Stablecoins, to put it simply, are "everyone's default assumption that they can be exchanged back to 1." Once someone starts to doubt, a bank run can happen faster than network congestion on the chain. As for reserve transparency, I only look at two things now: whether the assets can really be liquidated at any time, and whether the redemption channels might suddenly block you (I treat clauses like "pause/delay" as a thunderstorm). Don't tell me how beautiful the audit reports are; if the path is unclear, permissions are too broad, or the redemption pace suddenly changes, de-pegging is no longer a technical issue—it's a psychological stampede.

Recently, someone was talking about expectations of rate cuts, the US dollar index, and risk assets rising and falling together, which sounds pretty surreal... Anyway, the more macro narratives are flying around, the less I dare to see stablecoins as "absolutely safe." Over the long term, it’s not about talent, but a habit: every now and then, I go back and review the reserve disclosures, check large on-chain flows, and use suspicion as a moat.