Recently, I've been looking at the "de-pegging" of stablecoins and small fluctuations. To put it simply, many times it's not a big bug on the chain, but a bank run mentality that causes the initial rush: the more you see others rushing to switch back, the more you want to withdraw first. Transparency of reserves is like air in normal times; when a real issue occurs, it becomes the lamp at the door—whether it’s on or off, and how long it stays on, determines whether people dare to queue up. When a certain region tightens taxes/regulations, the discussion in the group isn't about the tax itself, but more about "will deposit and withdrawal be stuck," and when expectations tighten, stablecoins become more like a thermometer of sentiment. Anyway, I now look at projects first by drawing dependency diagrams: which link—custodian bank, audit, redemption channel—breaks and causes chain reactions... For now, that's it, no more illusions of "always 1 dollar."