Recently, I saw a few stablecoins fluctuate slightly again, and the group was first arguing "it's going to collapse." I really have no interest in listening to the community's comforting rhetoric now; first, find out what the collateral actually is and whether it can be exchanged at any time, then see if the liquidity exit is sufficient—basically, de-pegging is often not because the assets are bad, but because everyone wants to run at the same time, and if the exit is blocked, people panic. New L1/L2 projects are issuing incentives to attract TVL while old users complain about "mining, dumping, and selling"; in such an environment, if reserve transparency still relies on PPTs, I’d rather think from the opposite perspective. As for "long-term," I personally prefer quarterly, at least to endure one round of panic and emotional fluctuation; weekly/monthly on-chain movements are too fleeting. Anyway, I don’t hold a full position, leaving some bullets to sleep more peacefully.