Continuing the previous discussion about USD1, I’ve been thinking about it for several days, and the more I ponder, the more I feel that things are not simple.

USD1 is fluctuating between 0.98 and 1.02, which is already suspicious in itself. As a project related to a major DeFi protocol, you would expect them to come out and say something to stabilize market sentiment. But look at how they’re doing it? On their official social media and community channels, aside from daily technical updates and event notices, they say nothing about the price fluctuations. It’s as if the issue doesn’t exist.

This contrast is indeed interesting. Retail investors are anxious and worried, big players are watching cautiously, but the project team remains as steady as a rock. This silence can actually be understood in this way:

One possibility is that they have confidence. They believe that this is just short-term liquidity fluctuation, and speaking out might only cause panic. It’s better to stay quiet and let the market self-correct. Another possibility is that the problem is more complicated than it appears, and they are also trying to figure out solutions but cannot disclose them for now.

My intuition is that the Lista team is definitely more anxious than we are. The most feared issue for a financial protocol is a problem with the stablecoin. Now that the “foundation” is a bit shaky, how can they not be nervous? But the more critical thing is to stay calm at this moment. They are likely working behind the scenes on plans—adjusting parameters, contacting market makers, or even preparing to release reserves to stabilize the exchange rate. But these operations cannot be publicly announced, because once they do, it’s like revealing to the market, “We are in trouble,” which would only scare themselves.

So right now, it’s a psychological game. The project team is betting on the market’s self-healing ability, while retail investors are betting that the project team will step in to save the day. Whoever panics first loses.