The real killer in the market is not direct crashes, but often those that are indefinitely delayed. Mt. Gox pushing the payout deadline from 2025 to 2026 may seem like it won't immediately break BTC prices, but in reality, it's like a thorn stabbing into the heart of liquidity: no one knows when that supply will hit the market or how much, and this uncertainty makes people uneasy. Hedging positions are closed early, risk appetite sharply declines, and large funds flock into USD assets, waiting passively.

This is the core issue — you're trapped in a torturous "semi-combat state." You can't fully commit your entire position for fear of a sudden supply shock crashing the market; but you can't completely hide either, worried that the market might suddenly take off. You need an asset that can be freely switched, quickly withdrawn, and re-entered at any time. This is the purpose of decentralized stablecoins: to serve as the on-chain "waiting room."

These types of tokens actually have an advantage in long-term uncertainty:

Decentralized with over-collateralization design, avoiding single points of failure like a credit card; PSM mechanisms provide a self-repairing path for price stability; multi-chain deployment ensures USD isn't locked into a single ecosystem, allowing flexible movement across various DeFi scenarios.

To deal with "delayed black swans," the key to capital management is not guesswork, but building a reasonable position structure. Some risk positions continue to play in the market, but core safe funds are first moved into stablecoins to ensure safety. This way, you can calmly adjust positions, add margin, hedge, and wait for opportunities. Once uncertainty is resolved, stablecoins can instantly transform into anything you want; if not, they continue to safeguard your principal.