Don't laugh, I get nervous just seeing the words "stability" now... When a stablecoin loses its peg, it's often not because the books are truly in shambles, but because the panic withdrawal emotions have already started: everyone wants to be the first to redeem, and a few large transactions on the chain can cause a rush of panic afterward. To put it simply, reserve transparency isn't meant to "prove I'm fine," but to help you keep track when others are panicking: where are the assets, how long are the maturities, can they be liquidated on the same day, and are there a bunch of IOUs that will only be paid next month.

Recently, social mining and fan tokens also seem quite similar. Shouting "attention is mining" sounds exciting, but attention can't be used as a reserve, because emotions come quickly and leave just as fast. Anyway, when I look at project treasuries now, I first check if they can be redeemed at any time, then see how good the story is. Confusing accounts are truly the most dangerous.