These days, people are again discussing whether stablecoins will lose their peg, to be honest, the scariest part isn't whether the reserves are actually there, but the moment everyone "thinks others will run first," the bank run psychology kicks in, and the rush to withdraw is faster than on-chain transfers. Reserve transparency is like the ingredients list on a refrigerator magnet; you may not look at it every day, but once you suspect it's P, who dares to keep cooking.

Recently, some have also complained that on-chain data tools and tagging systems are lagging or can be misleading, and I resonate with that: if you stare at the dashboard for a long time, you might see "the panic that has already happened," and by the time you react, liquidity has already been drained. Forget it, to put it plainly: with stablecoins, don’t just smell the aroma, first check who's at the bottom of the pot and whether the lid can be opened at any time. My usual approach is still the old one: diversify, keep some emergency funds on-chain, and even if the funding rate on perpetuals looks good, don’t treat stablecoins as the only backup, so you can sleep more soundly.