Recently, I saw someone discuss whether stablecoins might suddenly lose their peg, and honestly, it's often not a matter of insufficient reserves, but rather everyone panicking and trying to run first—bank runs happen faster than insolvencies. Reserve transparency is also quite delicate; revealing too much can reassure people, but if updates are slow, it’s seen as suspicious, and market sentiment becomes more sensitive than audit reports... Thinking about it later, it’s quite funny; I also tend to guess blindly based on on-chain inflows and outflows.

By the way, I’ve been observing discussions in the community about the privacy coin/mixing coin compliance boundaries, and it feels the same in essence: the more uncertainty there is, the more people choose the most conservative explanation first.

Anyway, I now prefer to have less yield but more certainty that I can redeem at any time, so I can sleep more peacefully.