Stablecoins, these things, usually seem like utilities like water and electricity with no presence, but as soon as there's a little turbulence, it's all about panic withdrawals: you think you're here to exchange 1:1, but actually everyone is rushing to "get out first."

Now I see projects just say "we have reserves" and I get lazy to believe; at least they should be verifiable on-chain, with custody reports, whether the redemption channels are smooth, and if the fee rates have been quietly changed (I really keep screenshots and archives of this...).

Recently, AI Agents/automated trading has become popular again, with a bunch of scripts running on-chain interactions, the narrative is hyped up, but honestly, when it comes to de-pegging, I don't know if these automations are accelerators or brakes.
Anyway, I care more about transparency and exit routes—so that when the contract isn't broken, the entry fee rate hasn't secretly "updated" first.