Woken up by the alarm clock in the morning, my first reaction wasn't to check the market, but to think about the last stablecoin de-peg incident, just like hitting the snooze button: everyone rushed to redeem, and the more they squeezed, the more panicked they became. Honestly, what stablecoins fear most isn't "technical failure," but having their confidence shattered. As for reserve transparency, don't just feel reassured by a single audit report; I'm more concerned about whether I can verify at any time, who the bank or custodian is, whether liquidity is available, and if the redemption channels are truly smooth. The same applies to oracles—if the price feed is slow by half a beat, the de-peg can easily be amplified into a chain reaction. Recently, someone also linked ETF capital flows with U.S. stock market risk appetite to interpret the rise and fall... I see that too, but when it comes to stablecoins, I only ask one question: in a real crisis, can everyone get back their 1 dollar? For now, let's keep it conservative and sleep soundly.