Lately I've been looking into stablecoins again, honestly, everyone treats them as "cash skins" in daily life.

Whenever there's a slight disturbance, people immediately want to run first, and the bank run mentality is faster than the K-line.
As for transparency of reserves, no matter how frequently reports are issued, they can't calm people's nerves:
If you don't explain, it's fine; if you do, some people will think "Is there something to hide"...
I now get used to diversifying holdings, not putting all my dreams of a milk tea in the same pool.
Later I found out that those on-chain data tools and address labels aren't always reliable, sometimes lagging, sometimes being manipulated to set the tone, and watching them makes me more anxious.
Anyway, whether it's stable or not ultimately depends on whether you can redeem at any time.
Let's leave it at that for now.