The day before yesterday, I participated in a stablecoin wealth management activity at a leading exchange. With just a small amount of money, I could get an annualized return of over 20%. Everyone in the group was scrambling to join, and I couldn’t resist jumping on the bandwagon. As a result, I made some quick money—just enough to buy a cup of milk tea.

Here’s the problem. The next day, I noticed that the USDT price rose from $1 to $1.02, and today it started to decline again. The group immediately exploded: "Is this a sign of de-pegging?" I also started to feel uneasy.

After doing some research, I realized that this kind of pattern is actually quite common. The essence of high-yield activities is that exchanges use them as marketing strategies to attract users and expand their stablecoin market share. Large amounts of capital flood in short-term, pushing the price up; when the activity ends and demand drops, the price naturally retraces. It’s like a supermarket opening with discounts—goods are snapped up quickly, and after restocking, prices return to normal levels.

Personally, I think the short-term de-pegging risk is not high. For such a large exchange, damaging their own stablecoin would be equivalent to damaging their reputation, which is not worth it. Moreover, these stablecoins are backed by cash and bonds, with regular audits and public transparency, making them much more trustworthy than the so-called "black box" stablecoins on the market.

However, this wave of volatility did serve as a warning for me. Even the most stable stablecoins can experience price fluctuations due to market sentiment and short-term activities. Therefore, I set two basic rules for myself:

**First: Large amounts of funds must be diversified.** Don’t put all your money into a single stablecoin or a single wealth management product. This is fundamental risk management. No matter how profitable an activity is, this principle remains unchanged.

**Second: You can participate in high-yield activities, but set a take-profit point.** Don’t be greedy for the last penny. Take profits when the time is right, and leave when risk signals appear—waiting too long could be too late. A 20% annualized return is already quite good; greed only leads to losses.

Currently, the price has stabilized around 0.99, and market sentiment is gradually returning to rationality. Looking back at this small storm, it’s actually a very good teaching case—while the free lunch in the crypto world is real, you must keep your eyes open and understand what you’re earning and where the risks are. The opportunities worth grabbing are still there, but only if you’re alive to leave with them.