Just now, someone asked again whether a certain stablecoin will lose its peg. To put it simply, stablecoins are not "always equal to 1"; they are more like a collective confidence: the less transparent the reserves, the more convoluted the redemption process, the easier it is for panic withdrawals to be amplified. The most obvious sign on the order book is the thinning of the buy orders; once it thins out, everyone starts rushing to sell first, causing the peg to loosen itself. Recently, there’s been a lot of discussion about rate cut expectations and the US dollar index moving up and down together with risk assets, but what I care more about is: when macro sentiment fluctuates, does the "redeemability" of stablecoins suddenly become everyone’s first concern? Don’t chase that needle; first, look at whether liquidity is sufficient and whether you can really get cash back.