When it comes to stablecoins, don't assume that "1 dollar = 1 dollar" is the default setting. When rumors start to spread, everyone runs faster than anyone else... I now prefer to think of it as a "psychological product." De-anchoring is often not because of a lack of money first, but a lack of trust. No matter how much reserve disclosures are made, the key questions are: can you understand it, can you redeem it at any time, and do people trust the stress tests? When on-chain net outflows accelerate and active addresses rise, I will first reduce my position, anyway I won't fight against the run-on sentiment. Recently, developers have been talking excitedly about modularization/DA narratives, while users look confused. Actually, with stablecoins, it's similar: the more complex, the more transparency is needed. Otherwise, when the fog rolls in, everyone will just click "exit" first. That's all for now; I don't want to be the last in line either.