them much, but at least I feel more at ease. To put it bluntly: transparency is transparent, but this part about redemption psychology is something you can never calculate accurately.