Recently, people have been discussing whether stablecoins will lose their peg again. Honestly, many times it's not that the blockchain has a major vulnerability, but that psychological panic has already set in. The issue of reserve transparency is also quite mysterious: reports, audits, on-chain addresses can all be posted, but once the market starts to "doubt," everyone only cares if they can redeem immediately, and everything else becomes noise.

Lately, the re-emergence of staking unlocks and token unlock schedules has been repeatedly mentioned as selling pressure. I can understand that kind of anxiety; when emotions run high, stablecoins become more like a withdrawal button... If people hadn't taken "redeemable at any time" for granted back then, they might be more sensitive to the word "bank run." Anyway, I now prefer to take it slow, first checking if there are any anomalies in redemption channels and fund flows before deciding whether to act.