These days, I’ve seen people talk again about whether stablecoins will "lose their peg," and honestly, what I fear most isn’t that needle on the chart, but the moment everyone panics together. Reserve transparency is like whether you have cash in your wallet: no one asks normally, but when it’s time to settle or withdraw, the line starts guessing among themselves.

Recently, new L1/L2 projects have been offering incentives to boost TVL, and veteran users complain about "mining, then selling," which I actually understand... Incentives are like store discounts—lively and fun, but when bad news spreads, everyone’s first reaction is to withdraw their funds. When that happens, network congestion and skyrocketing fees can easily amplify the panic. Anyway, when I look at stablecoins now, besides reading announcements, I prefer to monitor on-chain redemption channels and cost changes—don’t let that phrase “the line starts forming” become a reality.