Lately, I've been hearing discussions about "de-pegging" in stablecoins again, but I'm actually more interested in why everyone suddenly rushes to exchange back into fiat currency at that moment. Reserve transparency is obviously important, but honestly, a bank run is often not because you don't trust the reserves, but because you don't trust that "others will trust." When the on-chain redemption queue lengthens, gas fees rise, and slippage distorts, emotions amplify, and in the end, it becomes a race to see who can run first and stay safe.

Recently, comparing RWA, U.S. Treasury yields, and on-chain yield products is quite interesting. They all seem like "steady interest," but liquidity and redemption pathways are completely different. Higher yields don't mean you can smoothly exit when you need to most. Right now, I focus more on the depth of exchange and matching routes—better to earn a little less than to get stuck at the door.