Recently, I've been looking at the "de-pegging" small fluctuations of stablecoins again. To put it simply, many times it's not a big bug on the chain, but a bank run mentality that causes people to run first: the more you see others rushing to switch back, the more you want to withdraw first. As for reserve transparency, it's like air in normal times; when a real crisis happens, 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 or compliance measures, the discussion in the group isn't about the tax itself, but more about "will deposits and withdrawals get stuck," and when expectations tighten, stablecoins become more like an emotional thermometer. Anyway, I now start by drawing dependency diagrams for projects: which link—custodian bank, audit, redemption channel—breaks and causes a chain reaction... Just like that for now, no more illusions of "always 1 dollar."