Tonight I saw on-chain again that stablecoins are slightly de-pegging, with needle-like fluctuations. To put it plainly, it’s pretty much like a “test of people’s hearts”: when reserve transparency isn’t sufficient, everyone’s first reaction isn’t to do the accounting—it’s to run… and a bank-run mentality takes hold; even if nothing has happened yet, they can still end up stepping on disaster. Lately, Meme tokens and celebrity shout-outs have been scorching hot again—when attention rotates quickly, newcomers are most likely to treat stablecoins as cash, and once panic hits, they all rush to the doors to get out. I get why veteran players tell you not to take the last step, but I’ve also had shaky hands and chased the rally. Anyway, what I care more about now is: what exactly is propping it up, and whether it can be redeemed at any time. That’s it for now.