Recently, USDT has had a bit of volatility again. Every time this happens, the group starts circulating various "screenshots of large on-chain transfers," saying that smart money is running. Actually, what can large transfers prove? It could be an exchange adjusting hot and cold wallets, or a market maker moving positions. But when people panic, they see everything as a signal.

At the end of the day, stablecoin de-pegging and reserve transparency are old issues. You know they are theoretically 1:1, but when a bank run really happens, who has time to check the maturity dates of those commercial papers and treasury bonds? Last year, when a few small stablecoins crashed, I watched the Curve pool get drained in minutes with my own eyes. That kind of speed cannot be stopped by just "trust."

As for me now, I just follow one rule: don't put all eggs in one basket, and don't treat on-chain data as the Bible. Even a gas fee poet needs to survive first before writing poetry, right?