I'm done pretending. My biggest anxiety about stablecoins isn't "whether they'll depeg," but rather that once they do, you'll realize you have no idea where the reserves actually are, who can move them, or who to save first in an emergency. Usually, everyone talks about trust mechanisms, but honestly, it's just laziness to look into the details. When a run actually happens, the psychological resilience is even more fragile than the blockchain.

Recently, before and after that mainstream public chain upgrade/maintenance, the group has been guessing whether projects will migrate. I just find it funny: whether they migrate or not is one thing, but if the stablecoin's reserves are opaque, it can turn into "wait for notification" on any chain overnight. I have a simple trick now: any project with vague reserve disclosures, audits that look staged, or redemption rules written like riddles, I avoid them. I'd rather earn a bit slower than wake up in the middle of the night to play liquidity charity.