Recently, someone asked me again "Will stablecoins suddenly lose their peg," basically half depends on whether the reserves are transparent or not, and half on whether people are panicking or not. No matter how beautiful the reserve reports are written, when a run happens, everyone's withdrawal speed is much faster than the audit report... I personally care more about whether the redemption channels are smooth, and whether large on-chain inflows and outflows suddenly become dense. In some regions, increased taxes and tighter compliance, changing deposit and withdrawal expectations, the first to shake are actually emotions, not prices. Be more cautious, don't treat "cash equivalents" as "always worth one dollar," anyway I still slowly add positions to earn fees, but diversify the holdings and keep some room to retreat.