Recently, I’ve been looking at some stablecoin reserve reports again, and it feels more like watching a suspense drama: there are many words, but the key pages are always blurry. To put it simply, the de-pegging of stablecoins is often not “bad debt explosion,” but the psychological turning point during a bank run — everyone doesn’t care about the truth, they just run first. What’s more awkward is that new L1/L2 incentives to boost TVL cause old users to complain “mining, withdrawing, selling,” and when this sentiment spreads to stablecoins, it becomes even more sensitive: you might think it’s liquidity, but it’s actually just a temporary stopover. Anyway, I now see that if transparency isn’t enough, even with low fees, I’m too lazy to bother, to avoid staying up at night staring at the pools and heart pounding.