Recently, someone asked again whether stablecoins will lose their peg... To put it simply, when something serious happens, people are not looking at announcements, but whether they can immediately exchange back. Reserve transparency is of course important, but even more crucial is the psychology during a bank run: if others run, I run too; on-chain transfers get congested, and panic sets in, leading to more withdrawals. Currently, RWA, US Treasury yields, and various on-chain "yields" are often compared together, which makes me a bit cautious: what looks like interest may actually have differe
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