These days, I've been looking at stablecoin reserve disclosures again, and honestly, no matter how transparent it is, it can't prevent the panic that happens in that instant: usually everyone treats it as "cash," but when there's a bit of bad news, those few large transfers on the chain can amplify the panic to an absurd level. Anyway, what I care more about now is whether the redemption process is smooth and whether the information updates are frequent enough—don't wait until it de-pegs to come out with explanations.

By the way, recently, the incentives on testnets and the expectations for points have stirred people's interest again, with everyone guessing whether the mainnet will issue tokens... I can understand, but I no longer believe that "the bigger the hype, the safer it is." It's better to treat your positions as liquidity that might need to be withdrawn at any time, so you can sleep more peacefully.