Wen Lu

Background

Ten years on the trading side of crypto. Started in spot trading in 2015, moved into market-making operations between 2017 and 2019 across two small Asian desks, then specialised in stablecoin mechanics and cross-border settlement from 2018 onward. The shift to stablecoin-specific research dates to the first round of public questions about Tether's reserves in late 2018 — the questions did not have careful answers anywhere in the Chinese-language press, and the gap was wider in English than people assumed.

How the work is done

From 2021 onward Wen has kept a private tracking sheet of every reserve attestation, monthly report and on-chain collateral snapshot the major issuers publish. Tether quarterly attestations by BDO. Circle monthly attestations signed by Deloitte. MakerDAO end-of-month collateral statements. First Digital Trust monthly reports for FDUSD. Paxos monthly statements covering PYUSD and USDP. The sheet now holds more than 200 entries and is the back-end behind every StableDesk paragraph that quotes a reserve composition.

The cross-chain work is similar in spirit. Wen runs editor-tested transactions on two real wallets per chain — one for small hot tests, one for slower review runs. Every fee figure, bridge speed and withdrawal allowance the site publishes has a hash and a screenshot behind it.

Coverage areas

• USDT and USDC issuance mechanics, redemption channels and reserve composition.
• Cross-chain bridges and CEX cross-chain routes across Ethereum, Tron, Solana, BNB Chain, Polygon, Arbitrum and Base.
• The history of stablecoin depeg events, including the 2018 USDT episode, the 2022 Luna collapse, the 2023 USDC SVB weekend and the TUSD-Techteryx period.
• Binance operational mechanics where they touch stablecoins (the BUSD wind-down, FDUSD adoption, USDT cross-chain support).

Editorial role

Wen owns story selection, the first and final draft of each cornerstone report, the language of the Binance Affiliate disclosure, and the maintenance of the corrections log. Numbers in Wen's drafts are passed to Heng Zhou for a second read before publication. When a piece needs a fresh transaction, Wen runs it and timestamps the result.

Selected pieces

• USDT vs USDC, the 2026 report — the cornerstone comparison.
• What is a stablecoin, in ten minutes — the primer for new readers.
• Twenty questions a new holder actually asks — the FAQ.

The Chinese-edition portfolio is wider; the bilingual byline appears on most cornerstone pieces under the name 陆稳.

Conflicts of interest

Wen holds personal positions in stablecoins (working balances in USDT and USDC, smaller positions in DAI and FDUSD for research purposes) and operates trading accounts on Binance, OKX, Coinbase and Kraken. No personal interest in any issuer's equity. Affiliate relationships at StableDesk are limited to Binance, disclosed on the disclaimer page.

Contact

Email privacy@vsccex.com. For fact corrections, source pointers, or editorial enquiries.