I only take one note: whether a stablecoin stays anchored or not depends not only on how good the reserve report looks but more on whether "everyone believes in it and whether they will rush to redeem together." Recently, I heard about some region increasing taxes and tightening regulations, then loosening them again; deposit and withdrawal expectations are being twisted back and forth. When people panic, no matter how transparent it is, it can't withstand a run—so I, as a meme enthusiast, only dare to hold small positions as passing money, and don't treat it as a perpetual motion machine.