Recently, I've been reviewing some stablecoin reserve reports, and it feels more like watching a suspense thriller: there are a lot of words, but the key pages are always blurred out. To put it simply, the de-pegging of stablecoins is often not "bad debt explosion," but rather the psychological turning point during a bank run—everyone doesn't care about the truth, they just run first. What's more awkward is that new L1/L2 incentives to boost TVL cause old users to complain about "mining, withdrawing, and selling," and this sentiment, once transmitted to stablecoins, becomes even more sensitive: you think it's liquidity, but it's actually a temporary docking. Anyway, I now see that when transparency isn't enough, even if the fees are cheap, I’m too lazy to bother, to avoid staring at the pool and heart pounding in the middle of the night.