Why do I get itchy hands? Actually, it's just because I see everyone starting to compare "on-chain yields" with U.S. Treasuries and RWA, and the risk switch in my brain just pops up... The yields look similar, but behind the scenes, is it the same run logic? The difference is huge.

To put it simply, stablecoins are usually quite stable, but once the market starts doubting the transparency of reserves, a run isn't because you truly understand the balance sheet, but because you're afraid "others will run first." Recently, I’ve been more interested in monitoring inflows into exchanges and the net flow of stablecoins across chains; emotions are more honest than announcements. Anyway, my usual approach remains the same: don't be overly trusting of any single peg, diversify holdings, keep some cash off-chain, and stay calm.