These days, I've been looking at stablecoin reserve disclosures again. To put it simply, transparency is usually ignored until the market shows some signs of turbulence, and then it suddenly becomes a matter of life and death. Many times, de-pegging isn't necessarily because the assets aren't enough, but because panic withdrawals have already broken the liquidity: you think you can redeem at any time, but when everyone rushes the door at once, the door becomes narrow.

Recently, in some regions, increased taxes and tighter compliance (or even loosening regulations) have shifted deposit and withdrawal expectations. The first reaction is to tighten the string on "whether it can be exchanged back to fiat currency," and stablecoins tend to amplify these emotions. I personally now prefer to diversify into several types and keep some native on-chain cash flow tools, but I don't bet on "absolute stability," just hoping the risks aren't too harsh... How about you?