These past couple of days, my mindset has been "version updated": in the past, when stablecoins de-pegged, I would first blame market sentiment. Now it feels more like watching a bank run simulation—one with insufficient reserve transparency, where users imagine the worst-case scenario themselves, then spread it rapidly, faster than anyone else. Honestly, no matter how good the numbers look, they need to be verifiable and accessible at any time; otherwise, it's just psychological warfare.

By the way, observing the NFT royalty waterfight also feels quite similar: creators want stable income, but the secondary market complains it affects liquidity. In the end, it becomes "the rules are written there, but everyone votes with their feet." Anyway, I now believe more in "full evidence chain before talking about confidence." Otherwise, when rumors start flying, whether de-pegging happens or not, people will sell first before confirming anything.