The third time I see that as soon as there's a little sign of instability, everyone starts "trusting reserves" and "trusting audits," I just want to laugh... Frankly, transparency isn't just about releasing a few PDFs or sticking a big firm logo; the key is whether you can redeem according to the rules and schedule when there's a run, without suddenly changing terms, limits, or dragging things out. On-chain assets are easier to verify, but the structure of those off-chain notes and deposits is something ordinary people simply can't see through, and can only run in panic. Recently, someone linked ETF capital flows, U.S. stock market risk appetite, and crypto market rises and falls, and I feel the same sentiment can spread to stablecoins: when the market gets tense, people's first reaction isn't to look at the reports, but to rush for the exit. Anyway, I now prefer to earn a little less than to gamble on human nature with "cash substitutes that could turn into IOUs at any time."