Recently, someone asked again whether stablecoins will lose their peg... Frankly, when something really goes wrong, people aren’t looking at announcements; they’re thinking, “Can I cash out immediately?” Reserve transparency is obviously important, but even more critical is the psychology during a run: if others run, I run too. When on-chain transfers get congested, panic sets in, and the more panicked people are, the more they rush out. Currently, RWA, U.S. Treasury yields, and various “yields” on-chain are often compared together, which makes me a bit cautious: what looks like interest is actually different underlying liquidity and redemption pathways—don’t confuse them as the same thing. There are many tutorials, but I prefer those that clearly explain the redemption mechanisms and how they might get stuck in the worst-case scenario... Anyway, don’t wait until everything turns dull and gray before you start paying attention.