Recently, someone was talking about stablecoin de-pegging again. I don’t really believe in the idea that “having reserves makes it stable”—the key issue is that you can’t see or touch it. Transparency, to put it simply, is just about calming depositors’ nerves; the more you hide and cover up, the easier it is for people to follow the rhythm and queue up to withdraw when someone sets the tone. No matter how fast the blockchain is, it can’t save people from panic.

Voting in DAOs to “increase disclosure” is pretty easy, but once it comes to profit sharing, people start playing political games—I’ve seen it many times.

By the way, looking at the economic collapse points of blockchain games, it’s actually the same: when inflation kicks in and studios withdraw, the coin price spirals downward. People’s first reaction isn’t “wait for a rebound,” but “run first and ask questions later.” So now, whenever I look at any stablecoin, I focus on proof of reserves (at least knowing where the money is), not expecting perfection, but don’t make me guess.