Late-night on-chain browsing really feels a bit like watching a drama, and the stablecoin sector is more like a suspense thriller: it looks quite stable most of the time, but once someone starts asking "Where are the reserves, who is auditing, how often is it updated," that kind of panic selling becomes contagious. Even though de-pegging hasn't actually happened, everyone starts imagining the worst-case scenario. To put it simply, transparency isn't about proving it will never have problems, but about whether, when problems do occur, people can stay calm for two minutes and not rush to withdraw en masse. Recently, the main public chain is about to upgrade/maintain, and the group is speculating whether the ecosystem will migrate. My first reaction is to check if the flow of stablecoins on bridges and redemption channels has tightened; if there are abnormal transfers on-chain, I get a bit alert... That's all for now.