Lately, people have been talking again about stablecoins losing their peg.

I realize I used to be a bit stubborn: always thinking "I only need to look at on-chain data," checking reserve proofs, inflows and outflows, and feeling reassured.
But when the market gets tight, the run on the bank is actually driven by emotions first, and on-chain just records it afterward like a documentary...
To put it simply, transparency is important, but transparency can't prevent people from suddenly losing collective trust.

And those new L1/L2s that are issuing incentives while pulling TVL, with old users complaining "mining, selling," I can understand: everyone is waiting for others to run first, and stablecoins are even more like a trust thermometer.
Anyway, I now watch both: whether reserve disclosures are ongoing, and if the community's tone is starting to get tense;
I don’t chase price swings, but I treat "run psychology" like a weather forecast—if it looks gloomy, I go out less.