These days, I've been looking at stablecoin reserve disclosures again. To put it simply, transparency is usually not taken seriously until the market gets tense, and then it becomes the "run first" button. De-pegging often isn't because the assets are truly gone, but because the panic to withdraw first breaks the liquidity, and once the on-chain redemption queue gets long, the price starts to fluctuate. Recently, some regions have increased taxes and tightened regulations a little, changing the deposit and withdrawal expectations. People now prefer to hold onto those few stablecoins that can be immediately exchanged back to fiat as a lifeline, while others are more easily dismissed. Anyway, I’ll note down the redemption paths and reserve update dates for my commonly used stablecoins, and also revoke any unnecessary authorizations.