Recently, the group has started circulating the "certain stablecoin is de-pegging" chart again, and I find it annoying: this is like someone suddenly shouting "Salt is running out" in a supermarket, first lining up the queue, and even if there's nothing wrong, it can cause a run-out panic. Frankly, what stablecoins fear most isn't the on-chain code, but the speed at which people's confidence can be broken. Reserve transparency and audit reports—people usually find them tedious, but in critical moments, they are life-saving fire extinguishers; without them, don't blame everyone for rushing to switch at the slightest sign of trouble. Regulation is a mixed bag, at least it forces people not to draw pie-in-the-sky promises recklessly. Anyway, I only focus on two points now: whether reserve disclosures dare to keep updating consistently, and whether the slippage on the on-chain exit path suddenly becomes outrageous... If it becomes outrageous, I’ll withdraw first, criticize later.