I saw someone say again, "Some stablecoins are only slightly depegged, and they'll be back after a sleep"… You can sleep, but their reserves can't. To be honest, depegging is often not a math problem; it's a bank run psychology: you think you can be the first to run, but on-chain queue fees are more expensive, and redemption channels also limit you. Don't just listen to slogans about reserve transparency; look at the visible cash/government bond ratio, who is holding custody, whether audits are updated monthly, and most importantly, whether the redemption process is smooth or not. Recently, everyone has been talking about rate cut expectations, the dollar index, risk assets rising and falling together—it's quite lively. But once sentiment shifts, the first thing to be pulled out and scrutinized is "that one dollar bill in your pocket." I definitely won't treat "trust" as reserves. That's all for now.