Looking for the charger all morning, finally realized it was always plugged in at the back of the desk... Suddenly I thought, stablecoins are pretty much the same: you usually feel like "it's always got power," but when you actually need to use it (everyone withdrawing at once), you realize whether the line is stable or not. To put it simply, de-pegging is often first a psychological squeeze, and transparency of reserves is like whether you can see at a glance if the charger is original or if the cable has cracks. No matter how hyped a project is, if the reports are only released sporadically and the details are all muddled, I’m not too comfortable holding it long-term, at most just using it as a temporary transfer. The kind of inflation in blockchain games + studios rushing in, causing the coin price to spiral downward at the first sign of trouble, is also quite like "everyone pulling out the plug at the same time": it’s not necessarily that there’s no power, but that everyone suddenly wants to grab that socket. Anyway, I now prefer ones that are more transparent and have clear redemption paths, even if it’s a bit more troublesome, for now that’s how I’ll go.