Last night, someone was talking about whether stablecoins "will lose their peg," and my first reaction wasn't to see who was shouting the loudest, but to check whether the reserve disclosures and redemption channels are smooth. Frankly, when something really happens, people aren't rationally calculating; they first look at whether "others will run," and a bank run is like waiting in line to buy salt—more people in line, more panic.

Now many on-chain data tools and tagging systems are also criticized for being outdated or even misleading, which is even more critical for judgment: what you see as "fund outflows / large address activity" might already be a shadow from half an hour ago. For me, transparency isn't just about issuing a report; it's best to keep the asset composition, custodians, redemption times, and historical discounts on the table long-term, so that people can use product details to suppress emotions... otherwise, no matter how strong the peg is, once the psychological anchor loosens, it drifts away.