Recently, someone asked me again, "Will stablecoins suddenly lose their peg?" Honestly, it depends partly on whether the reserves are transparent or not, and partly on whether people are panicking. No matter how beautiful the reserve reports look, when a run happens, everyone's speed to withdraw is much faster than reading the audit... Right now, I care more about whether the redemption channels are smooth, and whether large on-chain transactions suddenly become dense. In some regions, increased taxes and tighter compliance cause deposit and withdrawal expectations to change, and the first to shake are emotions, not prices. Be more cautious, don’t treat "cash equivalents" as "worth always one dollar." Anyway, I’m still slowly adding positions to earn fees, but I diversify my holdings and keep some room to retreat.