Every time I see discussions about stablecoins "pegging or not," my first reaction isn't technical, but human: once someone starts doubting whether the reserves are clean or can be withdrawn at any time, the panic string will tighten on its own. Transparency, to put it simply, is just giving everyone a reason to "not panic"; otherwise, no matter how much you say there's collateral, it’s useless—emotions will drain the pool first.

Recently, AI agents and automated trading tools have also been quite popular. Many people hype them up as fully automatic money-printing machines, but I’m actually more worried about them randomly granting permissions on-chain, or encountering phishing contracts without realizing it. Anyone can tell a story, but whether security is tight on the details— that’s when you’ll see if something goes wrong. Anyway, when I look at stablecoins now, I first want to see if they can clearly explain "where the money is and how to withdraw it," before talking about anything else.