PFPSeasonChangeExpert

Recently, someone asked again whether stablecoins will lose their peg... To put it simply, when something really goes wrong, people are not looking at announcements, but at "Can I cash out immediately?" Reserve transparency is obviously important, but even more crucial is the psychology during a run: if others run, I run too; on-chain transfers get congested, and panic sets in, the more panicked, the more runs. Currently, RWA, U.S. Treasury yields, and various "yields" on-chain are often compared together, which makes me a bit cautious: these yields look like interest, but the underlying liqui