I just reviewed the flow chart of stablecoins I drew earlier, and the more I look at it, the more I feel uneasy... A few days ago, I almost poured all my reserve funds into a "seems very stable" pool, but then I checked the reserve disclosures, which were vague about which custodian was holding the assets and the asset composition. Honestly, I was already starting to get nervous. When it comes to stability, to be honest, it’s more about everyone trusting and not running for the exits. Once someone flees first, the scene on the chain where "the queue fills up within minutes" feels all too real.

Recently, I’ve been scrolling through memes and celebrity shoutouts, with attention shifting at an absurdly fast pace. Veteran players advise newcomers not to take the last step. I used to think they were just nagging... now I feel that advice also applies to stablecoins: don’t wait until the de-pegging screenshots are flying everywhere before you start checking transparency. Anyway, I’ll just diversify my holdings first—better to sleep a little less.