Recently, I looked into the on-chain flow of stablecoins again. It feels like de-pegging is often not "no money in the account," but rather everyone suddenly loses confidence, and once the panic button is pressed, it’s unstoppable. Transparency of reserves, to put it simply, is about giving people the confidence that "I can always redeem it back," but no matter how thick the report is, when it comes to on-chain redemption queues or the pool depth thinning, emotions tend to move faster than the numbers.

By the way, I saw in the group that there’s again a debate about privacy coins/mixing compliance, which is quite divided: some say privacy is a fundamental right, while others worry about being affected by a blanket ban impacting deposit and withdrawal channels. Anyway, right now I’m more focused on two points regarding stablecoins: whether the redemption channels are smooth, and whether large funds are flowing back or looking for an exit… I’ll keep watching.